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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:
(in thousands)March 31, 2024December 31, 2023March 31, 2023
Cash collateral paid$33,199 $24,439 $9,075 
Fair value of derivatives15,551 24,237 23,040 
Net derivative asset position$48,750 $48,676 $32,115 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:
March 31, 2024
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$200,835 $9,764 $9,879 $107 $220,585 
Commodity derivative liabilities(53,722)(165)(78,647)(4,901)(137,435)
Cash collateral paid31,510 — 1,689 — 33,199 
Balance sheet line item totals$178,623 $9,599 $(67,079)$(4,794)$116,349 

December 31, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$201,542 $1,496 $7,868 $13 $210,919 
Commodity derivative liabilities(47,898)(64)(98,717)(431)(147,110)
Cash collateral paid24,439 — — — 24,439 
Balance sheet line item totals$178,083 $1,432 $(90,849)$(418)$88,248 

March 31, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$284,879 $4,175 $13,431 $74 $302,559 
Commodity derivative liabilities(71,918)(1,024)(121,414)(2,384)(196,740)
Cash collateral paid9,075 — — — 9,075 
Balance sheet line item totals$222,036 $3,151 $(107,983)$(2,310)$114,894 
Company's Condensed Consolidated Statement of Income gains and location of line items
The net pretax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located are as follows:

 Three months ended March 31,
(in thousands)20242023
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$19,342 $(27,568)
The recording of gains and losses on other derivatives and the financial statement line in which they are located are as follows:
Three months ended March 31,
(in thousands)20242023
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$4,843 $(6,407)
Interest rate derivative gains included in Interest expense, net3,385 2,105 
Interest rate derivative gains included in Other income, net568 — 
Amounts of quantities outstanding included in commodity derivative contracts
The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:
March 31, 2024
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn553,569 — — 
Soybeans28,902 — — 
Wheat90,195 — — 
Oats32,437 — — 
Ethanol— 198,453 — 
Dried distillers grain— — 703 
Soybean meal— — 450 
Other6,742 37,193 2,279 
Subtotal711,845 235,646 3,432 
Exchange traded:
Corn174,300 — — 
Soybeans36,115 — — 
Wheat106,551 — — 
Oats300 — — 
Ethanol— 58,944 — 
Propane— 104,580 — 
Other— 1,302 505 
Subtotal317,266 164,826 505 
Total1,029,111 400,472 3,937 
December 31, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn519,825 — — 
Soybeans41,848 — — 
Wheat66,953 — — 
Oats15,355 — — 
Ethanol— 206,986 — 
Dried distillers grain— — 740 
Soybean meal— — 546 
Other6,847 37,153 1,882 
Subtotal650,828 244,139 3,168 
Exchange traded:
Corn160,795 — — 
Soybeans34,250 — — 
Wheat64,778 — — 
Oats375 — — 
Ethanol— 97,272 — 
Propane— 74,550 — 
Other— 420 825 
Subtotal260,198 172,242 825 
Total911,026 416,381 3,993 
March 31, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn572,079 — — 
Soybeans50,184 — — 
Wheat101,663 — — 
Oats31,658 — — 
Ethanol— 200,591 — 
Dried distillers grain— — 399 
Soybean meal— — 367 
Other10,237 44,120 1,966 
Subtotal765,821 244,711 2,732 
Exchange traded:
Corn184,766 — — 
Soybeans76,365 — — 
Wheat83,618 — — 
Oats1,125 — — 
Ethanol— 69,972 — 
Propane— 45,402 — 
Other— 1,134 551 
Subtotal345,874 116,508 551 
Total1,111,695 361,219 3,283 
Schedule of Fair Value of Interest Rate Derivative Liabilities
The Company had recorded the following amounts for the fair value of the other derivatives:

(in thousands)March 31, 2024December 31, 2023March 31, 2023
Derivatives not designated as hedging instruments
Foreign currency contracts included in Other current assets (liabilities)$(793)$907 $4,260 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$10,281 $9,968 $8,265 
Interest rate contracts included in Other assets22,579 18,041 16,779 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of March 31, 2024, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of Maturity Notional Amount
(in millions)		Description


Interest Rate
Swap20192025$92.2 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$46.1 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$46.1 Interest rate component of debt - accounted for as a hedge2.4%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20222025$20.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20222029$100.0 Interest rate component of debt - accounted for as a hedge2.0%
Swap20222029$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20232025$50.0 Interest rate component of debt - accounted for as a hedge3.7%
Swap20232031$50.0 Interest rate component of debt - accounted for as a hedge2.9%