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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Schedule Of Fair Values Of Derivative Financial Instruments Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2021 2020 2021 2020 Derivative financial instruments$ 26,738 $ 21,956(1)$ 26,117(2)$ 10,997(3)Other assets 8 29 - - Other liabilities - - 196 - Total$ 26,746 $ 21,985 $ 26,313 $ 10,997 (1)At December 31, 2020, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $3.3 million, which include $2.8 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments.(2)At December 31, 2021, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $17.1 million, which include $1.3 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.(3)At December 31, 2020, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $9.3 million, none of which were designated as cash flow hedging instruments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain (Loss) Reclassified from Year Ended December 31,Accumulated Other Comprehensive Income into Income 2021 2020 2019Revenues $ (60,261) $ 5,538 $ -Cost of goods sold 41,629 (2,115) -Net income from discontinued operations, net of income taxes - - 48,797Net gain (loss) recognized in loss before tax $ (18,632) $ 3,423 $ 48,797 Amount of Gain (Loss) Recognized in Other Comprehensive Income on DerivativesGain (Loss) Recognized in Year Ended December 31,Other Comprehensive Income on Derivatives 2021 2020 2019Commodity Contracts $ (32,036) $ (1,025) $ 70,404 Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income on DerivativesDerivatives Not Designated Recognized in Year Ended December 31,as Hedging Instruments Income on Derivatives 2021 2020 2019Commodity contracts Revenues $ (194,143) $ (10,813) $ (10,202)Commodity contracts Costs of goods sold 6,498 32,914 (2,442)Commodity contracts Net loss from discontinued operations, net of income taxes - - (2,470) $ (187,645) $ 22,101 $ (15,114) The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): December 31, 2021 December 31, 2020Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged AssetsInventories $ 72,320 $ 6,291 $ 53,963 $ 9,041 Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2021 Revenue Cost of‎Goods Sold Net Income from Discontinued Operations, Net of Income TaxesGain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income$ (60,261) $ 41,629 $ - Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 20,567 -Derivatives designated as hedging instruments - (14,695) - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$ (60,261) $ 47,501 $ - Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2020 Revenue Cost of‎Goods Sold Net Income from Discontinued Operations, Net of Income TaxesGain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income$ 5,538 $ (2,115) $ - Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 5,098 -Derivatives designated as hedging instruments - (3,752) - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$ 5,538 $ (769) $ - ‎ Location and Amount of Gain Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2019 Revenue Cost of‎Goods Sold Net Income from Discontinued Operations, Net of Income TaxesGain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain reclassified from accumulated other comprehensive income into income$ - $ - $ 48,797 Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - (844) -Derivatives designated as hedging instruments - 4,254 - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$ - $ 3,410 $ 48,797
Schedule Of Volumes of Open Commodity Derivative Positions [Member]  
Schedule Of Open Position Derivative Financial Instruments The open commodity derivative positions as of December 31, 2021, are as follows (in thousands): Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure CommodityFutures (28,280) Bushels CornFutures 6,375(3) Bushels CornFutures (8,065)(4) Bushels CornFutures (85,974) Gallons EthanolFutures (18,900)(3) Gallons EthanolFutures (13,510) mmBTU Natural GasFutures 3,210(3) mmBTU Natural GasFutures (4,933)(4) mmBTU Natural GasFutures 3,000 Pounds Soybean OilOptions 15 Tons Soybean MealOptions 71,754 Pounds Soybean OilOptions 26,643 Gallons EthanolForwards 57,697 (9) Bushels CornForwards 3,248 (291,958) Gallons EthanolForwards 83 (454) Tons Distillers GrainsForwards - (136,594) Pounds Corn OilForwards 12,576 (1,860) mmBTU Natural Gas (1)Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.(2)Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.(3)Futures used for cash flow hedges.(4)Futures used for fair value hedges.