Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivatives

Schedule of fair value of derivative assets and liabilities

(Thousands)	Balance Sheet Location	September 30, 2022		December 31, 2021
Derivative assets designated as cash flow hedging instruments:
Coffee futures contracts1	Derivative assets	$	—	$	172
Coffee options	Derivative assets		303		—
Total		$	303	$	172
Derivative assets not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative assets	$	13,393	$	13,593
Total			13,393		13,593
Total derivative assets		$	13,696	$	13,765
Derivative liabilities designated as cash flow hedging instruments:
Coffee futures contracts1	Derivative liabilities	$	703	$	—
Coffee options	Derivative liabilities		—		—
Total		$	703	$	—
Derivative liabilities not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative liabilities	$	4,654	$	14,021
Total			4,654		14,021
Total derivative liabilities		$	5,357	$	14,021

1 - The fair value of coffee futures excludes amounts related to margin accounts.

Schedule of pre-tax net gains and losses for derivative instruments

		Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	Statement of Operations Location	2022		2021		2022		2021
Derivative assets designated as cash flow hedging instruments:
Net realized gains (losses) on coffee derivatives	Costs of sales	$	4,267	$	1,680	$	11,098	$	3,580
Derivative assets and liabilities not designated as cash flow hedging instruments:
Net unrealized gains (losses) on forward sales and purchase contracts	Costs of sales	$	29	$	(3,329)	$	7,266	$	(3,910)