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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2020
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 current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
(in thousands)September 30, 2020December 31, 2019September 30, 2019
Cash collateral paid$70,446 $56,005 $23,997 
Fair value of derivatives(58,495)(10,323)10,199 
Net derivative asset position$11,951 $45,682 $34,196 
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:
September 30, 2020
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$159,553 $3,565 $7,323 $42 $170,483 
Commodity derivative liabilities(89,933)(508)(86,482)(490)(177,413)
Cash collateral paid70,446 — — — 70,446 
Balance sheet line item totals$140,066 $3,057 $(79,159)$(448)$63,516 

December 31, 2019
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$92,429 $1,045 $7,439 $18 $100,931 
Commodity derivative liabilities(40,571)(96)(54,381)(523)(95,571)
Cash collateral paid56,005 — — — 56,005 
Balance sheet line item totals$107,863 $949 $(46,942)$(505)$61,365 
September 30, 2019
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$122,462 $1,951 $5,715 $67 $130,195 
Commodity derivative liabilities(29,566)(8)(69,704)(2,027)(101,305)
Cash collateral paid27,614 — (3,617)— 23,997 
Balance sheet line item totals$120,510 $1,943 $(67,606)$(1,960)$52,887 
Amounts of quantities outstanding included in commodity derivative contracts
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2020, December 31, 2019 and September 30, 2019:
September 30, 2020
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn527,924 — — — 
Soybeans121,248 — — — 
Wheat80,546 — — — 
Oats40,004 — — — 
Ethanol— 96,470 — — 
Corn oil— — 45,144 — 
Soybean Oil— — 17,262 — 
Other42,235 3,655 350 2,237 
Subtotal811,957 100,125 62,756 2,237 
Exchange traded:
Corn250,445 — — — 
Soybeans62,785 — — — 
Wheat108,805 — — — 
Oats715 — — — 
Ethanol— 19,488 — — 
Propane— 31,962 — — 
Other— 7,140 16 183 
Subtotal422,750 58,590 16 183 
Total1,234,707 158,715 62,772 2,420 
December 31, 2019
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn552,359 — — — 
Soybeans34,912 — — — 
Wheat100,996 — — — 
Oats24,700 — — — 
Ethanol— 116,448 — — 
Corn oil— — 14,568 — 
Other11,363 4,000 305 2,263 
Subtotal724,330 120,448 14,873 2,263 
Exchange traded:
Corn221,740 — — — 
Soybeans39,145 — — — 
Wheat68,171 — — — 
Oats2,090 — — — 
Ethanol— 175,353 — — 
Propane— 5,166 — — 
Other— 15 — 232 
Subtotal331,146 180,534 — 232 
Total1,055,476 300,982 14,873 2,495 

September 30, 2019
(in thousands)Number of BushelsNumber of GallonsNumber of PoundsNumber of Tons
Non-exchange traded:
Corn653,757 — — — 
Soybeans46,895 — — — 
Wheat90,598 — — — 
Oats36,365 — — — 
Ethanol— 256,815 — — 
Corn oil— — 5,022 — 
Other15,196 6,150 363 3,178 
Subtotal842,811 262,965 5,385 3,178 
Exchange traded:
Corn280,890 — — — 
Soybeans58,980 — — — 
Wheat75,345 — — — 
Oats735 — — — 
Ethanol— 145,769 — — 
Propane— 12,516 — — 
Other— 3 — 289 
Subtotal415,950 158,288 — 289 
Total1,258,761 421,253 5,385 3,467 
Company's Condensed Consolidated Statement of Income gains and location of line items
The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and nine months ended September 30, 2020 and 2019 are as follows:
 Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues$(52,047)$(27,586)$(12,290)$25,469 
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense), net$357 $(36)$(363)$(972)
Foreign currency derivative losses included in Other income (loss), net— (615)— (684)
Derivatives designated as hedging instruments
Interest rate derivative losses included in Other Comprehensive Income (Loss)2,373 (3,798)(18,284)(16,547)
Interest rate derivatives (losses) included in Interest income (expense), net$(2,345)$(224)$(5,045)$(243)
Schedule of Fair Value of Interest Rate Derivative Liabilities
At September 30, 2020, December 31, 2019 and September 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)September 30, 2020December 31, 2019September 30, 2019
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$(879)$— $— 
Interest rate contracts included in Other long-term liabilities(491)(1,007)(1,261)
Foreign currency contracts included in Other current assets326 2,742 115 
Derivatives designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities(8,431)(3,118)(2,981)
Interest rate contracts included in Other long-term liabilities$(22,409)$(9,382)$(13,649)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of September 30, 2020, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20142023$23.0 Interest rate component of debt - not accounted for as a hedge1.9%
Collar20162021$40.0 Interest rate component of debt - not accounted for as a hedge
3.5% to 4.8%
Swap20172022$20.0 Interest rate component of debt - accounted for as a hedge1.8%
Swap20182023$10.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20182025$20.0 Interest rate component of debt - accounted for as a hedge2.7%
Swap20182021$40.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20182021$25.0 Interest rate component of debt - accounted for as a hedge2.5%
Swap20192021$50.0 Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$100.0 Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$50.0 Interest rate component of debt - accounted for as a hedge2.5%
Swap20192025$50.0 Interest rate component of debt - accounted for as a hedge2.5%
Swap20202023$50.0 Interest rate component of debt - accounted for as a hedge0.8%
Swap20202023$50.0 Interest rate component of debt - accounted for as a hedge0.7%
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%