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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2022
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)March 31, 2022December 31, 2021March 31, 2021
Cash collateral paid$409,743 $165,250 $95,533 
Fair value of derivatives(144,937)(36,843)(76,388)
Net derivative asset position$264,806 $128,407 $19,145 
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, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$637,947 $15,860 $34,798 $1,264 $689,869 
Commodity derivative liabilities(276,874)(848)(252,534)(5,759)(536,015)
Cash collateral paid408,843 — 900 — 409,743 
Balance sheet line item totals$769,916 $15,012 $(216,836)$(4,495)$563,597 

December 31, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$339,321 $4,677 $23,762 $1,209 $368,969 
Commodity derivative liabilities(93,758)(105)(152,673)(2,578)(249,114)
Cash collateral paid165,250 — — — 165,250 
Balance sheet line item totals$410,813 $4,572 $(128,911)$(1,369)$285,105 

March 31, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$357,802 $6,762 $20,752 $16 $385,332 
Commodity derivative liabilities(123,480)(925)(124,116)(1,029)(249,550)
Cash collateral paid83,617 — 11,916 — 95,533 
Balance sheet line item totals$317,939 $5,837 $(91,448)$(1,013)$231,315 
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 are included in the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 are as follows:

 Three months ended March 31,
(in thousands)20222021
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$33,998 $166,985 
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended March 31,
(in thousands)20222021
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest expense, net$9 $354 
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$16,540 $(12,947)
Interest rate derivative gains (losses) included in Interest expense, net(1,443)(1,618)
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 March 31, 2022, December 31, 2021 and March 31, 2021:
March 31, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn722,719 — — 
Soybeans133,043 — — 
Wheat102,690 — — 
Oats45,967 — — 
Ethanol— 214,513 — 
Dried distillers grain— — 435 
Soybean meal— — 550 
Other8,697 24,565 3,078 
Subtotal1,013,116 239,078 4,063 
Exchange traded:
Corn267,135 — — 
Soybeans86,410 — — 
Wheat78,500 — — 
Oats1,815 — — 
Ethanol— 47,082 — 
Propane— 13,356 — 
Other110 1,470 547 
Subtotal433,970 61,908 547 
Total1,447,086 300,986 4,610 
December 31, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn685,681 — — 
Soybeans77,592 — — 
Wheat109,547 — — 
Oats31,627 — — 
Ethanol— 192,447 — 
Dried distillers grain— — 507 
Soybean meal— — 544 
Other57,268 16,092 1,854 
Subtotal961,715 208,539 2,905 
Exchange traded:
Corn226,215 — — 
Soybeans64,730 — — 
Wheat65,020 — — 
Oats1,300 — — 
Ethanol— 100,884 — 
Propane— 31,542 — 
Other75 798 353 
Subtotal357,340 133,224 353 
Total1,319,055 341,763 3,258 
March 31, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn745,248 — — 
Soybeans64,698 — — 
Wheat110,930 — — 
Oats48,066 — — 
Ethanol— 200,232 — 
Dried distillers grain— — 409 
Soybean meal— — 383 
Other4,645 1,834 1,103 
Subtotal973,587 202,066 1,895 
Exchange traded:
Corn262,920 — — 
Soybeans62,020 — — 
Wheat76,164 — — 
Oats310 — — 
Ethanol— 96,978 — 
Propane— 12,894 — 
Other— 423 265 
Subtotal401,414 110,295 265 
Total1,375,001 312,361 2,160 
Schedule of Fair Value of Interest Rate Derivative Liabilities At March 31, 2022, December 31, 2021 and March 31, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)March 31, 2022December 31, 2021March 31, 2021
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$— $(174)$(300)
Interest rate contracts included in Other long-term liabilities— — (364)
Foreign currency contracts included in Other current (liabilities) assets1,330 (1,069)2,107 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$805 $— $— 
Interest rate contracts included in Other assets10,223 4,574 6,622 
Interest rate contracts included in Accrued expenses and other current liabilities(1,596)(5,206)(6,773)
Interest rate contracts included in Other long-term liabilities— (6,555)(11,959)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of March 31, 2022, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20172022$20.0 Interest rate component of debt - accounted for as a hedge1.8%
Swap20182025$20.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20192025$100.0 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$50.0 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%