XML 37 R27.htm IDEA: XBRL DOCUMENT v3.22.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 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)June 30, 2022December 31, 2021June 30, 2021
Cash collateral paid$70,442 $165,250 $219,469 
Fair value of derivatives165,223 (36,843)(180,842)
Net derivative asset position$235,665 $128,407 $38,627 
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:
June 30, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$707,542 $14,257 $29,223 $1,945 $752,967 
Commodity derivative liabilities(138,627)(2,132)(216,126)(12,040)(368,925)
Cash collateral paid69,442 — 1,000 — 70,442 
Balance sheet line item totals$638,357 $12,125 $(185,903)$(10,095)$454,484 

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 

June 30, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$547,186 $16,480 $34,327 $423 $598,416 
Commodity derivative liabilities(259,507)(873)(124,693)(3,874)(388,947)
Cash collateral paid219,469 — — — 219,469 
Balance sheet line item totals$507,148 $15,607 $(90,366)$(3,451)$428,938 
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 and six months ended June 30, 2022 and 2021 are as follows:

 Three months ended June 30,Six months ended June 30,
(in thousands)2022202120222021
Gains on commodity derivatives included in Cost of sales and merchandising revenues$230,188 $73,688 $264,186 $240,673 
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2022202120222021
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest expense, net$114 $355 $123 $709 
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$8,923 $2,471 $25,464 $(10,476)
Interest rate derivative gains (losses) included in Interest expense, net(1,013)(1,656)(2,631)(3,273)
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 June 30, 2022, December 31, 2021 and June 30, 2021:
June 30, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn628,471 — — 
Soybeans116,679 — — 
Wheat97,224 — — 
Oats37,355 — — 
Ethanol— 200,388 — 
Dried distillers grain— — 318 
Soybean meal— — 421 
Other8,549 25,767 3,032 
Subtotal888,278 226,155 3,771 
Exchange traded:
Corn219,020 — — 
Soybeans69,115 — — 
Wheat74,418 — — 
Oats650 — — 
Ethanol— 94,794 — 
Propane— 25,578 — 
Other95 546 360 
Subtotal363,298 120,918 360 
Total1,251,576 347,073 4,131 
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 
June 30, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn696,674 — — 
Soybeans75,507 — — 
Wheat129,264 — — 
Oats45,810 — — 
Ethanol— 198,316 — 
Dried distillers grain— — 372 
Soybean meal— — 411 
Other7,803 3,957 1,191 
Subtotal955,058 202,273 1,974 
Exchange traded:
Corn243,190 — — 
Soybeans49,375 — — 
Wheat80,004 — — 
Oats1,430 — — 
Ethanol— 112,812 — 
Propane— 18,480 — 
Other— 5 198 
Subtotal373,999 131,297 198 
Total1,329,057 333,570 2,172 
Schedule of Fair Value of Interest Rate Derivative Liabilities At June 30, 2022, December 31, 2021 and June 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)June 30, 2022December 31, 2021June 30, 2021
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$— $(174)$— 
Interest rate contracts included in Other long-term liabilities— — (309)
Foreign currency contracts included in Other current (liabilities) assets(1,749)(1,069)1,523 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$3,276 $— $— 
Interest rate contracts included in Other assets15,047 4,574 3,849 
Interest rate contracts included in Accrued expenses and other current liabilities— (5,206)(6,944)
Interest rate contracts included in Other long-term liabilities— (6,555)(11,506)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of June 30, 2022, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
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%
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%