XML 41 R30.htm IDEA: XBRL DOCUMENT v3.23.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022June 30, 2022
Cash collateral (received) paid$(15,290)$64,530 $70,442 
Fair value of derivatives85,123 (10,014)165,223 
Net derivative asset position$69,833 $54,516 $235,665 
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, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$438,227 $3,959 $26,312 $59 $468,557 
Commodity derivative liabilities(75,253)(1,029)(277,413)(4,215)(357,910)
Cash collateral (received) paid(15,290)— — — (15,290)
Balance sheet line item totals$347,684 $2,930 $(251,101)$(4,156)$95,357 

December 31, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$325,762 $1,796 $18,426 $686 $346,670 
Commodity derivative liabilities(94,704)(149)(116,945)(1,484)(213,282)
Cash collateral (received) paid64,530 — — — 64,530 
Balance sheet line item totals$295,588 $1,647 $(98,519)$(798)$197,918 

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 (received) paid69,442 — 1,000 — 70,442 
Balance sheet line item totals$638,357 $12,125 $(185,903)$(10,095)$454,484 
Company's Condensed Consolidated Statement of Income gains and location of line items
The net gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three and six months ended June 30, 2023 and 2022 are as follows:

 Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$4,827 $230,188 $(22,741)$264,186 
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)2023202220232022
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$8,996 $8,923 $2,590 $25,464 
Interest rate derivative gains (losses) included in Interest expense, net2,515 (1,013)4,619 (2,631)
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, 2023, December 31, 2022 and June 30, 2022:
June 30, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn547,805 — — 
Soybeans42,273 — — 
Wheat236,316 — — 
Oats27,824 — — 
Ethanol— 208,251 — 
Dried distillers grain— — 479 
Soybean meal— — 290 
Other11,064 33,819 2,704 
Subtotal865,282 242,070 3,473 
Exchange traded:
Corn177,425 — — 
Soybeans27,555 — — 
Wheat59,262 — — 
Oats960 — — 
Ethanol— 74,760 — 
Propane— 63,630 — 
Other— 1,008 393 
Subtotal265,202 139,398 393 
Total1,130,484 381,468 3,866 
December 31, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn567,405 — — 
Soybeans56,608 — — 
Wheat102,716 — — 
Oats24,710 — — 
Ethanol— 178,935 — 
Dried distillers grain— — 449 
Soybean meal— — 570 
Other10,054 44,547 2,029 
Subtotal761,493 223,482 3,048 
Exchange traded:
Corn170,280 — — 
Soybeans46,380 — — 
Wheat111,567 — — 
Oats365 — — 
Ethanol— 94,206 — 
Propane— 47,208 — 
Other— 588 581 
Subtotal328,592 142,002 581 
Total1,090,085 365,484 3,629 
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 
Schedule of Fair Value of Interest Rate Derivative Liabilities The Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)June 30, 2023December 31, 2022June 30, 2022
Derivatives not designated as hedging instruments
Foreign currency contracts included in Other current assets (liabilities)$852 $(3,124)$(1,749)
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$11,107 $8,759 $3,276 
Interest rate contracts included in Other assets22,881 22,641 15,047 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of June 30, 2023, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20192025$96.9 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$48.4 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$48.4 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%
Swap20222029$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20232024$50.0 Interest rate component of debt - accounted for as a hedge3.7%
Swap20232025$50.0 Interest rate component of debt - accounted for as a hedge3.7%
Swap20232031$50.0 Interest rate component of debt - accounted for as a hedge2.9%