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Derivatives (Tables)
 9 Months Ended
Sep. 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 Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:
(in thousands)September 30, 2023December 31, 2022September 30, 2022
Cash collateral paid$16,121 $64,530 $152,603 
Fair value of derivatives38,203 (10,014)(42,578)
Net derivative asset position$54,324 $54,516 $110,025 
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, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$301,990 $4,730 $12,733 $101 $319,554 
Commodity derivative liabilities(78,516)(396)(155,244)(1,669)(235,825)
Cash collateral paid16,121 — — — 16,121 
Balance sheet line item totals$239,595 $4,334 $(142,511)$(1,568)$99,850 

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 paid64,530 — — — 64,530 
Balance sheet line item totals$295,588 $1,647 $(98,519)$(798)$197,918 

September 30, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$529,456 $7,743 $24,143 $1,488 $562,830 
Commodity derivative liabilities(179,962)(1,008)(161,311)(5,985)(348,266)
Cash collateral paid152,603 — — — 152,603 
Balance sheet line item totals$502,097 $6,735 $(137,168)$(4,497)$367,167 
Company's Condensed Consolidated Statement of Income gains and location of line items
The net pretax 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 are as follows:

 Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$(26,918)$(169,478)$(49,659)$94,708 
The recording of gains and losses on other derivatives 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)2023202220232022
Derivatives designated as hedging instruments
Interest rate derivative gains included in Other comprehensive income$7,981 $14,282 $10,571 $39,746 
Interest rate derivative gains (losses) included in Interest expense, net2,734 210 7,354 (2,420)
Amounts of quantities outstanding included in commodity derivative contracts
The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:
September 30, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn546,004 — — 
Soybeans66,884 — — 
Wheat114,195 — — 
Oats24,712 — — 
Ethanol— 217,092 — 
Dried distillers grain— — 669 
Soybean meal— — 686 
Other9,734 26,632 2,295 
Subtotal761,529 243,724 3,650 
Exchange traded:
Corn158,900 — — 
Soybeans36,135 — — 
Wheat106,068 — — 
Oats1,865 — — 
Ethanol— 121,002 — 
Propane— 108,990 — 
Other— 672 779 
Subtotal302,968 230,664 779 
Total1,064,497 474,388 4,429 
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 
September 30, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn628,346 — — 
Soybeans120,182 — — 
Wheat60,877 — — 
Oats31,147 — — 
Ethanol— 196,660 — 
Dried distillers grain— — 391 
Soybean meal— — 483 
Other9,449 30,747 3,448 
Subtotal850,001 227,407 4,322 
Exchange traded:
Corn206,705 — — 
Soybeans68,520 — — 
Wheat87,580 — — 
Oats1,450 — — 
Ethanol— 91,770 — 
Propane— 50,904 — 
Other145 1,638 632 
Subtotal364,400 144,312 632 
Total1,214,401 371,719 4,954 
Schedule of Fair Value of Interest Rate Derivative Liabilities
The Company had recorded the following amounts for the fair value of the other derivatives:

(in thousands)September 30, 2023December 31, 2022September 30, 2022
Derivatives not designated as hedging instruments
Foreign currency contracts included in Other current assets (liabilities)$(1,714)$(3,124)$(5,685)
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$12,026 $8,759 $6,925 
Interest rate contracts included in Other assets29,952 22,641 25,669 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of September 30, 2023, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20192025$95.3 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$47.7 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$47.7 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%