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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
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)June 30, 2024December 31, 2023June 30, 2023
Cash collateral paid (received)$(25,316)$24,439 $(15,290)
Fair value of derivatives75,903 24,237 85,123 
Net derivative asset position$50,587 $48,676 $69,833 
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, 2024
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$276,764 $8,141 $12,625 $35 $297,565 
Commodity derivative liabilities(71,259)(96)(141,472)(7,756)(220,583)
Cash collateral paid (received)(25,316)— — — (25,316)
Balance sheet line item totals$180,189 $8,045 $(128,847)$(7,721)$51,666 

December 31, 2023
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$201,542 $1,496 $7,868 $13 $210,919 
Commodity derivative liabilities(47,898)(64)(98,717)(431)(147,110)
Cash collateral paid (received)24,439 — — — 24,439 
Balance sheet line item totals$178,083 $1,432 $(90,849)$(418)$88,248 

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 paid (received)(15,290)— — — (15,290)
Balance sheet line item totals$347,684 $2,930 $(251,101)$(4,156)$95,357 
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 June 30,Six months ended June 30,
(in thousands)2024202320242023
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$(6,168)$4,827 $13,173 $(22,741)
The recording of gains and losses on other derivatives and the financial statement line in which they are located are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income$(120)$8,996 $4,723 $2,590 
Interest rate derivative gains included in Interest expense, net3,203 2,515 6,588 4,619 
Interest rate derivative gains included in Other income, net— — 568 — 
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:
June 30, 2024
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn459,565 — — 
Soybeans33,415 — — 
Wheat101,022 — — 
Oats31,958 — — 
Ethanol— 241,555 — 
Dried distillers grain— — 872 
Soybean meal— — 420 
Other4,928 53,698 2,151 
Subtotal630,888 295,253 3,443 
Exchange traded:
Corn190,010 — — 
Soybeans42,830 — — 
Wheat110,618 — — 
Oats155 — — 
Ethanol— 75,306 — 
Propane— 113,274 — 
Other— 3,780 692 
Subtotal343,613 192,360 692 
Total974,501 487,613 4,135 
December 31, 2023
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn519,825 — — 
Soybeans41,848 — — 
Wheat66,953 — — 
Oats15,355 — — 
Ethanol— 206,986 — 
Dried distillers grain— — 740 
Soybean meal— — 546 
Other6,847 37,153 1,882 
Subtotal650,828 244,139 3,168 
Exchange traded:
Corn160,795 — — 
Soybeans34,250 — — 
Wheat64,778 — — 
Oats375 — — 
Ethanol— 97,272 — 
Propane— 74,550 — 
Other— 420 825 
Subtotal260,198 172,242 825 
Total911,026 416,381 3,993 
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 
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)June 30, 2024December 31, 2023June 30, 2023
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$9,961 $9,968 $11,107 
Interest rate contracts included in Other assets22,788 18,041 22,881 
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of June 30, 2024, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of Maturity Notional Amount
(in millions)		Description


Interest Rate
Swap20192025$45.3 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$90.6 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$45.3 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%
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%