Inventories

12 Months Ended

Dec. 31, 2024

Inventory, Net [Abstract]

Inventories

Inventories

Major classes of inventories are presented below. Readily Marketable Inventories are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. The components of inventories are as follows:

	December 31,
(in thousands)	2024		2023
Grain and other agricultural products (a)	$	951,283	$	886,725
Energy inventories (a)	17,381		21,705
Ethanol and co-products (a)	109,528		104,349
Plant nutrients and cob products	208,619		153,921
Total	$	1,286,811	$	1,166,700

(a) Includes RMI of $944.5 million and $862.5 million at December 31, 2024, and December 31, 2023, respectively.