XML 58 R40.htm IDEA: XBRL DOCUMENT v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Company's Commodity Derivative Instruments that Require Cash Collateral The following table presents a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted or received as collateral.
(in thousands)December 31, 2024December 31, 2023
Cash collateral paid $39,025 $24,439 
Fair value of derivatives8,696 24,237 
Net derivative asset position$47,721 $48,676 
Schedule of Fair Value of the Company's Commodity Derivatives in the Balance Sheet
The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:
December 31, 2024
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$165,038 $1,441 $10,158 $28 $176,665 
Commodity derivative liabilities(55,262)(28)(69,924)(425)(125,639)
Cash collateral paid39,025 — — — 39,025 
Balance sheet line item totals$148,801 $1,413 $(59,766)$(397)$90,051 

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 paid24,439 — — — 24,439 
Balance sheet line item totals$178,083 $1,432 $(90,849)$(418)$88,248 
Schedule of Company's Consolidated Statement of Income Gains and Location of Line Items
The net gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Consolidated Statements of Operations and the line items in which they are located are as follows:
 Year Ended December 31,
(in thousands)202420232022
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$(12,783)$(69,579)$13,533 
The recording of derivatives gains and losses and the financial statement line item in which they are located are as follows:
Year Ended December 31,
(in thousands)202420232022
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in
Other comprehensive income		$846 $(3,407)$38,564 
Interest rate derivative gains (losses) included in Interest expense, net12,354 10,132 (989)
Interest rate derivative gains included in Other income, net546 — — 
Schedule of Volume of Commodity Derivative Contracts Outstanding
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) are as follows:

December 31, 2024
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn607,172 — — 
Soybeans32,548 — — 
Wheat88,503 — — 
Oats21,595 — — 
Ethanol— 280,999 — 
Soybean meal— — 524 
Dried distillers grain— — 745 
Other4,308 53,020 1,972 
Subtotal754,126 334,019 3,241 
Exchange traded:
Corn214,810 — — 
Soybeans23,390 — — 
Wheat123,661 — — 
Oats315 — — 
Ethanol— 99,162 — 
Propane— 118,986 — 
Other— 1,440 444 
Subtotal362,176 219,588 444 
Total1,116,302 553,607 3,685 
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 — 
Soybean meal— — 546 
Dried distillers grain— — 740 
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 
Schedule of Fair Value of the Company's Interest Rate Derivatives
The Company had recorded the following amounts for the fair value of the Company's interest rate and other derivatives:
December 31,
(in thousands)20242023
Derivatives not designated as hedging instruments
Foreign currency contracts included in Other current assets (liabilities)$(3,972)$907 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets6,761 9,968 
Interest rate contracts included in Other assets22,723 18,041 
Interest rate contracts included in Other long-term liabilities(301)— 
Schedule of Open Interest Rate Contracts
The following table presents the open interest rate contracts at December 31, 2024:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Hedged Item


Interest Rate
Swap2019202587.5 Interest rate component of debt - accounted for as a hedge2.3%
Swap2019202543.8 Interest rate component of debt - accounted for as a hedge2.4%
Swap2019202543.8 Interest rate component of debt - accounted for as a hedge2.4%
Swap2020203050.0 Interest rate component of debt - accounted for as a hedge0.8%
Swap2020203050.0 Interest rate component of debt - accounted for as a hedge0.8%
Swap2022202520.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20222029100.0 Interest rate component of debt - accounted for as a hedge2.0%
Swap2022202950.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap2022202815.0 Interest rate component of debt - accounted for as a hedge
—% to 3.3%
Swap2023202550.0 Interest rate component of debt - accounted for as a hedge3.7%
Swap2023203150.0 Interest rate component of debt - accounted for as a hedge2.9%
Swap2024202935.0 Interest rate component of debt - accounted for as a hedge4.2%