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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Company's Commodity Derivative Instruments that Require Cash 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)March 31, 2025December 31, 2024March 31, 2024
Cash collateral paid (received)$(12,014)$39,025 $33,199 
Fair value of derivatives60,775 8,696 15,551 
Net derivative asset position$48,761 $47,721 $48,750 
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:
March 31, 2025
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$204,453 $9,844 $10,436 $67 $224,800 
Commodity derivative liabilities(37,411)(79)(80,084)(6,200)(123,774)
Cash collateral received(12,014)— — — (12,014)
Balance sheet line item totals$155,028 $9,765 $(69,648)$(6,133)$89,012 

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 

March 31, 2024
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$200,835 $9,764 $9,879 $107 $220,585 
Commodity derivative liabilities(53,722)(165)(78,647)(4,901)(137,435)
Cash collateral paid31,510 — 1,689 — 33,199 
Balance sheet line item totals$178,623 $9,599 $(67,079)$(4,794)$116,349 
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 March 31,
(in thousands)20252024
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$49,998 $19,342 
The recording of gains and losses on the interest rate derivatives and the financial statement line in which they are located are as follows:
Three months ended March 31,
(in thousands)20252024
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income$(6,820)$4,843 
Interest rate derivative gains (losses) included in Interest expense, net2,074 3,385 
Interest rate derivative gains included in Other income, net— 568 
Schedule of Outstanding Interest Rate Derivatives
The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:
March 31, 2025December 31, 2024March 31, 2024
(in thousands)Non-exchange TradedExchange TradedNon-exchange TradedExchange TradedNon-exchange TradedExchange Traded
Metric Tons:
Corn16,722 7,213 15,423 5,456 14,061 4,427 
Soybeans874 968 886 637 787 983 
Wheat2,788 2,755 2,409 3,365 2,455 2,900 
Oats622 15 313 5 471 4 
Other2,668 599 3,058 402 3,297 458 
Total metric tons23,674 11,550 22,089 9,865 21,071 8,772 
Gallons:
Ethanol305,896 73,794 280,999 99,162 198,453 58,944 
Propane— 58,380 — 118,986 — 104,580 
Other69,057 923 53,020 1,440 37,193 1,302 
Total gallons374,953 133,097 334,019 219,588 235,646 164,826 
Schedule of Fair Value of Interest Rate Derivative Liabilities
The Company had recorded the following amounts for the fair value of the interest rate derivatives:

(in thousands)March 31, 2025December 31, 2024March 31, 2024
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$6,095 $6,761 $10,281 
Interest rate contracts included in Other assets17,106 22,723 22,579 
Interest rate contracts included in Other long-term liabilities(849)(301)— 
Schedule of Derivative Instruments
Outstanding interest rate derivatives, as of March 31, 2025, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of Maturity Notional Amount
(in millions)		Description


Interest Rate
Swap20192025$43.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$85.9 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$43.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge0.7%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20222028$15.0 Interest rate component of debt - accounted for as a hedge3.3%
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%
Swap20232031$50.0 Interest rate component of debt - accounted for as a hedge2.9%
Swap20242029$35.0 Interest rate component of debt - accounted for as a hedge4.2%