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Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

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 current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	September 30, 2019								December 31, 2018								September 30, 2018
(in thousands)	Net derivative asset position				Net derivative liability position				Net derivative asset position				Net derivative liability position				Net derivative asset position				Net derivative liability position
Collateral paid (received)	$	23,997			$	—			$	14,944			$	—			$	14,942			$	—
Fair value of derivatives	10,199				—				22,285				—				36,653				—
Balance at end of period	$	34,196			$	—			$	37,229			$	—			$	51,595			$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	September 30, 2019
(in thousands)	Commodity Derivative Assets - Current				Commodity Derivative Assets - Noncurrent				Commodity Derivative Liabilities - Current				Commodity Derivative Liabilities - Noncurrent				Total
Commodity derivative assets	$	122,462			$	1,951			$	5,715			$	67			$	130,195
Commodity derivative liabilities	(29,566		)		(8		)		(69,704		)		(2,027		)		(101,305		)
Cash collateral paid (received)	27,614				—				(3,617		)		—				23,997
Balance sheet line item totals	$	120,510			$	1,943			$	(67,606	)		$	(1,960	)		$	52,887

	December 31, 2018
(in thousands)	Commodity Derivative Assets - Current				Commodity Derivative Assets - Noncurrent				Commodity Derivative Liabilities - Current				Commodity Derivative Liabilities - Noncurrent				Total
Commodity derivative assets	$	43,463			$	484			$	706			$	5			$	44,658
Commodity derivative liabilities	(6,986		)		(4		)		(33,353		)		(894		)		(41,237		)
Cash collateral (received)	14,944				—				—				—				14,944
Balance sheet line item totals	$	51,421			$	480			$	(32,647	)		$	(889	)		$	18,365

	September 30, 2018
(in thousands)	Commodity Derivative Assets - Current				Commodity Derivative Assets - Noncurrent				Commodity Derivative Liabilities - Current				Commodity Derivative Liabilities - Noncurrent				Total
Commodity derivative assets	$	69,957			$	767			$	731			$	38			$	71,493
Commodity derivative liabilities	(8,038		)		(1		)		(92,134		)		(2,586		)		(102,759		)
Cash collateral (received)	14,942				—				—				—				14,942
Balance sheet line item totals	$	76,861			$	766			$	(91,403	)		$	(2,548	)		$	(16,324	)

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2019, December 31, 2018 and September 30, 2018:

	September 30, 2019
Commodity (in thousands)	Number of Bushels			Number of Gallons			Number of Pounds			Number of Tons
Non-exchange traded:
Corn	653,757			—			—			—
Soybeans	46,895			—			—			—
Wheat	90,598			—			—			—
Oats	36,365			—			—			—
Ethanol	—			256,815			—			—
Corn oil	—			—			5,022			—
Other	15,196			6,150			363			3,178
Subtotal	842,811			262,965			5,385			3,178
Exchange traded:
Corn	280,890			—			—			—
Soybeans	58,980			—			—			—
Wheat	75,345			—			—			—
Oats	735			—			—			—
Ethanol	—			145,769			—			—
Propane	—			12,516			—			—
Other	—			3			—			289
Subtotal	415,950			158,288			—			289
Total	1,258,761			421,253			5,385			3,467

	December 31, 2018
Commodity (in thousands)	Number of Bushels			Number of Gallons			Number of Pounds			Number of Tons
Non-exchange traded:
Corn	250,408			—			—			—
Soybeans	22,463			—			—			—
Wheat	14,017			—			—			—
Oats	26,230			—			—			—
Ethanol	—			244,863			—			—
Corn oil	—			—			2,920			—
Other	494			2,000			—			66
Subtotal	313,612			246,863			2,920			66
Exchange traded:
Corn	130,585			—			—			—
Soybeans	26,985			—			—			—
Wheat	33,760			—			—			—
Oats	1,475			—			—			—
Ethanol	—			77,112			—			—
Subtotal	192,805			77,112			—			—
Total	506,417			323,975			2,920			66

	September 30, 2018
Commodity (in thousands)	Number of Bushels			Number of Gallons			Number of Pounds			Number of Tons
Non-exchange traded:
Corn	277,774			—			—			—
Soybeans	45,755			—			—			—
Wheat	7,948			—			—			—
Oats	31,155			—			—			—
Ethanol	—			230,813			—			—
Corn oil	—			—			2,560			—
Other	—			1,000						115
Subtotal	362,632			231,813			2,560			115
Exchange traded:
Corn	123,250			—			—			—
Soybeans	31,855			—			—			—
Wheat	44,130			—			—			—
Oats	1,005			—			—			—
Ethanol	—			92,274			—			—
Subtotal	200,240			92,274			—			—
Total	562,872			324,087			2,560			115

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 item in which they are located for the three and nine months ended September 30, 2019 and 2018 are as follows:

	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2019				2018				2019				2018
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	(27,586	)		$	(51,059	)		$	25,469			$	(30,451	)

The recording of derivatives gains and losses 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)	2019				2018				2019				2018
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest income (expense)	$	(36	)		$	521			$	(972	)		$	1,662
Foreign currency derivative gains (losses) included in Other income, net	$	(615	)		$	372			$	(684	)		$	(1,163	)
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other Comprehensive Income (Loss)	$	(3,798	)		$	159			$	(16,547	)		$	226
Interest rate derivatives gains (losses) included in Interest income (expense)	$	(224	)		$	54			$	(243	)		$	126

Schedule of Fair Value of Interest Rate Derivative Liabilities

At September 30, 2019, December 31, 2018 and September 30, 2018, the Company had recorded the following amounts for the fair value of the Company's other derivatives:

(in thousands)	September 30, 2019				December 31, 2018				September 30, 2018
Derivatives not designated as hedging instruments
Interest rate contracts included in Other long-term assets (Other long-term liabilities)	$	(1,261	)		$	(353	)		$	193
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)	$	115			$	(1,122	)		$	(737	)
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets (Accrued expenses and other current liabilities)	$	(2,981	)		$	—			$	—
Interest rate contracts included in Other long-term assets (Other long-term liabilities)	$	(13,649	)		$	(168	)		$	227

Schedule of Outstanding Interest Rate Derivatives

Outstanding interest rate derivatives, as of September 30, 2019, are as follows:

Interest Rate Hedging Instrument		Year Entered		Year of Maturity		Initial Notional Amount (in millions)				Description		Interest Rate
Long-term
Swap		2014		2023		$	23.0			Interest rate component of debt - not accounted for as a hedge		1.9%
Collar		2016		2021		$	40.0			Interest rate component of debt - not accounted for as a hedge		3.5% to 4.8%
Swap	*	2017		2022		$	20.0			Interest rate component of debt - accounted for as a hedge		1.8%
Swap	*	2018		2023		$	10.0			Interest rate component of debt - accounted for as a hedge		2.6%
Swap	*	2018		2025		$	20.0			Interest rate component of debt - accounted for as a hedge		2.7%
Swap		2018		2021		$	40.0			Interest rate component of debt - accounted for as a hedge		2.6%
Swap		2019		2021		$	25.0			Interest rate component of debt - accounted for as a hedge		2.5%
Swap		2019		2021		$	50.0			Interest rate component of debt - accounted for as a hedge		2.5%
Swap		2019		2025		$	100.0			Interest rate component of debt - accounted for as a hedge		2.5%
Swap		2019		2025		$	50.0			Interest rate component of debt - accounted for as a hedge		2.5%
Swap		2019		2025		$	50.0			Interest rate component of debt - accounted for as a hedge		2.5%

* Acquired on 1/1/2019 in conjunction with the acquisition of LTG.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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