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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2019
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 at December 31, 2019 and 2018, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received 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 Consolidated Balance Sheets:
 
December 31, 2019
 
December 31, 2018
(in thousands)
Net Derivative Asset Position
 
Net Derivative Liability Position
 
Net Derivative Asset Position
 
Net Derivative Liability Position
Collateral paid
$
56,005

 
$
—

 
$
14,944

 
$
—

Fair value of derivatives
(10,323
)
 
—

 
22,285

 
—

Balance at end of period
$
45,682

 
$
—

 
$
37,229

 
$
—
Schedule of Fair Value of the Company's Commodity Derivatives in the Balance Sheet
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:
 
December 31, 2019
(in thousands)
Commodity Derivative Assets - Current
 
Commodity Derivative Assets - Noncurrent
 
Commodity Derivative Liabilities - Current
 
Commodity Derivative Liabilities - Noncurrent
 
Total
Commodity derivative assets
$
92,429

 
$
1,045

 
$
7,439

 
$
18

 
$
100,931

Commodity derivative liabilities
(40,571
)
 
(96
)
 
(54,381
)
 
(523
)
 
(95,571
)
Cash collateral
56,005

 
—

 
—

 
—

 
56,005

Balance sheet line item totals
$
107,863

 
$
949

 
$
(46,942
)
 
$
(505
)
 
$
61,365


 
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
14,944

 
—

 
—

 
—

 
14,944

Balance sheet line item totals
$
51,421

 
$
480

 
$
(32,647
)
 
$
(889
)
 
$
18,365
Schedule of Company's Consolidated Statement of Income Gains and Location of Line Items
The net pre-tax gains 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 for the years ended December 31, 2019, 2018, and 2017 are as follows:
 
Year Ended
December 31,
(in thousands)
2019
 
2018
 
2017
Gains (Losses) on commodity derivatives included in Cost of sales and merchandising revenues
$
1,939

 
$
4,236

 
$
5,417


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)
2019
 
2018
Derivatives not designated as hedging instruments
 
 
 
Interest rate derivative gains (losses) included in Interest income (expense)
$
(718
)
 
$
1,115

Foreign currency derivative gains (losses) included in Other income, net
(437
)
 
(1,548
)
Derivatives designated as hedging instruments
 
 
 
Interest rate derivative gains (losses) included in Other comprehensive income
(12,398
)
 
(168
)
Interest rate derivative gains (losses) included in Interest income (expense)
$
(761
)
 
$
158
Schedule of Volume of Commodity Derivative Contracts Outstanding
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) as of December 31, 2019 and 2018:
 
 
December 31, 2019
Commodity (in thousands)
Number of Bushels
 
Number of Gallons
 
Number of Pounds
 
Number of Tons
Non-exchange traded:
 
 
 
 
 
 
 
Corn
552,359

 
—

 
—

 
—

Soybeans
34,912

 
—

 
—

 
—

Wheat
100,996

 
—

 
—

 
—

Oats
24,700

 
—

 
—

 
—

Ethanol
—

 
116,448

 
—

 
—

Corn oil
—

 
—

 
14,568

 
—

Other
11,363

 
4,000

 
305

 
2,263

Subtotal
724,330

 
120,448

 
14,873

 
2,263

Exchange traded:
 
 
 
 
 
 
 
Corn
221,740

 
—

 
—

 
—

Soybeans
39,145

 
—

 
—

 
—

Wheat
68,171

 
—

 
—

 
—

Oats
2,090

 
—

 
—

 
—

Ethanol
—

 
175,353

 
—

 
—

Propane
—

 
5,166

 
—

 
—

Other
—

 
15

 
—

 
232

Subtotal
331,146

 
180,534

 
—

 
232

Total
1,055,476

 
300,982

 
14,873

 
2,495

 
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
Schedule of Fair Value of the Company's Interest Rate Derivatives
At December 31, 2019 and 2018, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
 
December 31,
(in thousands)
2019
 
2018
Derivatives not designated as hedging instruments
 
 
 
Interest rate contracts included in Other long-term assets (Other long-term liabilities)
$
(1,007
)
 
$
(353
)
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)
2,742

 
(1,122
)
Derivatives designated as hedging instruments
 
 
 
Interest rate contracts included in Other current assets (Accrued expenses and other current liabilities)
(3,118
)
 
—

Interest rate contracts included in Other long-term assets (Other long-term liabilities)
$
(9,382
)
 
$
(168
)
Schedule of Open Interest Rate Contracts
The following table presents the open interest rate contracts at December 31, 2019:
Interest Rate Hedging Instrument
 
Year Entered
 
Year of Maturity
 
Initial Notional Amount
(in millions)
 
Hedged Item
 


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.