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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2020
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 non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
(in thousands) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2019
Cash collateral paid | $ | 70,446 |  |  | $ | 56,005 |  |  | $ | 23,997 |
Fair value of derivatives | (58,495) |  |  | (10,323) |  |  | 10,199 |
Net derivative asset position | $ | 11,951 |  |  | $ | 45,682 |  |  | $ | 34,196 |
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:
| September 30, 2020
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 159,553 |  |  | $ | 3,565 |  |  | $ | 7,323 |  |  | $ | 42 |  |  | $ | 170,483 |
Commodity derivative liabilities | (89,933) |  |  | (508) |  |  | (86,482) |  |  | (490) |  |  | (177,413) |
Cash collateral paid | 70,446 |  |  | — |  |  | — |  |  | — |  |  | 70,446 |
Balance sheet line item totals | $ | 140,066 |  |  | $ | 3,057 |  |  | $ | (79,159) |  |  | $ | (448) |  |  | $ | 63,516 |
| 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 paid | 56,005 |  |  | — |  |  | — |  |  | — |  |  | 56,005 |
Balance sheet line item totals | $ | 107,863 |  |  | $ | 949 |  |  | $ | (46,942) |  |  | $ | (505) |  |  | $ | 61,365 |
| 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 | 27,614 |  |  | — |  |  | (3,617) |  |  | — |  |  | 23,997 |
Balance sheet line item totals | $ | 120,510 |  |  | $ | 1,943 |  |  | $ | (67,606) |  |  | $ | (1,960) |  |  | $ | 52,887 |
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, 2020, December 31, 2019 and September 30, 2019:
| September 30, 2020
(in thousands) | Number of Bushels |  | Number of Gallons |  | Number of Pounds |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 527,924 |  |  | — |  |  | — |  |  | — |
Soybeans | 121,248 |  |  | — |  |  | — |  |  | — |
Wheat | 80,546 |  |  | — |  |  | — |  |  | — |
Oats | 40,004 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 96,470 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 45,144 |  |  | — |
Soybean Oil | — |  |  | — |  |  | 17,262 |  |  | — |
Other | 42,235 |  |  | 3,655 |  |  | 350 |  |  | 2,237 |
Subtotal | 811,957 |  |  | 100,125 |  |  | 62,756 |  |  | 2,237 |
Exchange traded: |  |  |  |  |  |  |
Corn | 250,445 |  |  | — |  |  | — |  |  | — |
Soybeans | 62,785 |  |  | — |  |  | — |  |  | — |
Wheat | 108,805 |  |  | — |  |  | — |  |  | — |
Oats | 715 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 19,488 |  |  | — |  |  | — |
Propane | — |  |  | 31,962 |  |  | — |  |  | — |
Other | — |  |  | 7,140 |  |  | 16 |  |  | 183 |
Subtotal | 422,750 |  |  | 58,590 |  |  | 16 |  |  | 183 |
Total | 1,234,707 |  |  | 158,715 |  |  | 62,772 |  |  | 2,420 |
| December 31, 2019
(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 |  |  |
| September 30, 2019
(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 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net pre-tax 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, 2020 and 2019 are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | (52,047) |  |  | $ | (27,586) |  |  | $ | (12,290) |  |  | $ | 25,469 |
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) | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Interest rate derivative gains (losses) included in Interest income (expense), net | $ | 357 |  |  | $ | (36) |  |  | $ | (363) |  |  | $ | (972) |
Foreign currency derivative losses included in Other income (loss), net | — |  |  | (615) |  |  | — |  |  | (684) |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate derivative losses included in Other Comprehensive Income (Loss) | 2,373 |  |  | (3,798) |  |  | (18,284) |  |  | (16,547) |
Interest rate derivatives (losses) included in Interest income (expense), net | $ | (2,345) |  |  | $ | (224) |  |  | $ | (5,045) |  |  | $ | (243) |
Schedule of Fair Value of Interest Rate Derivative Liabilities | At September 30, 2020, December 31, 2019 and September 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2019
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate contracts included in Accrued expenses and other current liabilities | $ | (879) |  |  | $ | — |  |  | $ | — |
Interest rate contracts included in Other long-term liabilities | (491) |  |  | (1,007) |  |  | (1,261) |
Foreign currency contracts included in Other current assets | 326 |  |  | 2,742 |  |  | 115 |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate contracts included in Accrued expenses and other current liabilities | (8,431) |  |  | (3,118) |  |  | (2,981) |
Interest rate contracts included in Other long-term liabilities | $ | (22,409) |  |  | $ | (9,382) |  |  | $ | (13,649) |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of September 30, 2020, 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 |  | 2018 |  | 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%
Swap |  | 2020 |  | 2023 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.8%
Swap |  | 2020 |  | 2023 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.7%
Swap |  | 2020 |  | 2030 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 0.8%
Swap |  | 2020 |  | 2030 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 0.8%

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