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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019, 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 non-current commodity derivative assets (or liabilities) on the Consolidated Balance Sheets:
(in thousands) | December 31, 2020 |  | December 31, 2019
Cash collateral paid | $ | 208,670 |  |  | $ | 56,005 |
Fair value of derivatives | (157,301) |  |  | (10,323) |
Net derivative asset position | $ | 51,369 |  |  | $ | 45,682 |
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, 2020
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 304,533 |  |  | $ | 4,328 |  |  | $ | 19,386 |  |  | $ | 14 |  |  | $ | 328,261 |
Commodity derivative liabilities | (192,023) |  |  | (348) |  |  | (166,850) |  |  | (243) |  |  | (359,464) |
Cash collateral paid | 208,196 |  |  | — |  |  | 474 |  |  | — |  |  | 208,670 |
Balance sheet line item totals | $ | 320,706 |  |  | $ | 3,980 |  |  | $ | (146,990) |  |  | $ | (229) |  |  | $ | 177,467 |
| 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 |
Schedule of Company's 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 Consolidated Statements of Operations and the line items in which they are located for the years ended December 31, 2020, 2019 and 2018 are as follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues | $ | (36,563) |  |  | $ | 1,939 |  |  | $ | 4,236 |
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) | 2020 |  | 2019
Derivatives not designated as hedging instruments |  |  |
Interest rate derivative gains (losses) included in Interest income (expense) | $ | (11) |  |  | $ | (718) |
Foreign currency derivative gains (losses) included in Other income, net | — |  |  | (437) |
Derivatives designated as hedging instruments |  |  |
Interest rate derivative gains (losses) included in Other comprehensive income | (11,497) |  |  | (12,398) |
Interest rate derivative gains (losses) included in Interest income (expense) | $ | (7,982) |  |  | $ | (761) |
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, 2020 and 2019:
| December 31, 2020
(in thousands) | Number of Bushels |  | Number of Gallons |  | Number of Pounds |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 684,654 |  |  | — |  |  | — |  |  | — |
Soybeans | 73,521 |  |  | — |  |  | — |  |  | — |
Wheat | 109,661 |  |  | — |  |  | — |  |  | — |
Oats | 27,482 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 124,795 |  |  | — |  |  | — |
Corn oil | — |  |  | — |  |  | 36,015 |  |  | — |
Soybean oil | — |  |  | — |  |  | 26,510 |  |  | — |
Other | 4,371 |  |  | 2,058 |  |  | 740 |  |  | 1,859 |
Subtotal | 899,689 |  |  | 126,853 |  |  | 63,265 |  |  | 1,859 |
Exchange traded: |  |  |  |  |  |  |
Corn | 267,792 |  |  | — |  |  | — |  |  | — |
Soybeans | 53,730 |  |  | — |  |  | — |  |  | — |
Wheat | 80,733 |  |  | — |  |  | — |  |  | — |
Oats | 1,800 |  |  | — |  |  | — |  |  | — |
Ethanol | — |  |  | 73,584 |  |  | — |  |  | — |
Propane | — |  |  | 17,094 |  |  | — |  |  | — |
Other | — |  |  | 2,898 |  |  | 14 |  |  | 149 |
Subtotal | 404,055 |  |  | 93,576 |  |  | 14 |  |  | 149 |
Total | 1,303,744 |  |  | 220,429 |  |  | 63,279 |  |  | 2,008 |
| 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 |
Schedule of Fair Value of the Company's Interest Rate Derivatives | At December 31, 2020 and 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
| December 31,
(in thousands) | 2020 |  | 2019
Derivatives not designated as hedging instruments |  |  |
Interest rate contracts included in Accrued expenses and Other current liabilities | $ | (589) |  |  | $ | — |
Interest rate contracts included in Other long-term liabilities | (430) |  |  | (1,007) |
Foreign currency contracts included in Other current assets | 2,753 |  |  | 2,742 |
Derivatives designated as hedging instruments |  |  |
Interest rate contracts included in Other current assets | 164 |  |  | — |
Interest rate contracts included in Accrued expenses and other current liabilities | (6,664) |  |  | (3,118) |
Interest rate contracts included in Other long-term liabilities | $ | (18,539) |  |  | $ | (9,382) |
Schedule of Open Interest Rate Contracts | The following table presents the open interest rate contracts at December 31, 2020:
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 |  | 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 |  | 0.0% to 0.8%
Swap |  | 2020 |  | 2023 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 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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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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