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Inventories | 12 Months Ended
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Dec. 31, 2021
Inventory, Net [Abstract] |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value.
| December 31,
(in thousands) | 2021 |  | 2020
Grain and other agricultural products (a) | $ | 1,427,708 |  |  | $ | 1,025,809 |
Propane and frac sand (a) | 23,780 |  |  | 12,477 |
Ethanol and co-products (a) | 184,354 |  |  | 114,895 |
Plant nutrients and cob products | 178,696 |  |  | 139,885 |
Total | $ | 1,814,538 |  |  | $ | 1,293,066 |
(a) Includes RMI of $1,410.9 million and $983.2 million at December 31, 2021 and December 31, 2020, respectively. Inventories do not include 3.0 million bushels of grain and other agricultural product inventories held in storage for others as of December 31, 2021 and December 31, 2020, respectively. The Company does not have title to the inventory and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses with regard to any deficiencies and does not anticipate material losses in the future. The Company recorded lower of cost or net realizable value adjustments of $3.4 million and $11.7 million for the years ended December 31, 2021 and 2020, respectively. The current year charge primarily relates to certain fertilizer values decreasing after the spring application season. The charge in the prior year was a result of lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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- References No definition available. + Details
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