XML 52 R34.htm IDEA: XBRL DOCUMENT
v3.22.4

Derivatives (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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 a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted or received as collateral as of December 31, 2022 and 2021:
(in thousands) | December 31, 2022 |  | December 31, 2021
Cash collateral paid | $ | 64,530 |  |  | $ | 165,250 |
Fair value of derivatives | (10,014) |  |  | (36,843) |
Net derivative asset position | $ | 54,516 |  |  | $ | 128,407 |
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, 2022
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 325,762 |  |  | $ | 1,796 |  |  | $ | 18,426 |  |  | $ | 686 |  |  | $ | 346,670 |
Commodity derivative liabilities | (94,704) |  |  | (149) |  |  | (116,945) |  |  | (1,484) |  |  | (213,282) |
Cash collateral paid | 64,530 |  |  | — |  |  | — |  |  | — |  |  | 64,530 |
Balance sheet line item totals | $ | 295,588 |  |  | $ | 1,647 |  |  | $ | (98,519) |  |  | $ | (798) |  |  | $ | 197,918 |
| December 31, 2021
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 339,321 |  |  | $ | 4,677 |  |  | $ | 23,762 |  |  | $ | 1,209 |  |  | $ | 368,969 |
Commodity derivative liabilities | (93,758) |  |  | (105) |  |  | (152,673) |  |  | (2,578) |  |  | (249,114) |
Cash collateral paid | 165,250 |  |  | — |  |  | — |  |  | — |  |  | 165,250 |
Balance sheet line item totals | $ | 410,813 |  |  | $ | 4,572 |  |  | $ | (128,911) |  |  | $ | (1,369) |  |  | $ | 285,105 |
Schedule of Company's Consolidated Statement of Income Gains and Location of Line Items | The net 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, 2022, 2021 and 2020, are as follows:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues | $ | 13,533 |  |  | $ | 151,058 |  |  | $ | (36,563) |
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) | 2022 |  | 2021 |  | 2020
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate derivative gains (losses) included in Interest expense, net | $ | 123 |  |  | $ | (844) |  |  | $ | (11) |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate derivative gains (losses) included in Other comprehensive income (loss) | 38,564 |  |  | 16,960 |  |  | (11,497) |
Interest rate derivative gains (losses) included in Interest expense, net | (989) |  |  | (6,733) |  |  | (7,982) |
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, 2022 and 2021:
| December 31, 2022
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 567,405 |  |  | — |  |  |  |  | — |
Soybeans | 56,608 |  |  | — |  |  |  |  | — |
Wheat | 102,716 |  |  | — |  |  |  |  | — |
Oats | 24,710 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 178,935 |  |  |  |  | — |
Soybean meal | — |  |  | — |  |  |  |  | 570 |
Dried distillers grain | — |  |  | — |  |  |  |  | 449 |
Other | 10,054 |  |  | 44,547 |  |  |  |  | 2,029 |
Subtotal | 761,493 |  |  | 223,482 |  |  |  |  | 3,048 |
Exchange traded: |  |  |  |  |  |  |
Corn | 170,280 |  |  | — |  |  |  |  | — |
Soybeans | 46,380 |  |  | — |  |  |  |  | — |
Wheat | 111,567 |  |  | — |  |  |  |  | — |
Oats | 365 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 94,206 |  |  |  |  | — |
Propane | — |  |  | 47,208 |  |  |  |  | — |
Other | — |  |  | 588 |  |  |  |  | 581 |
Subtotal | 328,592 |  |  | 142,002 |  |  |  |  | 581 |
Total | 1,090,085 |  |  | 365,484 |  |  |  |  | 3,629 |
| December 31, 2021
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 685,681 |  |  | — |  |  |  |  | — |
Soybeans | 77,592 |  |  | — |  |  |  |  | — |
Wheat | 109,547 |  |  | — |  |  |  |  | — |
Oats | 31,627 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 192,447 |  |  |  |  | — |
Soybean meal | — |  |  | — |  |  |  |  | 544 |
Dried distillers grain | — |  |  | — |  |  |  |  | 507 |
Other | 57,268 |  |  | 16,092 |  |  |  |  | 1,854 |
Subtotal | 961,715 |  |  | 208,539 |  |  |  |  | 2,905 |
Exchange traded: |  |  |  |  |  |  |
Corn | 226,215 |  |  | — |  |  |  |  | — |
Soybeans | 64,730 |  |  | — |  |  |  |  | — |
Wheat | 65,020 |  |  | — |  |  |  |  | — |
Oats | 1,300 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 100,884 |  |  |  |  | — |
Propane | — |  |  | 31,542 |  |  |  |  | — |
Other | 75 |  |  | 798 |  |  |  |  | 353 |
Subtotal | 357,340 |  |  | 133,224 |  |  |  |  | 353 |
Total | 1,319,055 |  |  | 341,763 |  |  |  |  | 3,258 |
Schedule of Fair Value of the Company's Interest Rate Derivatives | At December 31, 2022 and 2021, the Company had recorded the following amounts for the fair value of the Company's interest rate and other derivatives:
| December 31,
(in thousands) | 2022 |  | 2021
Derivatives not designated as hedging instruments |  |  |
Interest rate contracts included in Accrued expenses and other current liabilities | $ | — |  |  | $ | (174) |
Foreign currency contracts included in Other current (liabilities) assets | (3,124) |  |  | (1,069) |
Derivatives designated as hedging instruments |  |  |
Interest rate contracts included in Other current assets | 8,759 |  |  | — |
Interest rate contracts included in Other assets | 22,641 |  |  | 4,574 |
Interest rate contracts included in Accrued expenses and other current liabilities | — |  |  | (5,206) |
Interest rate contracts included in Other long-term liabilities | — |  |  | (6,555) |
Schedule of Open Interest Rate Contracts | The following table presents the open interest rate contracts at December 31, 2022:
Interest Rate Hedging Instrument |  | Year Entered |  | Year of Maturity |  | Initial Notional Amount (in millions) |  | Hedged Item |  | Interest Rate
Long-term |  |  |  |  |  |  |  |  |  |
Swap |  | 2019 |  | 2025 |  | $ | 100.0 |  |  | Interest rate component of debt - not accounted for as a hedge |  | 2.3%
Swap |  | 2019 |  | 2025 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2019 |  | 2025 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
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%
Swap |  | 2022 |  | 2025 |  | 20.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.6%
Swap |  | 2022 |  | 2029 |  | 100.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.0%
Swap |  | 2022 |  | 2029 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: 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=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 Reference 9: 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=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: 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=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration