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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2023
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.
(in thousands) | December 31, 2023 |  | December 31, 2022
Cash collateral paid | $ | 24,439 |  |  | $ | 64,530 |
Fair value of derivatives | 24,237 |  |  | (10,014) |
Net derivative asset position | $ | 48,676 |  |  | $ | 54,516 |
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, 2023
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 201,542 |  |  | $ | 1,496 |  |  | $ | 7,868 |  |  | $ | 13 |  |  | $ | 210,919 |
Commodity derivative liabilities | (47,898) |  |  | (64) |  |  | (98,717) |  |  | (431) |  |  | (147,110) |
Cash collateral paid | 24,439 |  |  | — |  |  | — |  |  | — |  |  | 24,439 |
Balance sheet line item totals | $ | 178,083 |  |  | $ | 1,432 |  |  | $ | (90,849) |  |  | $ | (418) |  |  | $ | 88,248 |
| 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 |
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 are as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | (69,579) |  |  | $ | 13,533 |  |  | $ | 151,058 |
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) | 2023 |  | 2022 |  | 2021
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate derivative (losses) gains included in Other comprehensive income | $ | (3,407) |  |  | $ | 38,564 |  |  | $ | 16,960 |
Interest rate derivative gains (losses) included in Interest expense, net | 10,132 |  |  | (989) |  |  | (6,733) |
Schedule of Volume of Commodity Derivative Contracts Outstanding | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) are as follows:
| December 31, 2023
(in thousands) | Number of Bushels |  | Number of Gallons |  |  |  | Number of Tons
Non-exchange traded: |  |  |  |  |  |  |
Corn | 519,825 |  |  | — |  |  |  |  | — |
Soybeans | 41,848 |  |  | — |  |  |  |  | — |
Wheat | 66,953 |  |  | — |  |  |  |  | — |
Oats | 15,355 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 206,986 |  |  |  |  | — |
Soybean meal | — |  |  | — |  |  |  |  | 546 |
Dried distillers grain | — |  |  | — |  |  |  |  | 740 |
Other | 6,847 |  |  | 37,153 |  |  |  |  | 1,882 |
Subtotal | 650,828 |  |  | 244,139 |  |  |  |  | 3,168 |
Exchange traded: |  |  |  |  |  |  |
Corn | 160,795 |  |  | — |  |  |  |  | — |
Soybeans | 34,250 |  |  | — |  |  |  |  | — |
Wheat | 64,778 |  |  | — |  |  |  |  | — |
Oats | 375 |  |  | — |  |  |  |  | — |
Ethanol | — |  |  | 97,272 |  |  |  |  | — |
Propane | — |  |  | 74,550 |  |  |  |  | — |
Other | — |  |  | 420 |  |  |  |  | 825 |
Subtotal | 260,198 |  |  | 172,242 |  |  |  |  | 825 |
Total | 911,026 |  |  | 416,381 |  |  |  |  | 3,993 |
| 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 |
Schedule of Fair Value of the Company's Interest Rate Derivatives | he Company had recorded the following amounts for the fair value of the Company's interest rate and other derivatives:
| December 31,
(in thousands) | 2023 |  | 2022
Derivatives not designated as hedging instruments |  |  |
Foreign currency contracts included in Other current assets (liabilities) | $ | 907 |  |  | $ | (3,124) |
Derivatives designated as hedging instruments |  |  |
Interest rate contracts included in Other current assets | 9,968 |  |  | 8,759 |
Interest rate contracts included in Other assets | 18,041 |  |  | 22,641 |
Schedule of Open Interest Rate Contracts | The following table presents the open interest rate contracts at December 31, 2023:
Interest Rate Hedging Instrument |  | Year Entered |  | Year of Maturity |  | Initial Notional Amount (in millions) |  | Hedged Item |  | Interest Rate
Swap |  | 2019 |  | 2025 |  | $ | 93.8 |  |  | Interest rate component of debt - not accounted for as a hedge |  | 2.3%
Swap |  | 2019 |  | 2025 |  | 46.9 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2019 |  | 2025 |  | 46.9 |  |  | 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%
Swap |  | 2023 |  | 2024 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 3.7%
Swap |  | 2023 |  | 2025 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 3.7%
Swap |  | 2023 |  | 2031 |  | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.9%

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