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Other Income | 3 Months Ended
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Mar. 31, 2024
Other Income and Expenses [Abstract] |
Other Income | Other Income, net The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:
| Three months ended March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Interest income | $ | 4,682 |  |  | $ | 1,467 |  |  |  |  |
Gain on deconsolidation of joint venture | 3,117 |  |  | — |  |  |  |  |
Patronage income | 2,869 |  |  | 2,629 |  |  |  |  |
Property insurance recoveries | — |  |  | 1,000 |  |  |  |  |
Other | 860 |  |  | 2,908 |  |  |  |  |
Total | $ | 11,528 |  |  | $ | 8,004 |  |  |  |  |
Individually significant items included in the table above are: Interest income - In 2024 and 2023, the vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand. Gain on deconsolidation of joint venture - On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of these activities, the Company recognized a gain on deconsolidation in the second quarter of 2023. The Company recognized an additional $3.1 million gain in the first quarter of 2024 as the amount of cash distributed to the Company related to its receivables from ELEMENT exceeded management's estimate at the time of deconsolidation. Patronage income - As a part of the Company’s normal operations it relies on short-term lines of credit to support working capital needs in addition to long-term debt. The Company receives patronage income from its lenders as a part of these programs. Property insurance recoveries - In 2023, all property insurance recoveries presented relate to a fire at a Michigan grain asset.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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