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Inventories | 3 Months Ended
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Mar. 31, 2024
Inventory, Net [Abstract] |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") 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 market information, 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.
(in thousands) | March 31, 2024 |  | December 31, 2023 |  | March 31, 2023
Grain and other agricultural products (a) | $ | 669,373 |  |  | $ | 886,725 |  |  | $ | 1,112,155 |
Energy inventories (a) | 14,454 |  |  | 21,705 |  |  | 17,641 |
Ethanol and co-products (a) | 104,878 |  |  | 104,349 |  |  | 147,275 |
Plant nutrients and cob products | 205,838 |  |  | 153,921 |  |  | 274,030 |
Total inventories | $ | 994,543 |  |  | $ | 1,166,700 |  |  | $ | 1,551,101 |
(a) Includes RMI of $635.5 million, $862.5 million, and $1,085.7 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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- References No definition available. + Details
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