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Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:

(in thousands)			September 30, 2024						December 31, 2023						September 30, 2023
Cash collateral paid			$	49,341					$	24,439					$	16,121
Fair value of derivatives			(10,199)						24,237						38,203
Net derivative asset position			$	39,142					$	48,676					$	54,324

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:

			September 30, 2024
(in thousands)			Commodity Derivative Assets - Current						Commodity Derivative Assets - Noncurrent						Commodity Derivative Liabilities - Current						Commodity Derivative Liabilities - Noncurrent						Total
Commodity derivative assets			$	154,042					$	3,656					$	11,207					$	219					$	169,124
Commodity derivative liabilities			(81,057)						(96)						(96,847)						(1,916)						(179,916)
Cash collateral paid			49,341						—						—						—						49,341
Balance sheet line item totals			$	122,326					$	3,560					$	(85,640)					$	(1,697)					$	38,549

			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

			September 30, 2023
(in thousands)			Commodity Derivative Assets - Current						Commodity Derivative Assets - Noncurrent						Commodity Derivative Liabilities - Current						Commodity Derivative Liabilities - Noncurrent						Total
Commodity derivative assets			$	301,990					$	4,730					$	12,733					$	101					$	319,554
Commodity derivative liabilities			(78,516)						(396)						(155,244)						(1,669)						(235,825)
Cash collateral paid			16,121						—						—						—						16,121
Balance sheet line item totals			$	239,595					$	4,334					$	(142,511)					$	(1,568)					$	99,850

Company's Condensed Consolidated Statement of Income gains and location of line items

The net pretax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located are as follows:

			Three months ended September 30,												Nine months ended September 30,
(in thousands)			2024						2023						2024						2023
Losses on commodity derivatives included in Cost of sales and merchandising revenues			$	(87,774)					$	(26,918)					$	(74,600)					$	(49,659)

The recording of gains and losses on the interest rate derivatives and the financial statement line in which they are located are as follows:

			Three months ended September 30,												Nine months ended September 30,
(in thousands)			2024						2023						2024						2023
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income			$	(12,477)					$	7,981					$	(7,754)					$	10,571
Interest rate derivative gains (losses) included in Interest expense, net			3,194						2,734						9,782						7,354
Interest rate derivative gains included in Other income, net			—						—						568						—

Amounts of quantities outstanding included in commodity derivative contracts

The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:

			September 30, 2024
(in thousands)			Number of Bushels						Number of Gallons												Number of Tons
Non-exchange traded:
Corn			562,754						—												—
Soybeans			56,718						—												—
Wheat			79,817						—												—
Oats			27,851						—												—
Ethanol			—						305,865												—
Dried distillers grain			—						—												931
Soybean meal			—						—												607
Other			4,073						83,847												2,056
Subtotal			731,213						389,712												3,594
Exchange traded:
Corn			185,750						—												—
Soybeans			41,835						—												—
Wheat			97,018						—												—
Oats			1,165						—												—
Ethanol			—						71,736												—
Propane			—						84,798												—
Other			—						2,016												1,432
Subtotal			325,768						158,550												1,432
Total			1,056,981						548,262												5,026

			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												—
Dried distillers grain			—						—												740
Soybean meal			—						—												546
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

			September 30, 2023
(in thousands)			Number of Bushels						Number of Gallons												Number of Tons
Non-exchange traded:
Corn			546,004						—												—
Soybeans			66,884						—												—
Wheat			114,195						—												—
Oats			24,712						—												—
Ethanol			—						217,092												—
Dried distillers grain			—						—												669
Soybean meal			—						—												686
Other			9,734						26,632												2,295
Subtotal			761,529						243,724												3,650
Exchange traded:
Corn			158,900						—												—
Soybeans			36,135						—												—
Wheat			106,068						—												—
Oats			1,865						—												—
Ethanol			—						121,002												—
Propane			—						108,990												—
Other			—						672												779
Subtotal			302,968						230,664												779
Total			1,064,497						474,388												4,429

Schedule of Fair Value of Interest Rate Derivative Liabilities

The Company had recorded the following amounts for the fair value of the interest rate derivatives:

(in thousands)			September 30, 2024						December 31, 2023						September 30, 2023
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets			$	6,000					$	9,968					$	12,026
Interest rate contracts included in Other assets			14,281						18,041						29,952

Schedule of Outstanding Interest Rate Derivatives

Outstanding interest rate derivatives, as of September 30, 2024, are as follows:

Interest Rate Hedging Instrument						Year Entered						Year of Maturity						Notional Amount (in millions)						Description						Interest Rate
Swap						2019						2025						$	44.5					Interest rate component of debt - accounted for as a hedge						2.4%
Swap						2019						2025						$	89.1					Interest rate component of debt - accounted for as a hedge						2.3%
Swap						2019						2025						$	44.5					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						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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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.

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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.

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