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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Estimated Fair Value of Company's Commodity Derivative Instruments that Require Cash 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) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Cash collateral paid (received) | $ | (12,014) |  |  | $ | 39,025 |  |  | $ | 33,199 |
Fair value of derivatives | 60,775 |  |  | 8,696 |  |  | 15,551 |
Net derivative asset position | $ | 48,761 |  |  | $ | 47,721 |  |  | $ | 48,750 |
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:
| March 31, 2025
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 204,453 |  |  | $ | 9,844 |  |  | $ | 10,436 |  |  | $ | 67 |  |  | $ | 224,800 |
Commodity derivative liabilities | (37,411) |  |  | (79) |  |  | (80,084) |  |  | (6,200) |  |  | (123,774) |
Cash collateral received | (12,014) |  |  | — |  |  | — |  |  | — |  |  | (12,014) |
Balance sheet line item totals | $ | 155,028 |  |  | $ | 9,765 |  |  | $ | (69,648) |  |  | $ | (6,133) |  |  | $ | 89,012 |
| December 31, 2024
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 165,038 |  |  | $ | 1,441 |  |  | $ | 10,158 |  |  | $ | 28 |  |  | $ | 176,665 |
Commodity derivative liabilities | (55,262) |  |  | (28) |  |  | (69,924) |  |  | (425) |  |  | (125,639) |
Cash collateral paid | 39,025 |  |  | — |  |  | — |  |  | — |  |  | 39,025 |
Balance sheet line item totals | $ | 148,801 |  |  | $ | 1,413 |  |  | $ | (59,766) |  |  | $ | (397) |  |  | $ | 90,051 |
| March 31, 2024
(in thousands) | Commodity Derivative Assets - Current |  | Commodity Derivative Assets - Noncurrent |  | Commodity Derivative Liabilities - Current |  | Commodity Derivative Liabilities - Noncurrent |  | Total
Commodity derivative assets | $ | 200,835 |  |  | $ | 9,764 |  |  | $ | 9,879 |  |  | $ | 107 |  |  | $ | 220,585 |
Commodity derivative liabilities | (53,722) |  |  | (165) |  |  | (78,647) |  |  | (4,901) |  |  | (137,435) |
Cash collateral paid | 31,510 |  |  | — |  |  | 1,689 |  |  | — |  |  | 33,199 |
Balance sheet line item totals | $ | 178,623 |  |  | $ | 9,599 |  |  | $ | (67,079) |  |  | $ | (4,794) |  |  | $ | 116,349 |
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 March 31,
(in thousands) |  |  |  |  | 2025 |  | 2024
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues |  |  |  |  | $ | 49,998 |  |  | $ | 19,342 |
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 March 31,
(in thousands) |  |  |  |  | 2025 |  | 2024
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate derivative gains (losses) included in Other comprehensive income |  |  |  |  | $ | (6,820) |  |  | $ | 4,843 |
Interest rate derivative gains (losses) included in Interest expense, net |  |  |  |  | 2,074 |  |  | 3,385 |
Interest rate derivative gains included in Other income, net |  |  |  |  | — |  |  | 568 |
Schedule of Outstanding Interest Rate Derivatives | The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
(in thousands) | Non-exchange Traded |  | Exchange Traded |  | Non-exchange Traded |  | Exchange Traded |  | Non-exchange Traded |  | Exchange Traded
Metric Tons: |  |  |  |  |  |  |  |  |  |  |
Corn | 16,722 |  |  | 7,213 |  |  | 15,423 |  |  | 5,456 |  |  | 14,061 |  |  | 4,427 |
Soybeans | 874 |  |  | 968 |  |  | 886 |  |  | 637 |  |  | 787 |  |  | 983 |
Wheat | 2,788 |  |  | 2,755 |  |  | 2,409 |  |  | 3,365 |  |  | 2,455 |  |  | 2,900 |
Oats | 622 |  |  | 15 |  |  | 313 |  |  | 5 |  |  | 471 |  |  | 4 |
Other | 2,668 |  |  | 599 |  |  | 3,058 |  |  | 402 |  |  | 3,297 |  |  | 458 |
Total metric tons | 23,674 |  |  | 11,550 |  |  | 22,089 |  |  | 9,865 |  |  | 21,071 |  |  | 8,772 |
Gallons: |  |  |  |  |  |  |  |  |  |  |
Ethanol | 305,896 |  |  | 73,794 |  |  | 280,999 |  |  | 99,162 |  |  | 198,453 |  |  | 58,944 |
Propane | — |  |  | 58,380 |  |  | — |  |  | 118,986 |  |  | — |  |  | 104,580 |
Other | 69,057 |  |  | 923 |  |  | 53,020 |  |  | 1,440 |  |  | 37,193 |  |  | 1,302 |
Total gallons | 374,953 |  |  | 133,097 |  |  | 334,019 |  |  | 219,588 |  |  | 235,646 |  |  | 164,826 |
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) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate contracts included in Other current assets | $ | 6,095 |  |  | $ | 6,761 |  |  | $ | 10,281 |
Interest rate contracts included in Other assets | 17,106 |  |  | 22,723 |  |  | 22,579 |
Interest rate contracts included in Other long-term liabilities | (849) |  |  | (301) |  |  | — |
Schedule of Derivative Instruments | Outstanding interest rate derivatives, as of March 31, 2025, are as follows:
Interest Rate Hedging Instrument |  | Year Entered |  | Year of Maturity |  | Notional Amount (in millions) |  | Description |  | Interest Rate
Swap |  | 2019 |  | 2025 |  | $ | 43.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.4%
Swap |  | 2019 |  | 2025 |  | $ | 85.9 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.3%
Swap |  | 2019 |  | 2025 |  | $ | 43.0 |  |  | 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 |  | 0.7%
Swap |  | 2020 |  | 2030 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 0.0% to 0.8%
Swap |  | 2022 |  | 2028 |  | $ | 15.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 3.3%
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 |  | 2031 |  | $ | 50.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 2.9%
Swap |  | 2024 |  | 2029 |  | $ | 35.0 |  |  | Interest rate component of debt - accounted for as a hedge |  | 4.2%

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