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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Financial Instruments | The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):
| Asset Derivatives' Fair Value |  | Liability Derivatives' Fair Value |
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |
Derivative financial instruments - forwards | $ | 9,765 |  | (1) | $ | 10,154 |  |  | $ | 12,038 |  |  | $ | 4,791 |  | (2)
Other liabilities | — |  |  | — |  |  | 9 |  |  | 15 |  |
Total | $ | 9,765 |  |  | $ | 10,154 |  |  | $ | 12,047 |  |  | $ | 4,806 |  |
(1)At March 31, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $8.0 million, which include $0.7 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and $1.4 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges, (2)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
|  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income |  | Three Months Ended March 31,
| 2025 |  | 2024
Revenues |  | $ | (25) |  |  | $ | 3,736 |
Cost of goods sold |  | (24) |  |  | (10,723) |
Net loss recognized in loss before income taxes |  | $ | (49) |  |  | $ | (6,987) |
|  | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives |  | Three Months Ended March 31,
| 2025 |  | 2024
Commodity contracts |  | $ | (3,032) |  |  | $ | (7,959) |
|  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
|  | 2025 |  | 2024
Exchange-traded futures and options |  | Revenues |  | $ | 2,892 |  |  | $ | (1,073) |
Forwards |  | Revenues |  | 2,332 |  |  | (2,729) |
Exchange-traded futures and options |  | Cost of goods sold |  | (1,373) |  |  | 3,037 |
Forwards |  | Cost of goods sold |  | (6,982) |  |  | 2,868 |
Net gain (loss) recognized in loss before income taxes |  | $ | (3,131) |  |  | $ | 2,103
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities |  | Carrying Amount of the Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories |  | $ | 21,930 |  |  | $ | 2,655 |  |  | $ | 48,500 |  |  | $ | 8,166 |
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations (in thousands):
| Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
| 2025 |  | 2024
| Revenue |  | Cost of Goods Sold |  | Revenue |  | Cost of Goods Sold
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income | $ | (25) |  |  | $ | (24) |  |  | $ | 3,736 |  |  | $ | (10,723) |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Fair-value hedged inventories | — |  |  | 1,138 |  |  | — |  |  | (4,361) |
Exchange-traded futures designated as hedging instruments | — |  |  | 231 |  |  | — |  |  | 5,262 |
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded | $ | (25) |  |  | $ | 1,345 |  |  | $ | 3,736 |  |  | $ | (9,822) |
Schedule of Open Position Derivative Financial Instruments | The notional volume of open commodity derivative positions as of March 31, 2025 are as follows (in thousands):
|  | Exchange-Traded (1) |  | Non-Exchange-Traded (2) |  |  |  |
Derivative Instruments |  | Net Long & (Short) |  | Long |  | (Short) |  | Unit of Measure |  | Commodity
Futures |  | 4,120 |  |  |  |  |  |  | Bushels |  | Corn
Futures |  | (4,295) |  | (4) |  |  |  |  | Bushels |  | Corn
Futures |  | (106,218) |  |  |  |  |  |  | Gallons |  | Ethanol
Futures |  | (7,688) |  |  |  |  |  |  | MmBTU |  | Natural Gas
Futures |  | 6,590 |  | (3) |  |  |  |  | MmBTU |  | Natural Gas
Futures |  | (165) |  | (4) |  |  |  |  | MmBTU |  | Natural Gas
Options |  | 2 |  |  |  |  |  |  | Tons |  | Soybean Meal
Options |  | 310 |  |  |  |  |  |  | Pounds |  | Soybean Oil
Forwards |  |  |  | 36,821 |  |  | — |  |  | Bushels |  | Corn
Forwards |  |  |  | 5,974 |  |  | (197,075) |  |  | Gallons |  | Ethanol
Forwards |  |  |  | 94 |  |  | (219) |  |  | Tons |  | Distillers Grains
Forwards |  |  |  | — |  |  | (55,505) |  |  | Pounds |  | Renewable Corn Oil
Forwards |  |  |  | 16,212 |  |  | (292) |  |  | MmBTU |  | Natural Gas
(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed. (3)Notional volume of exchange-traded futures used for cash flow hedges. (4)Notional volume of exchange-traded futures used for fair value hedges.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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