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Derivative Financial Instruments (Tables)
 3 Months Ended
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, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other
Comprehensive Income into Income		Three Months Ended
March 31,
20252024
Revenues$(25)$3,736 
Cost of goods sold(24)(10,723)
Net loss recognized in loss before income taxes$(49)$(6,987)
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on
Derivatives		Three Months Ended
March 31,
20252024
Commodity contracts$(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,
20252024
Exchange-traded futures and optionsRevenues$2,892 $(1,073)
ForwardsRevenues2,332 (2,729)
Exchange-traded futures and optionsCost of goods sold(1,373)3,037 
ForwardsCost of goods sold(6,982)2,868 
Net gain (loss) recognized in loss before income taxes$(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, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged LiabilitiesCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories$21,930 $2,655 $48,500 $8,166 
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations (in thousands):
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
20252024
RevenueCost of
Goods Sold		RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$(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
Futures4,120 BushelsCorn
Futures(4,295)
(4)
BushelsCorn
Futures(106,218)GallonsEthanol
Futures(7,688)MmBTUNatural Gas
Futures6,590 
(3)
MmBTUNatural Gas
Futures(165)
(4)
MmBTUNatural Gas
Options2 TonsSoybean Meal
Options310 PoundsSoybean Oil
Forwards36,821 — BushelsCorn
Forwards5,974 (197,075)GallonsEthanol
Forwards94 (219)TonsDistillers Grains
Forwards— (55,505)PoundsRenewable Corn Oil
Forwards16,212 (292)MmBTUNatural 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.