v3.22.2.2
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2022
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 current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
(in thousands)September 30, 2022December 31, 2021September 30, 2021
Cash collateral paid$152,603 $165,250 $136,977 
Fair value of derivatives(42,578)(36,843)(14,100)
Net derivative asset position$110,025 $128,407 $122,877 
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, 2022
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$529,456 $7,743 $24,143 $1,488 $562,830 
Commodity derivative liabilities(179,962)(1,008)(161,311)(5,985)(348,266)
Cash collateral paid152,603 — — — 152,603 
Balance sheet line item totals$502,097 $6,735 $(137,168)$(4,497)$367,167 

December 31, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$339,321 $4,677 $23,762 $1,209 $368,969 
Commodity derivative liabilities(93,758)(105)(152,673)(2,578)(249,114)
Cash collateral paid165,250 — — — 165,250 
Balance sheet line item totals$410,813 $4,572 $(128,911)$(1,369)$285,105 

September 30, 2021
(in thousands)Commodity Derivative Assets - CurrentCommodity Derivative Assets - NoncurrentCommodity Derivative Liabilities - CurrentCommodity Derivative Liabilities - NoncurrentTotal
Commodity derivative assets$380,391 $11,704 $27,035 $461 $419,591 
Commodity derivative liabilities(107,721)(370)(105,737)(7,645)(221,473)
Cash collateral paid136,977 — — — 136,977 
Balance sheet line item totals$409,647 $11,334 $(78,702)$(7,184)$335,095 
Company's Condensed Consolidated Statement of Income gains and location of line items
The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments are included in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 as follows:

 Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues$(169,478)$(11,353)$94,708 $229,320 
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Derivatives not designated as hedging instruments
Interest rate derivative gains (losses) included in Interest expense, net$— $51 $(123)$760 
Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income (loss)$14,282 $(2,044)$39,746 $(12,520)
Interest rate derivative gains (losses) included in Interest expense, net210 (1,746)(2,420)(5,020)
Amounts of quantities outstanding included in commodity derivative contracts
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2022, December 31, 2021 and September 30, 2021:
September 30, 2022
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn628,346 — — 
Soybeans120,182 — — 
Wheat60,877 — — 
Oats31,147 — — 
Ethanol— 196,660 — 
Dried distillers grain— — 391 
Soybean meal— — 483 
Other9,449 30,747 3,448 
Subtotal850,001 227,407 4,322 
Exchange traded:
Corn206,705 — — 
Soybeans68,520 — — 
Wheat87,580 — — 
Oats1,450 — — 
Ethanol— 91,770 — 
Propane— 50,904 — 
Other145 1,638 632 
Subtotal364,400 144,312 632 
Total1,214,401 371,719 4,954 
December 31, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn685,681 — — 
Soybeans77,592 — — 
Wheat109,547 — — 
Oats31,627 — — 
Ethanol— 192,447 — 
Dried distillers grain— — 507 
Soybean meal— — 544 
Other57,268 16,092 1,854 
Subtotal961,715 208,539 2,905 
Exchange traded:
Corn226,215 — — 
Soybeans64,730 — — 
Wheat65,020 — — 
Oats1,300 — — 
Ethanol— 100,884 — 
Propane— 31,542 — 
Other75 798 353 
Subtotal357,340 133,224 353 
Total1,319,055 341,763 3,258 
September 30, 2021
(in thousands)Number of BushelsNumber of GallonsNumber of Tons
Non-exchange traded:
Corn687,177 — — 
Soybeans96,061 — — 
Wheat94,132 — — 
Oats35,460 — — 
Ethanol— 174,381 — 
Dried distillers grain— — 533 
Soybean meal— — 465 
Other31,086 2,264 1,394 
Subtotal943,916 176,645 2,392 
Exchange traded:
Corn236,395 — — 
Soybeans60,660 — — 
Wheat101,087 — — 
Oats1,290 — — 
Ethanol— 96,894 — 
Propane— 24,402 — 
Other— 8 241 
Subtotal399,432 121,304 241 
Total1,343,348 297,949 2,633 
Schedule of Fair Value of Interest Rate Derivative Liabilities At September 30, 2022, December 31, 2021 and September 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
(in thousands)September 30, 2022December 31, 2021September 30, 2021
Derivatives not designated as hedging instruments
Interest rate contracts included in Accrued expenses and other current liabilities$— $(174)$— 
Interest rate contracts included in Other long-term liabilities— — (258)
Foreign currency contracts included in Other current (liabilities) assets(5,685)(1,069)491 
Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets$6,925 $— $— 
Interest rate contracts included in Other assets25,669 4,574 4,431 
Interest rate contracts included in Accrued expenses and other current liabilities— (5,206)(6,892)
Interest rate contracts included in Other long-term liabilities— (6,555)(9,146)
Schedule of Outstanding Interest Rate Derivatives
Outstanding interest rate derivatives, as of September 30, 2022, are as follows:
Interest Rate Hedging InstrumentYear EnteredYear of MaturityInitial Notional Amount
(in millions)		Description


Interest Rate
Long-term
Swap20192025$100.0 Interest rate component of debt - accounted for as a hedge2.3%
Swap20192025$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20192025$50.0 Interest rate component of debt - accounted for as a hedge2.4%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20202030$50.0 Interest rate component of debt - accounted for as a hedge
0.0% to 0.8%
Swap20222025$20.0 Interest rate component of debt - accounted for as a hedge2.6%
Swap20222029$100.0 Interest rate component of debt - accounted for as a hedge2.0%
Swap20222029$50.0 Interest rate component of debt - accounted for as a hedge2.4%