
(in thousands)	March 31, 2026								December 31, 2025								March 31, 2025
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Unrealized gains on derivative contracts:
Commodities (a)	$	62,313	$	144,027	$	—	$	206,340	$	65,257	$	108,255	$	—	$	173,512	$	76,283	$	136,503	$	—	$	212,786
Interest rate (b)	—		18,291		—		18,291		—		17,084		—		17,084		—		23,202		—		23,202
Convertible preferred securities (c)	—		—		—		—		—		—		18,190		18,190		—		—		14,190		14,190
Other (d)	6,907		—		—		6,907		8,569		—		—		8,569		7,633		—		—		7,633
Total Assets	69,220		162,318		—		231,538		73,826		125,339		18,190		217,355		83,916		159,705		14,190		257,811
Liabilities
Unrealized losses on derivative contracts:
Commodities (a)	117,409		95,583		—		212,992		19,064		69,571		—		88,635		27,522		96,252		—		123,774
Interest rate (b)	—		762		—		762		—		1,097		—		1,097		—		849		—		849
Provisionally priced payables (e)	48,796		18,885		—		67,681		83,883		42,089		—		125,972		8,408		19,206		—		27,614
Other (d)	7,563		—		—		7,563		7,695		—		—		7,695		2,580		—		—		2,580
Total liabilities	$	173,768	$	115,230	$	—	$	288,998	$	110,642	$	112,757	$	—	$	223,399	$	38,510	$	116,307	$	—	$	154,817

(a)Unrealized gains and losses on commodity derivative contracts are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts with maturities of 12 months or less on the Condensed Consolidated Balance Sheets. Substantially all commodity derivative assets and liabilities have maturities within the next 12 months.

(b)Unrealized gains and losses on interest rate derivative contracts are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within 12 months, and in Other assets, net and Other long‑term liabilities for the long‑term portion, on the Condensed Consolidated Balance Sheets.

(d)Other assets and liabilities also include the fair value of marketable securities and investments held in the Company’s deferred compensation plan, recorded in Other current assets and offset by the related obligation to fund the plan in Accrued expenses and other current liabilities. In addition, unrealized gains and losses on foreign currency contracts are generally recorded in Other current assets and Accrued expenses and other current liabilities.

(e)Provisionally priced payables are contracts for agricultural commodities received that are based on underlying futures values (Level 1) and both basis and futures are marked at fair value (Level 2). These amounts are recorded in Trade and other payables within the Condensed Consolidated Balance Sheets.