The Andersons, Inc. (ANDE) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-20557
Entity Registrant Name	ANDERSONS, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1562374
Entity Address, Address Line One	1947 Briarfield Boulevard
Entity Address, City or Town	Maumee
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43537
City Area Code	419
Local Phone Number	893-5050
Title of 12(b) Security	Common stock, $0.00 par value, $0.01 stated value
Trading Symbol	ANDE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,049,783
Entity Central Index Key	0000821026
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Sales and merchandising revenues	$ 2,718,217	$ 3,881,238
Cost of sales and merchandising revenues	2,589,897	3,733,227
Gross profit	128,320	148,011
Operating, administrative and general expenses	119,358	117,235
Asset impairment	0	87,156
Interest expense, net	6,522	16,625
Other income, net	11,528	8,004
Income (loss) before income taxes	13,968	(65,001)
Income tax provision (benefit)	1,303	(5,884)
Net income (loss)	12,665	(59,117)
Net income (loss) attributable to noncontrolling interests	7,084	(44,367)
Net income (loss) attributable to The Andersons, Inc.	$ 5,581	$ (14,750)
Average number of shares outstanding - basic (in shares)	33,932	33,622
Average number of share outstanding - diluted (in shares)	34,243	33,622
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders:
Basic earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share)	$ 0.16	$ (0.44)
Diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share)	$ 0.16	$ (0.44)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 12,665	$ (59,117)
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost	(175)	(188)
Foreign currency translation adjustments	(2,918)	767
Cash flow hedge activity	3,639	(4,796)
Other comprehensive income (loss)	546	(4,217)
Comprehensive income (loss)	13,211	(63,334)
Comprehensive income (loss) attributable to the noncontrolling interests	7,084	(44,367)
Comprehensive income (loss) attributable to The Andersons, Inc.	$ 6,127	$ (18,967)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 283,902	$ 643,854	$ 70,853
Accounts receivable, net	701,706	762,549	1,125,071
Inventories	994,543	1,166,700	1,551,101
Commodity derivative assets – current	178,623	178,083	222,036
Other current assets	55,134	55,777	81,407
Total current assets	2,213,908	2,806,963	3,050,468
Other assets:
Goodwill	127,856	127,856	129,342
Other intangible assets, net	80,527	85,579	95,134
Right of use assets, net	52,541	54,234	59,209
Other assets, net	97,128	87,010	89,174
Total other assets	358,052	354,679	372,859
Property, plant and equipment, net	689,113	693,365	678,717
Total assets	3,261,073	3,855,007	4,102,044
Current liabilities:
Short-term debt	10,148	43,106	638,210
Trade and other payables	625,836	1,055,473	768,872
Customer prepayments and deferred revenue	174,651	187,054	309,546
Commodity derivative liabilities – current	67,079	90,849	107,983
Current maturities of long-term debt	27,617	27,561	85,567
Accrued expenses and other current liabilities	177,953	232,288	202,133
Total current liabilities	1,083,284	1,636,331	2,112,311
Long-term lease liabilities	31,223	31,659	35,727
Long-term debt, less current maturities	556,174	562,960	486,892
Deferred income taxes	59,149	58,581	54,391
Other long-term liabilities	55,593	49,089	66,311
Total liabilities	1,785,423	2,338,620	2,755,632
Commitments and contingencies
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized and 34,064 shares issued for all periods presented)	142	142	142
Preferred shares, without par value (1,000 shares authorized; none issued)	0	0	0
Additional paid-in-capital	375,155	387,210	377,768
Treasury shares, at cost (14, 270 and 289 shares at 3/31/2024, 12/31/2023 and 3/31/2023, respectively)	(631)	(10,261)	(11,006)
Accumulated other comprehensive income	23,411	22,865	16,267
Retained earnings	881,911	882,943	786,420
Total shareholders’ equity of The Andersons, Inc.	1,279,988	1,282,899	1,169,591
Noncontrolling interests	195,662	233,488	176,821
Total equity	1,475,650	1,516,387	1,346,412
Total liabilities and equity	$ 3,261,073	$ 3,855,007	$ 4,102,044

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Common shares, shares authorized (shares)	63,000,000	63,000,000	63,000,000
Common shares, shares issued (shares)	34,064,000	34,064,000	34,064,000
Preferred shares, shares authorized (shares)	1,000,000	1,000,000	1,000,000
Preferred shares, shares issued (shares)	0	0	0
Treasury shares, at cost (shares)	14,000	270,000	289,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income (loss)	$ 12,665	$ (59,117)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	30,949	32,220
Asset impairment	0	87,156
Other	4,795	(2,230)
Changes in operating assets and liabilities:
Accounts receivable	57,725	125,113
Inventories	169,083	178,010
Commodity derivatives	(28,498)	83,148
Other current and non-current assets	1,923	(17,543)
Payables and other current and non-current liabilities	(488,269)	(760,292)
Net cash used in operating activities	(239,627)	(333,535)
Investing Activities
Purchases of property, plant and equipment and capitalized software	(26,775)	(25,470)
Proceeds from sale of Rail assets	0	2,871
Other	4,723	2,792
Net cash used in investing activities	(22,052)	(19,807)
Financing Activities
Net (payments) receipts under short-term lines of credit	(31,913)	363,619
Payments of long-term debt	(6,870)	(30,251)
Distributions to noncontrolling interest owner	(44,910)	(9,980)
Dividends paid	(6,516)	(6,279)
Value of shares withheld for taxes	(8,071)	(6,616)
Other	0	(1,676)
Net cash (used in) provided by financing activities	(98,280)	308,817
Effect of exchange rates on cash and cash equivalents	7	109
Decrease in cash and cash equivalents	(359,952)	(44,416)
Cash and cash equivalents at beginning of period	643,854	115,269
Cash and cash equivalents at end of period	$ 283,902	$ 70,853

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 1,429,769	$ 142	$ 385,248	$ (15,043)	$ 20,484	$ 807,770	$ 231,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(59,117)					(14,750)	(44,367)
Other comprehensive income	(1,884)				(1,884)
Amounts reclassified from Accumulated other comprehensive income	(2,333)				(2,333)
Distributions to noncontrolling interests	(9,980)						(9,980)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	(2,544)		(8,087)	5,543
Purchase of treasury shares	(1,671)			(1,671)
Dividends declared per common share	(6,240)					(6,240)
Restricted share award dividend equivalents	412		607	165		(360)
Ending Balance at Mar. 31, 2023	1,346,412	142	377,768	(11,006)	16,267	786,420	176,821
Beginning Balance at Dec. 31, 2023	1,516,387	142	387,210	(10,261)	22,865	882,943	233,488
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,665					5,581	7,084
Other comprehensive income	4,727				4,727
Amounts reclassified from Accumulated other comprehensive income	(4,181)				(4,181)
Distributions to noncontrolling interests	(44,910)						(44,910)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	(3,180)		(12,749)	9,569
Dividends declared per common share	(6,470)					(6,470)
Restricted share award dividend equivalents	612		694	61		(143)
Ending Balance at Mar. 31, 2024	$ 1,475,650	$ 142	$ 375,155	$ (631)	$ 23,411	$ 881,911	$ 195,662

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Stock awards, stock option exercises and other shares issued to employees and directors, tax	$ 0	$ 0
Number of common shares issued for cash (in shares)	256	201
Treasury shares purchased (in shares)		49
Dividends declared, per common share (in dollars per share)	$ 0.190	$ 0.185

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Standards	Basis of Presentation and Recently Issued Accounting Standards These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). Controlled subsidiaries include majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. ELEMENT, LLC ("ELEMENT"), formerly a joint venture ethanol plant within the Renewables segment, was deconsolidated from the Company's Condensed Consolidated Financial Statements in the second quarter of 2023. The Andersons Marathon Holdings LLC ("TAMH") is the Company’s only remaining VIE. The portion of these entities that is not owned by the Company is presented as noncontrolling interests. All intercompany accounts and transactions are eliminated in consolidation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. In the opinion of management, all adjustments consisting of normal and recurring items considered necessary for the fair presentation of the results of operations, financial position, and cash flows for the periods indicated have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2023 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2023 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning with the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning with the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
Inventories	Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available market information, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. (in thousands) March 31, December 31, March 31, Grain and other agricultural products (a) $ 669,373 $ 886,725 $ 1,112,155 Energy inventories (a) 14,454 21,705 17,641 Ethanol and co-products (a) 104,878 104,349 147,275 Plant nutrients and cob products 205,838 153,921 274,030 Total inventories $ 994,543 $ 1,166,700 $ 1,551,101 (a) Includes RMI of $635.5 million, $862.5 million, and $1,085.7 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) March 31, December 31, March 31, Land $ 30,626 $ 30,912 $ 38,000 Land improvements and leasehold improvements 82,541 82,438 91,503 Buildings and storage facilities 366,790 365,744 362,451 Machinery and equipment 959,920 951,544 917,269 Construction in progress 45,327 36,541 48,158 1,485,204 1,467,179 1,457,381 Less: accumulated depreciation 796,091 773,814 778,664 Property, plant and equipment, net $ 689,113 $ 693,365 $ 678,717 Depreciation expense on property, plant, and equipment was $24.7 million and $26.2 million for three months ended March 31, 2024, and 2023, respectively. In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT. The plant faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. At the time of the impairment, the Company owned 51% of ELEMENT and it was a consolidated entity, as such, 49% of the impairment charge was represented in Net income (loss) attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The total borrowing capacity of the Company's lines of credit at March 31, 2024, was $1,859.1 million, of which, the Company had a total of $1,845.6 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. As of March 31, 2024, December 31, 2023 and March 31, 2023, the estimated fair value of long-term debt, including the current portion, was $575.2 million, $585.1 million and $569.0 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities. As part of the Company's ongoing covenant monitoring process in the prior year, the Company determined that ELEMENT was out of compliance with its working capital and owner's equity ratio covenants as of March 31, 2023. In addition, ELEMENT did not make its required February 2023 debt payment and subsequently received a default notice from the lender on February 17, 2023. As such, the $62.8 million of non-recourse debt associated with ELEMENT was classified in Current maturities of long-term debt as of March 31, 2023. On April 18, 2023, ELEMENT was placed into receivership and the related debt associated with ELEMENT was deconsolidated from the Company's Condensed Consolidated Financial Statements.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Renewables businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received 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 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, 2024 December 31, 2023 March 31, 2023 Cash collateral paid $ 33,199 $ 24,439 $ 9,075 Fair value of derivatives 15,551 24,237 23,040 Net derivative asset position $ 48,750 $ 48,676 $ 32,115 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: 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 December 31, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 201,542 $ 1,496 $ 7,868 $ 13 $ 210,919 Commodity derivative liabilities (47,898) (64) (98,717) (431) (147,110) Cash collateral paid 24,439 — — — 24,439 Balance sheet line item totals $ 178,083 $ 1,432 $ (90,849) $ (418) $ 88,248 March 31, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 284,879 $ 4,175 $ 13,431 $ 74 $ 302,559 Commodity derivative liabilities (71,918) (1,024) (121,414) (2,384) (196,740) Cash collateral paid 9,075 — — — 9,075 Balance sheet line item totals $ 222,036 $ 3,151 $ (107,983) $ (2,310) $ 114,894 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) 2024 2023 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ 19,342 $ (27,568) The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows: March 31, 2024 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 553,569 — — Soybeans 28,902 — — Wheat 90,195 — — Oats 32,437 — — Ethanol — 198,453 — Dried distillers grain — — 703 Soybean meal — — 450 Other 6,742 37,193 2,279 Subtotal 711,845 235,646 3,432 Exchange traded: Corn 174,300 — — Soybeans 36,115 — — Wheat 106,551 — — Oats 300 — — Ethanol — 58,944 — Propane — 104,580 — Other — 1,302 505 Subtotal 317,266 164,826 505 Total 1,029,111 400,472 3,937 December 31, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 519,825 — — Soybeans 41,848 — — Wheat 66,953 — — Oats 15,355 — — Ethanol — 206,986 — Dried distillers grain — — 740 Soybean meal — — 546 Other 6,847 37,153 1,882 Subtotal 650,828 244,139 3,168 Exchange traded: Corn 160,795 — — Soybeans 34,250 — — Wheat 64,778 — — Oats 375 — — Ethanol — 97,272 — Propane — 74,550 — Other — 420 825 Subtotal 260,198 172,242 825 Total 911,026 416,381 3,993 March 31, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 572,079 — — Soybeans 50,184 — — Wheat 101,663 — — Oats 31,658 — — Ethanol — 200,591 — Dried distillers grain — — 399 Soybean meal — — 367 Other 10,237 44,120 1,966 Subtotal 765,821 244,711 2,732 Exchange traded: Corn 184,766 — — Soybeans 76,365 — — Wheat 83,618 — — Oats 1,125 — — Ethanol — 69,972 — Propane — 45,402 — Other — 1,134 551 Subtotal 345,874 116,508 551 Total 1,111,695 361,219 3,283 Interest Rate and Other Derivatives The Company’s objectives for using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The gains or losses on the derivatives designated as hedging instruments are recorded in Other comprehensive income (loss) and subsequently reclassified into Interest expense, net in the same periods during which the hedged transaction affects earnings. Amounts reported in Accumulated other comprehensive income related to derivatives will be reclassified to Interest expense, net as interest payments are made on the Company’s variable-rate debt. In the case where interest rate derivatives are settled prior to maturity, the gain or loss is recorded in Other income, net within the Condensed Consolidated Statements of Operations. The Company had recorded the following amounts for the fair value of the other derivatives: (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Derivatives not designated as hedging instruments Foreign currency contracts included in Other current assets (liabilities) $ (793) $ 907 $ 4,260 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 10,281 $ 9,968 $ 8,265 Interest rate contracts included in Other assets 22,579 18,041 16,779 The recording of gains and losses on other derivatives and the financial statement line in which they are located are as follows: Three months ended March 31, (in thousands) 2024 2023 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 4,843 $ (6,407) Interest rate derivative gains included in Interest expense, net 3,385 2,105 Interest rate derivative gains included in Other income, net 568 — Outstanding interest rate derivatives, as of March 31, 2024, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Notional Amount Description Interest Rate Swap 2019 2025 $ 92.2 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 46.1 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 46.1 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 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% 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 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2031 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.9%

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers . Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging . The breakdown of revenues between ASC 606 and ASC 815 is as follows: Three months ended March 31, (in thousands) 2024 2023 Revenues under ASC 606 $ 648,843 $ 738,978 Revenues under ASC 815 2,069,374 3,142,260 Total revenues $ 2,718,217 $ 3,881,238 The remainder of this note applies only to those revenues that are accounted for under ASC 606. Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line: Three months ended March 31, 2024 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 69,724 $ 69,724 Primary nutrients — — 67,312 67,312 Products and co-products 102,344 306,165 — 408,509 Propane 69,796 — — 69,796 Other 1,973 1,247 30,282 33,502 Total $ 174,113 $ 307,412 $ 167,318 $ 648,843 Three months ended March 31, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 69,997 $ 69,997 Primary nutrients — — 64,750 64,750 Products and co-products 88,966 394,609 — 483,575 Propane 76,523 — — 76,523 Other 12,590 2,348 29,195 44,133 Total $ 178,079 $ 396,957 $ 163,942 $ 738,978 Substantially all of the Company's revenues accounted for under ASC 606 during the periods presented in the preceding tables are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $80.5 million and $30.7 million as of March 31, 2024 and December 31, 2023, respectively. The difference between the opening and closing balances of the Company’s contract liabilities is primarily a result of timing differences between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance are payments for primary and specialty nutrients within the Nutrient & Industrial segment received in advance of fulfilling our performance obligations under our customer contracts. Due to seasonality of this business, contract liabilities are built up through the first quarter in preparation for the spring application season. Revenue is then recognized in the Nutrient & Industrial segment throughout the spring application season as the Company fulfills its contract obligations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Three months ended March 31, (in thousands) 2024 2023 Income (loss) before income taxes $ 13,968 $ (65,001) Income tax provision (benefit) 1,303 (5,884) Effective tax rate 9.3 % 9.1 % On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes, if necessary, based on new information or events. The estimated annual effective tax rate is forecasted based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. The difference between the 9.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended March 31, 2024 is primarily attributable to the tax impact of non-controlling interest, stock based compensation, and federal tax credits offset by state and local income taxes, nondeductible compensation, and other discrete tax items. The difference between the 9.1% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended March 31, 2023 is primarily attributable to the tax impact of non-controlling interest, state and local income taxes, and nondeductible compensation. During the three months ended March 31, 2023, a discrete income tax benefit of $12.0 million was recorded on a loss before income taxes of $94.7 million from ELEMENT operations, which included an $87.2 million impairment charge.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company: Three months ended March 31, (in thousands) 2024 2023 Currency Translation Adjustment Beginning balance $ (2,581) $ (8,203) Other comprehensive income (loss) before reclassifications (2,918) 767 Tax effect — — Other comprehensive income (loss), net of tax (2,918) 767 Ending balance $ (5,499) $ (7,436) Hedging Adjustment Beginning balance $ 20,985 $ 23,546 Other comprehensive income (loss) before reclassifications 8,796 (4,302) Amounts reclassified from AOCI (a) (3,953) (2,105) Tax effect (1,204) 1,611 Other comprehensive income (loss), net of tax 3,639 (4,796) Ending balance $ 24,624 $ 18,750 Pension and Other Postretirement Adjustment Beginning balance $ 4,203 $ 4,883 Other comprehensive income (loss) before reclassifications 5 (14) Amounts reclassified from AOCI (b) (228) (228) Tax effect 48 54 Other comprehensive income (loss), net of tax (175) (188) Ending balance $ 4,028 $ 4,695 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 Other comprehensive income (loss), net of tax — — Ending balance $ 258 $ 258 Total AOCI Ending Balance $ 23,411 $ 16,267 (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis: (in thousands) March 31, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 48,750 $ 67,599 $ — $ 116,349 Provisionally priced contracts (b) (86,176) (30,709) — (116,885) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 5,525 32,860 — 38,385 Total $ (31,901) $ 69,750 $ 15,625 $ 53,474 (in thousands) December 31, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 48,676 $ 39,572 $ — $ 88,248 Provisionally priced contracts (b) (108,736) (65,343) — (174,079) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 5,477 28,009 — 33,486 Total $ (54,583) $ 2,238 $ 15,625 $ (36,720) (in thousands) March 31, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 32,115 $ 82,779 $ — $ 114,894 Provisionally priced contracts (b) (16,187) (52,150) — (68,337) Convertible preferred securities (c) — — 15,410 15,410 Other assets and liabilities (d) 8,357 24,983 — 33,340 Total $ 24,285 $ 55,612 $ 15,410 $ 95,307 (a) Includes associated cash posted/received as collateral. (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2). (c) Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2). Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral, that the Company has in its margin account. The majority of the Company’s assets and liabilities measured at fair value are based on the market approach valuation technique. With the market approach, fair value is derived using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices quoted on various exchanges for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because “basis” for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the agribusiness industry, the Company has concluded that “basis” is typically a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives, depending on the specific commodity. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a significant input to fair value for these commodity contracts. These fair value disclosures exclude RMI which consists of agricultural commodity inventories measured at net realizable value. The net realizable value used to measure the Company’s agricultural commodity inventories is the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. This valuation would generally be considered Level 2. The amount of RMI is disclosed in Note 2. Changes in the net realizable value of commodity inventories are recognized as a component of cost of sales and merchandising revenues. Provisionally priced contract liabilities are those for which the Company has taken ownership and possession of grain, but the final purchase price has not been established. In the case of payables where the unpriced portion of the contract is limited to the futures price of the underlying commodity or the Company has delivered provisionally priced grain and a subsequent payable or receivable is set up for any future changes in the grain price, quoted exchange prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. For all other unpriced contracts which include variable futures and basis components, the amounts recorded for delayed price contracts are determined on the basis of local grain market prices at the balance sheet date and, as such, are deemed to be Level 2 in the fair value hierarchy. The convertible preferred securities are interests in several early-stage enterprises that may be in various forms, such as convertible debt or preferred equity securities. A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2024 2023 Assets at January 1, $ 15,625 $ 16,278 Gains included in Other income, net — 802 Proceeds from investments — (1,670) Assets at March 31, $ 15,625 $ 15,410 The following tables summarize quantitative information about the Company's Level 3 fair value measurements: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,625 $ 15,625 $ 15,410 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Valuation Method Unobservable Input Weighted Average Ethanol Plant Assets (a) $ — $ — $ 41,673 Various Various N/A (a) The Company recognized impairment charges on ELEMENT ethanol plant assets in Colwich, Kansas. The fair value of the assets was determined by a third-party consultant using a discounted cash flow method and a market approach. Both of these methods were given probability weightings based on management's assessment of the ethanol plant's future operations to arrive at the fair value of the ethanol plant assets. The discounted cash flow model is determined by discounting the projected free cash flows using an appropriate discount rate. Key assumptions in the projections of future cash flows used in the consultant's model included input costs (corn, natural gas, etc.), production days, and co-product premiums. The market approach analyzed enterprise value to ethanol production capacity multiples for a group of guideline public companies as well as recent mergers and acquisition transactions. Using these multiples as a baseline, the consultant applied selected multiples to the ELEMENT plant production capacity to arrive at an indicated fair value. These measures are considered Level 3 inputs on a nonrecurring basis.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties In the ordinary course of business, and on an arm's length basis, the Company will enter into related party transactions with the minority shareholder of the Company's Renewables operations and certain equity method investments that the Company holds, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented: Three months ended March 31, (in thousands) 2024 2023 Sales of products $ 61,611 $ 74,951 Purchases of products 8,292 15,702 (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Accounts receivable $ 14,504 $ 6,732 $ 10,350 Accounts payable 5,333 3,901 2,800

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations include three reportable business segments that are distinguished primarily on the basis of products and services offered as well as the structure of management. The Trade business includes commodity merchandising and the operation of terminal grain elevator facilities. The Renewables business produces ethanol and co-products through its four co-owned and fully consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Nutrient & Industrial business manufactures and distributes plant nutrient products such as agricultural inputs, primarily fertilizers and turf care products along with industrial products such as deicers, dust abatement solutions and corncob-based products. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments. The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended March 31, (in thousands) 2024 2023 Revenues from external customers Trade $ 1,893,859 $ 2,877,780 Renewables 657,039 839,516 Nutrient & Industrial 167,319 163,942 Total $ 2,718,217 $ 3,881,238 Three months ended March 31, (in thousands) 2024 2023 Income (loss) before income taxes Trade $ 5,924 $ 39,364 Renewables (a) 22,791 (82,513) Nutrient & Industrial (1,850) (10,438) Other (12,897) (11,414) Total $ 13,968 $ (65,001) (a)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation activities The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time or may result in continued reserves to account for the potential of such post-verdict actions. The estimated losses for outstanding claims that are considered reasonably possible are not material.

Other Income

Other Income	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income	Other Income, net The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations: Three months ended March 31, (in thousands) 2024 2023 Interest income $ 4,682 $ 1,467 Gain on deconsolidation of joint venture 3,117 — Patronage income 2,869 2,629 Property insurance recoveries — 1,000 Other 860 2,908 Total $ 11,528 $ 8,004 Individually significant items included in the table above are: Interest income - In 2024 and 2023, the vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand. Gain on deconsolidation of joint venture - On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of these activities, the Company recognized a gain on deconsolidation in the second quarter of 2023. The Company recognized an additional $3.1 million gain in the first quarter of 2024 as the amount of cash distributed to the Company related to its receivables from ELEMENT exceeded management's estimate at the time of deconsolidation. Patronage income - As a part of the Company’s normal operations it relies on short-term lines of credit to support working capital needs in addition to long-term debt. The Company receives patronage income from its lenders as a part of these programs. Property insurance recoveries - In 2023, all property insurance recoveries presented relate to a fire at a Michigan grain asset.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 30, 2024, the Company closed on the acquisition of Reed & Perrine Sales, Inc., a manufacturer and distributor of premium turf fertilizers and control products headquartered in New Jersey, for a purchase price of approximately $6.7 million plus working capital.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 5,581	$ (14,750)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Conso

Basis of Presentation and Consolidation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning with the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning with the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory, Net [Abstract]
Classes of inventories	(in thousands) March 31, December 31, March 31, Grain and other agricultural products (a) $ 669,373 $ 886,725 $ 1,112,155 Energy inventories (a) 14,454 21,705 17,641 Ethanol and co-products (a) 104,878 104,349 147,275 Plant nutrients and cob products 205,838 153,921 274,030 Total inventories $ 994,543 $ 1,166,700 $ 1,551,101 (a) Includes RMI of $635.5 million, $862.5 million, and $1,085.7 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment	The components of Property, plant and equipment, net are as follows: (in thousands) March 31, December 31, March 31, Land $ 30,626 $ 30,912 $ 38,000 Land improvements and leasehold improvements 82,541 82,438 91,503 Buildings and storage facilities 366,790 365,744 362,451 Machinery and equipment 959,920 951,544 917,269 Construction in progress 45,327 36,541 48,158 1,485,204 1,467,179 1,457,381 Less: accumulated depreciation 796,091 773,814 778,664 Property, plant and equipment, net $ 689,113 $ 693,365 $ 678,717

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
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 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, 2024 December 31, 2023 March 31, 2023 Cash collateral paid $ 33,199 $ 24,439 $ 9,075 Fair value of derivatives 15,551 24,237 23,040 Net derivative asset position $ 48,750 $ 48,676 $ 32,115
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, 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 December 31, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 201,542 $ 1,496 $ 7,868 $ 13 $ 210,919 Commodity derivative liabilities (47,898) (64) (98,717) (431) (147,110) Cash collateral paid 24,439 — — — 24,439 Balance sheet line item totals $ 178,083 $ 1,432 $ (90,849) $ (418) $ 88,248 March 31, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 284,879 $ 4,175 $ 13,431 $ 74 $ 302,559 Commodity derivative liabilities (71,918) (1,024) (121,414) (2,384) (196,740) Cash collateral paid 9,075 — — — 9,075 Balance sheet line item totals $ 222,036 $ 3,151 $ (107,983) $ (2,310) $ 114,894
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) 2024 2023 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ 19,342 $ (27,568) The recording of gains and losses on other derivatives and the financial statement line in which they are located are as follows: Three months ended March 31, (in thousands) 2024 2023 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 4,843 $ (6,407) Interest rate derivative gains included in Interest expense, net 3,385 2,105 Interest rate derivative gains included in Other income, net 568 —
Amounts of quantities outstanding included in commodity derivative contracts	The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows: March 31, 2024 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 553,569 — — Soybeans 28,902 — — Wheat 90,195 — — Oats 32,437 — — Ethanol — 198,453 — Dried distillers grain — — 703 Soybean meal — — 450 Other 6,742 37,193 2,279 Subtotal 711,845 235,646 3,432 Exchange traded: Corn 174,300 — — Soybeans 36,115 — — Wheat 106,551 — — Oats 300 — — Ethanol — 58,944 — Propane — 104,580 — Other — 1,302 505 Subtotal 317,266 164,826 505 Total 1,029,111 400,472 3,937 December 31, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 519,825 — — Soybeans 41,848 — — Wheat 66,953 — — Oats 15,355 — — Ethanol — 206,986 — Dried distillers grain — — 740 Soybean meal — — 546 Other 6,847 37,153 1,882 Subtotal 650,828 244,139 3,168 Exchange traded: Corn 160,795 — — Soybeans 34,250 — — Wheat 64,778 — — Oats 375 — — Ethanol — 97,272 — Propane — 74,550 — Other — 420 825 Subtotal 260,198 172,242 825 Total 911,026 416,381 3,993 March 31, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 572,079 — — Soybeans 50,184 — — Wheat 101,663 — — Oats 31,658 — — Ethanol — 200,591 — Dried distillers grain — — 399 Soybean meal — — 367 Other 10,237 44,120 1,966 Subtotal 765,821 244,711 2,732 Exchange traded: Corn 184,766 — — Soybeans 76,365 — — Wheat 83,618 — — Oats 1,125 — — Ethanol — 69,972 — Propane — 45,402 — Other — 1,134 551 Subtotal 345,874 116,508 551 Total 1,111,695 361,219 3,283
Schedule of Fair Value of Interest Rate Derivative Liabilities	The Company had recorded the following amounts for the fair value of the other derivatives: (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Derivatives not designated as hedging instruments Foreign currency contracts included in Other current assets (liabilities) $ (793) $ 907 $ 4,260 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 10,281 $ 9,968 $ 8,265 Interest rate contracts included in Other assets 22,579 18,041 16,779
Schedule of Outstanding Interest Rate Derivatives	Outstanding interest rate derivatives, as of March 31, 2024, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Notional Amount Description Interest Rate Swap 2019 2025 $ 92.2 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 46.1 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 46.1 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 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% 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 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2031 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.9%

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Breakdown of Revenues between ASC 606	The breakdown of revenues between ASC 606 and ASC 815 is as follows: Three months ended March 31, (in thousands) 2024 2023 Revenues under ASC 606 $ 648,843 $ 738,978 Revenues under ASC 815 2,069,374 3,142,260 Total revenues $ 2,718,217 $ 3,881,238
Schedule of Disaggregation of Revenues	The following tables disaggregate revenues under ASC 606 by major product/service line: Three months ended March 31, 2024 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 69,724 $ 69,724 Primary nutrients — — 67,312 67,312 Products and co-products 102,344 306,165 — 408,509 Propane 69,796 — — 69,796 Other 1,973 1,247 30,282 33,502 Total $ 174,113 $ 307,412 $ 167,318 $ 648,843 Three months ended March 31, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 69,997 $ 69,997 Primary nutrients — — 64,750 64,750 Products and co-products 88,966 394,609 — 483,575 Propane 76,523 — — 76,523 Other 12,590 2,348 29,195 44,133 Total $ 178,079 $ 396,957 $ 163,942 $ 738,978

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company: Three months ended March 31, (in thousands) 2024 2023 Currency Translation Adjustment Beginning balance $ (2,581) $ (8,203) Other comprehensive income (loss) before reclassifications (2,918) 767 Tax effect — — Other comprehensive income (loss), net of tax (2,918) 767 Ending balance $ (5,499) $ (7,436) Hedging Adjustment Beginning balance $ 20,985 $ 23,546 Other comprehensive income (loss) before reclassifications 8,796 (4,302) Amounts reclassified from AOCI (a) (3,953) (2,105) Tax effect (1,204) 1,611 Other comprehensive income (loss), net of tax 3,639 (4,796) Ending balance $ 24,624 $ 18,750 Pension and Other Postretirement Adjustment Beginning balance $ 4,203 $ 4,883 Other comprehensive income (loss) before reclassifications 5 (14) Amounts reclassified from AOCI (b) (228) (228) Tax effect 48 54 Other comprehensive income (loss), net of tax (175) (188) Ending balance $ 4,028 $ 4,695 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 Other comprehensive income (loss), net of tax — — Ending balance $ 258 $ 258 Total AOCI Ending Balance $ 23,411 $ 16,267 (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis: (in thousands) March 31, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 48,750 $ 67,599 $ — $ 116,349 Provisionally priced contracts (b) (86,176) (30,709) — (116,885) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 5,525 32,860 — 38,385 Total $ (31,901) $ 69,750 $ 15,625 $ 53,474 (in thousands) December 31, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 48,676 $ 39,572 $ — $ 88,248 Provisionally priced contracts (b) (108,736) (65,343) — (174,079) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 5,477 28,009 — 33,486 Total $ (54,583) $ 2,238 $ 15,625 $ (36,720) (in thousands) March 31, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 32,115 $ 82,779 $ — $ 114,894 Provisionally priced contracts (b) (16,187) (52,150) — (68,337) Convertible preferred securities (c) — — 15,410 15,410 Other assets and liabilities (d) 8,357 24,983 — 33,340 Total $ 24,285 $ 55,612 $ 15,410 $ 95,307 (a) Includes associated cash posted/received as collateral. (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2). (c) Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2).
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs	A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2024 2023 Assets at January 1, $ 15,625 $ 16,278 Gains included in Other income, net — 802 Proceeds from investments — (1,670) Assets at March 31, $ 15,625 $ 15,410
Fair Value Inputs, Assets, Quantitative Information	The following tables summarize quantitative information about the Company's Level 3 fair value measurements: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,625 $ 15,625 $ 15,410 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Valuation Method Unobservable Input Weighted Average Ethanol Plant Assets (a) $ — $ — $ 41,673 Various Various N/A (a) The Company recognized impairment charges on ELEMENT ethanol plant assets in Colwich, Kansas. The fair value of the assets was determined by a third-party consultant using a discounted cash flow method and a market approach. Both of these methods were given probability weightings based on management's assessment of the ethanol plant's future operations to arrive at the fair value of the ethanol plant assets. The discounted cash flow model is determined by discounting the projected free cash flows using an appropriate discount rate. Key assumptions in the projections of future cash flows used in the consultant's model included input costs (corn, natural gas, etc.), production days, and co-product premiums. The market approach analyzed enterprise value to ethanol production capacity multiples for a group of guideline public companies as well as recent mergers and acquisition transactions. Using these multiples as a baseline, the consultant applied selected multiples to the ELEMENT plant production capacity to arrive at an indicated fair value. These measures are considered Level 3 inputs on a nonrecurring basis.

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of related party transactions	The following table sets forth the related party transactions entered into for the time periods presented: Three months ended March 31, (in thousands) 2024 2023 Sales of products $ 61,611 $ 74,951 Purchases of products 8,292 15,702 (in thousands) March 31, 2024 December 31, 2023 March 31, 2023 Accounts receivable $ 14,504 $ 6,732 $ 10,350 Accounts payable 5,333 3,901 2,800

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended March 31, (in thousands) 2024 2023 Revenues from external customers Trade $ 1,893,859 $ 2,877,780 Renewables 657,039 839,516 Nutrient & Industrial 167,319 163,942 Total $ 2,718,217 $ 3,881,238 Three months ended March 31, (in thousands) 2024 2023 Income (loss) before income taxes Trade $ 5,924 $ 39,364 Renewables (a) 22,791 (82,513) Nutrient & Industrial (1,850) (10,438) Other (12,897) (11,414) Total $ 13,968 $ (65,001) (a)

Other Income (Tables)

Other Income (Tables)	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income	The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations: Three months ended March 31, (in thousands) 2024 2023 Interest income $ 4,682 $ 1,467 Gain on deconsolidation of joint venture 3,117 — Patronage income 2,869 2,629 Property insurance recoveries — 1,000 Other 860 2,908 Total $ 11,528 $ 8,004

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Inventory, Net [Abstract]
Grain and other agricultural products	$ 669,373	$ 886,725	$ 1,112,155
Frac sand and propane	14,454	21,705	17,641
Ethanol and co-products	104,878	104,349	147,275
Plant nutrients and cob products	205,838	153,921	274,030
Total inventories	994,543	1,166,700	1,551,101
Readily marketable inventory	$ 635,500	$ 862,500	$ 1,085,700

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Components of property, plant and equipment
Land	$ 30,626	$ 30,912	$ 38,000
Land improvements and leasehold improvements	82,541	82,438	91,503
Buildings and storage facilities	366,790	365,744	362,451
Machinery and equipment	959,920	951,544	917,269
Construction in progress	45,327	36,541	48,158
Property, plant and equipment, gross	1,485,204	1,467,179	1,457,381
Less: accumulated depreciation	796,091	773,814	778,664
Property, plant and equipment, net	$ 689,113	$ 693,365	$ 678,717

Property, Plant and Equipment_3

Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 24,700	$ 26,200
Asset impairment	$ 0	$ 87,156
Asset impairment, noncontrolling interest percent	49%
Ethanol
Property, Plant and Equipment [Line Items]
Asset impairment	$ 87,200
Element LLC
Property, Plant and Equipment [Line Items]
Ownership percentage by parent	51%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Line of Credit Facility [Line Items]
Current maturities of long-term debt	$ 27,617	$ 27,561	$ 85,567
ELEMENT Non-Recourse Debt | Nonrecourse
Line of Credit Facility [Line Items]
Current maturities of long-term debt			62,800
Estimate of Fair Value Measurement
Line of Credit Facility [Line Items]
Long-term debt, fair value	575,200	$ 585,100	$ 569,000
Line of credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	1,859,100
Total available for borrowings under lines of credit	$ 1,845,600

Derivatives (Textual) (Details)

Derivatives (Textual) (Details)	3 Months Ended
	Mar. 31, 2024
Derivative [Line Items]
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years)	1 year

Derivatives (Net Asset or Liabi

Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral
Cash collateral paid	$ 33,199	$ 24,439	$ 9,075
Fair value of derivatives	15,551	24,237	23,040
Net derivative asset position, net	$ 48,750	$ 48,676	$ 32,115

Derivatives (Gross Current and

Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - Commodity - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 220,585	$ 210,919	$ 302,559
Commodity derivative liabilities	(137,435)	(147,110)	(196,740)
Cash collateral paid	33,199
Cash collateral paid		24,439	9,075
Total	116,349	88,248	114,894
Commodity Derivative Assets - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	200,835	201,542	284,879
Commodity derivative liabilities	(53,722)	(47,898)	(71,918)
Cash collateral paid	31,510
Cash collateral paid		24,439	9,075
Derivative assets	178,623	178,083	222,036
Commodity Derivative Assets - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	9,764	1,496	4,175
Commodity derivative liabilities	(165)	(64)	(1,024)
Cash collateral paid	0
Cash collateral paid		0	0
Derivative assets	9,599	1,432	3,151
Commodity Derivative Liabilities - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	9,879	7,868	13,431
Commodity derivative liabilities	(78,647)	(98,717)	(121,414)
Cash collateral paid	1,689
Cash collateral paid		0	0
Derivative Liability	(67,079)	(90,849)	(107,983)
Commodity Derivative Liabilities - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	107	13	74
Commodity derivative liabilities	(4,901)	(431)	(2,384)
Cash collateral paid	0
Cash collateral paid		0	0
Derivative Liability	$ (4,794)	$ (418)	$ (2,310)

Derivatives (Pre-tax Gains and

Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments recognized in earnings	$ 19,342	$ (27,568)
Designated as Hedging Instrument | Interest rate contracts | Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	4,843	(6,407)
Designated as Hedging Instrument | Interest rate contracts | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	3,385	2,105
Designated as Hedging Instrument | Interest rate contracts | Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	$ 568	$ 0

Derivatives (Volume of Contract

Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands	Mar. 31, 2024 bu	Mar. 31, 2024 gal	Mar. 31, 2024 T	Dec. 31, 2023 bu	Dec. 31, 2023 gal	Dec. 31, 2023 T	Mar. 31, 2023 bu	Mar. 31, 2023 gal	Mar. 31, 2023 T
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	1,029,111	400,472	3,937	911,026	416,381	3,993	1,111,695	361,219	3,283
Non-exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	711,845	235,646	3,432	650,828	244,139	3,168	765,821	244,711	2,732
Non-exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	553,569	0	0	519,825	0	0	572,079	0	0
Non-exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	28,902	0	0	41,848	0	0	50,184	0	0
Non-exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	90,195	0	0	66,953	0	0	101,663	0	0
Non-exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	32,437	0	0	15,355	0	0	31,658	0	0
Non-exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	198,453	0	0	206,986	0	0	200,591	0
Non-exchange Traded | Dried distillers grain
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	703	0	0	740	0	0	399
Non-exchange Traded | Soybean meal
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	450	0	0	546	0	0	367
Non-exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	6,742	37,193	2,279	6,847	37,153	1,882	10,237	44,120	1,966
Exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	317,266	164,826	505	260,198	172,242	825	345,874	116,508	551
Exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	174,300	0	0	160,795	0	0	184,766	0	0
Exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	36,115	0	0	34,250	0	0	76,365	0	0
Exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	106,551	0	0	64,778	0	0	83,618	0	0
Exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	300	0	0	375	0	0	1,125	0	0
Exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	58,944	0	0	97,272	0	0	69,972	0
Exchange Traded | Propane
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	104,580	0	0	74,550	0	0	45,402	0
Exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	1,302	505	0	420	825	0	1,134	551

Derivatives (Fair Value of the

Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Not Designated as Hedging Instrument | Foreign currency contract
Derivative [Line Items]
Derivative liabilities		$ 907
Derivative assets	$ (793)		$ 4,260
Designated as Hedging Instrument | Other current assets | Interest rate contracts
Derivative [Line Items]
Derivative assets	10,281,000	9,968	8,265
Designated as Hedging Instrument | Other Noncurrent Assets | Interest rate contracts
Derivative [Line Items]
Derivative assets	$ 22,579,000	$ 18,041	$ 16,779

Derivatives (Outstanding Intere

Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions	Mar. 31, 2024 USD ($)
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum
Derivative [Line Items]
Interest rate	0%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum
Derivative [Line Items]
Interest rate	0.80%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum
Derivative [Line Items]
Interest rate	0%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum
Derivative [Line Items]
Interest rate	0.80%
Accounted for as Hedge | Swap 2.3%
Derivative [Line Items]
Notional amount	$ 92.2
Interest rate	2.30%
Accounted for as Hedge | Swap 2.4%
Derivative [Line Items]
Notional amount	$ 46.1
Interest rate	2.40%
Accounted for as Hedge | Swap 2.4%
Derivative [Line Items]
Notional amount	$ 46.1
Interest rate	2.40%
Accounted for as Hedge | Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount	$ 50
Accounted for as Hedge | Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount	50
Accounted for as Hedge | Swap, 2.6%
Derivative [Line Items]
Notional amount	$ 20
Interest rate	2.60%
Accounted for as Hedge | Swap 2.0%
Derivative [Line Items]
Notional amount	$ 100
Interest rate	2%
Accounted for as Hedge | Swap 2.4%
Derivative [Line Items]
Notional amount	$ 50
Interest rate	2.40%
Accounted for as Hedge | Swap 3.7%
Derivative [Line Items]
Notional amount	$ 50
Interest rate	3.70%
Accounted for as Hedge | Swap 2.9%
Derivative [Line Items]
Notional amount	$ 50
Interest rate	2.90%

Revenue (Breakdown of Revenues

Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 648,843	$ 738,978
Revenues from external customers	2,718,217	3,881,238
Revenues under ASC 606
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	648,843	738,978
Revenues under ASC 815
Disaggregation of Revenue [Line Items]
Revenues from external customers	$ 2,069,374	$ 3,142,260

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total	$ 648,843	$ 738,978
Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	69,724	69,997
Primary nutrients
Disaggregation of Revenue [Line Items]
Total	67,312	64,750
Products and co-products
Disaggregation of Revenue [Line Items]
Total	408,509	483,575
Propane
Disaggregation of Revenue [Line Items]
Total	69,796	76,523
Other
Disaggregation of Revenue [Line Items]
Total	33,502	44,133
Trade
Disaggregation of Revenue [Line Items]
Total	174,113	178,079
Trade | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	0	0
Trade | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	0	0
Trade | Products and co-products
Disaggregation of Revenue [Line Items]
Total	102,344	88,966
Trade | Propane
Disaggregation of Revenue [Line Items]
Total	69,796	76,523
Trade | Other
Disaggregation of Revenue [Line Items]
Total	1,973	12,590
Ethanol
Disaggregation of Revenue [Line Items]
Total	307,412	396,957
Ethanol | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	0	0
Ethanol | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	0	0
Ethanol | Products and co-products
Disaggregation of Revenue [Line Items]
Total	306,165	394,609
Ethanol | Propane
Disaggregation of Revenue [Line Items]
Total	0	0
Ethanol | Other
Disaggregation of Revenue [Line Items]
Total	1,247	2,348
Nutrient & Industrial
Disaggregation of Revenue [Line Items]
Total	167,318	163,942
Nutrient & Industrial | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	69,724	69,997
Nutrient & Industrial | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	67,312	64,750
Nutrient & Industrial | Products and co-products
Disaggregation of Revenue [Line Items]
Total	0	0
Nutrient & Industrial | Propane
Disaggregation of Revenue [Line Items]
Total	0	0
Nutrient & Industrial | Other
Disaggregation of Revenue [Line Items]
Total	$ 30,282	$ 29,195

Revenue (Textual) (Details)

Revenue (Textual) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Liabilities	$ 80.5	$ 30.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes [Line Items]
Income (loss) before income taxes	$ 13,968	$ (65,001)
Income tax provision (benefit)	$ 1,303	$ (5,884)
Effective tax rate	(9.30%)	(9.10%)
Asset impairment	$ 0	$ 87,156
Element LLC
Income Taxes [Line Items]
Income (loss) before income taxes		94,700
Income tax provision (benefit)		(12,000)
Asset impairment		$ 87,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 1,516,387	$ 1,429,769
Other comprehensive income (loss)	546	(4,217)
Ending Balance	1,475,650	1,346,412
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	22,865	20,484
Ending Balance	23,411	16,267
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(2,581)	(8,203)
Other comprehensive income (loss) before reclassifications	(2,918)	767
Other Comprehensive Income (Loss), Tax	0	0
Other comprehensive income (loss)	(2,918)	767
Ending Balance	(5,499)	(7,436)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	20,985	23,546
Other comprehensive income (loss) before reclassifications	8,796	(4,302)
Amounts reclassified from accumulated other comprehensive income (loss)	(3,953)	(2,105)
Other Comprehensive Income (Loss), Tax	(1,204)	1,611
Other comprehensive income (loss)	3,639	(4,796)
Ending Balance	24,624	18,750
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	4,203	4,883
Other comprehensive income (loss) before reclassifications	5	(14)
Amounts reclassified from accumulated other comprehensive income (loss)	(228)	(228)
Other Comprehensive Income (Loss), Tax	48	54
Other comprehensive income (loss)	(175)	(188)
Ending Balance	4,028	4,695
Investments in Convertible Preferred Securities Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	258	258
Other comprehensive income (loss)	0	0
Ending Balance	$ 258	$ 258

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	$ 116,349	$ 88,248	$ 114,894
Provisionally priced contracts	(116,885)	(174,079)	(68,337)
Convertible preferred securities	15,625	15,625	15,410
Other assets and liabilities	38,385	33,486	33,340
Total	53,474	(36,720)	95,307
Level 1
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	48,750	48,676	32,115
Provisionally priced contracts	(86,176)	(108,736)	(16,187)
Convertible preferred securities	0	0	0
Other assets and liabilities	5,525	5,477	8,357
Total	(31,901)	(54,583)	24,285
Level 2
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	67,599	39,572	82,779
Provisionally priced contracts	(30,709)	(65,343)	(52,150)
Convertible preferred securities	0	0	0
Other assets and liabilities	32,860	28,009	24,983
Total	69,750	2,238	55,612
Level 3
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	0	0	0
Provisionally priced contracts	0	0	0
Convertible preferred securities	15,625	15,625	15,410
Other assets and liabilities	0	0	0
Total	$ 15,625	$ 15,625	$ 15,410

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Fair Value Measurements Using Level 3
Asset, beginning balance	$ 15,625	$ 16,278
Gains included in Other income, net	0	802
Proceeds from investments	0	(1,670)
Asset, ending balance	$ 15,625	$ 15,410

Fair Value Measurements (Quanti

Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Convertible preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 15,625	$ 15,625	$ 15,410	$ 16,278
Implied based on market prices | Convertible preferred securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	15,625	15,625	15,410
Various | Ethanol Plant Assets | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 0	$ 0	$ 41,673

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues from external customers	$ 2,718,217	$ 3,881,238
Purchases of product	8,292	15,702
Accounts receivable, net	701,706	1,125,071	$ 762,549
Related Party
Related Party Transaction [Line Items]
Revenues from external customers	61,611	74,951
Accounts receivable, net	14,504	10,350	6,732
Accounts payable	$ 5,333	$ 2,800	$ 3,901

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) facility segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments (business segments) | segment	3
Net income (loss) attributable to noncontrolling interests | $	$ 7,084	$ (44,367)
Number of facilities | facility	4

Segment Information - Allocatio

Segment Information - Allocation of Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues from external customers	$ 2,718,217	$ 3,881,238
Total	13,968	(65,001)
Net income (loss) attributable to noncontrolling interests	7,084	(44,367)
Operating Segments | Trade
Segment Reporting Information [Line Items]
Revenues from external customers	1,893,859	2,877,780
Total	5,924	39,364
Operating Segments | Renewables
Segment Reporting Information [Line Items]
Revenues from external customers	657,039	839,516
Total	22,791	(82,513)
Net income (loss) attributable to noncontrolling interests	7,100	(44,400)
Operating Segments | Nutrient & Industrial
Segment Reporting Information [Line Items]
Revenues from external customers	167,319	163,942
Total	(1,850)	(10,438)
Other
Segment Reporting Information [Line Items]
Total	$ (12,897)	$ (11,414)

Other Income - Schedule of Othe

Other Income - Schedule of Other Nonoperating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest income	$ 4,682	$ 1,467
Gain on deconsolidation of joint venture	3,117	0
Patronage income	2,869	2,629
Property insurance recoveries	0	1,000
Other	860	2,908
Total	$ 11,528	$ 8,004

Other Income - Narrative (Detai

Other Income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Gain on deconsolidation of joint venture	$ 3,117	$ 0
Property insurance recoveries	$ 0	$ 1,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 30, 2024 USD ($)
Subsequent Event | Reed & Perrine Sales, Inc.
Subsequent Event [Line Items]
Consideration for acquisition	$ 6.7