Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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, $0.01 stated value | |
Trading Symbol | ANDE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,068,496 | |
Entity Central Index Key | 0000821026 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Sales and merchandising revenues | $ 2,795,205 | $ 4,020,183 | $ 5,513,422 | $ 7,901,421 |
Cost of sales and merchandising revenues | 2,619,834 | 3,798,246 | 5,209,731 | 7,531,473 |
Gross profit | 175,371 | 221,937 | 303,691 | 369,948 |
Operating, administrative and general expenses | 116,614 | 116,007 | 235,972 | 233,242 |
Asset impairment | 0 | 0 | 0 | 87,156 |
Interest expense, net | 6,611 | 13,953 | 13,133 | 30,578 |
Other income, net | 5,200 | 12,441 | 16,728 | 20,445 |
Income before income taxes | 57,346 | 104,418 | 71,314 | 39,417 |
Income tax provision | 4,876 | 21,732 | 6,179 | 15,848 |
Net income | 52,470 | 82,686 | 65,135 | 23,569 |
Net income (loss) attributable to noncontrolling interests | 16,494 | 27,640 | 23,578 | (16,727) |
Net income attributable to The Andersons, Inc. | $ 35,976 | $ 55,046 | $ 41,557 | $ 40,296 |
Average number of shares outstanding - basic (in shares) | 34,060 | 33,744 | 33,996 | 33,683 |
Average number of share outstanding - diluted (in shares) | 34,339 | 34,165 | 34,302 | 34,193 |
Earnings per share attributable to The Andersons, Inc. common shareholders: | ||||
Basic earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share) | $ 1.06 | $ 1.63 | $ 1.22 | $ 1.20 |
Diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share) | $ 1.05 | $ 1.61 | $ 1.21 | $ 1.18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,470 | $ 82,686 | $ 65,135 | $ 23,569 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrecognized actuarial loss and prior service cost | (175) | (189) | (350) | (377) |
Foreign currency translation adjustments | (1,965) | 2,669 | (4,883) | 3,436 |
Cash flow hedge activity | (90) | 6,735 | 3,549 | 1,939 |
Other comprehensive income (loss) | (2,230) | 9,215 | (1,684) | 4,998 |
Comprehensive income | 50,240 | 91,901 | 63,451 | 28,567 |
Comprehensive income (loss) attributable to the noncontrolling interests | 16,494 | 27,640 | 23,578 | (16,727) |
Comprehensive income attributable to The Andersons, Inc. | $ 33,746 | $ 64,261 | $ 39,873 | $ 45,294 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 530,386 | $ 643,854 | $ 96,293 |
Accounts receivable, net | 743,550 | 762,549 | 1,030,271 |
Inventories | 686,540 | 1,166,700 | 990,789 |
Commodity derivative assets – current | 180,189 | 178,083 | 347,684 |
Other current assets | 108,634 | 55,777 | 72,228 |
Total current assets | 2,249,299 | 2,806,963 | 2,537,265 |
Property, plant and equipment, net | 694,136 | 693,365 | 663,441 |
Other assets, net | 356,378 | 354,679 | 369,340 |
Total assets | 3,299,813 | 3,855,007 | 3,570,046 |
Current liabilities: | |||
Short-term debt | 4,021 | 43,106 | 102,752 |
Trade and other payables | 607,083 | 1,055,473 | 641,376 |
Customer prepayments and deferred revenue | 124,424 | 187,054 | 189,947 |
Commodity derivative liabilities – current | 128,847 | 90,849 | 251,101 |
Current maturities of long-term debt | 27,671 | 27,561 | 27,511 |
Accrued expenses and other current liabilities | 192,683 | 232,288 | 180,552 |
Total current liabilities | 1,084,729 | 1,636,331 | 1,393,239 |
Long-term debt, less current maturities | 549,378 | 562,960 | 576,489 |
Other long-term liabilities | 145,444 | 139,329 | 161,836 |
Total liabilities | 1,779,551 | 2,338,620 | 2,131,564 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares, without par value (63,000 shares authorized and 34,083 shares at 6/30/2024 and 34,064 shares at 12/31/2023 and 6/30/2023) | 143 | 142 | 142 |
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 |
Additional paid-in-capital | 378,453 | 387,210 | 380,376 |
Treasury shares, at cost (14, 270 and 270 shares at 6/30/2024, 12/31/2023 and 6/30/2023, respectively) | (631) | (10,261) | (10,270) |
Accumulated other comprehensive income | 21,181 | 22,865 | 25,482 |
Retained earnings | 911,455 | 882,943 | 835,256 |
Total shareholders’ equity of The Andersons, Inc. | 1,310,601 | 1,282,899 | 1,230,986 |
Noncontrolling interests | 209,661 | 233,488 | 207,496 |
Total equity | 1,520,262 | 1,516,387 | 1,438,482 |
Total liabilities and equity | $ 3,299,813 | $ 3,855,007 | $ 3,570,046 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 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) | 34,083,000 | 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 | 270,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income | $ 65,135 | $ 23,569 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 61,218 | 62,585 |
Asset impairment | 0 | 87,156 |
Other | 10,821 | 952 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15,284 | 207,867 |
Inventories | 477,723 | 734,855 |
Commodity derivatives | 36,010 | 102,753 |
Other current and non-current assets | (50,587) | (1,247) |
Payables and other current and non-current liabilities | (550,797) | (1,011,086) |
Net cash provided by operating activities | 64,807 | 207,404 |
Investing Activities | ||
Acquisition of businesses, net of cash acquired | (9,561) | 0 |
Purchases of property, plant and equipment and capitalized software | (55,389) | (74,991) |
Other | 6,812 | 3,318 |
Net cash used in investing activities | (58,138) | (71,673) |
Financing Activities | ||
Net payments under short-term lines of credit | (37,705) | (173,384) |
Proceeds from issuance of long-term debt | 0 | 100,000 |
Payments of long-term debt | (13,752) | (35,861) |
Distributions to noncontrolling interest owner | (47,405) | (24,344) |
Dividends paid | (12,993) | (12,527) |
Value of shares withheld for taxes | (8,071) | (6,616) |
Other | 0 | (2,255) |
Net cash used in financing activities | (119,926) | (154,987) |
Effect of exchange rates on cash and cash equivalents | (211) | 280 |
Decrease in cash and cash equivalents | (113,468) | (18,976) |
Cash and cash equivalents at beginning of period | 643,854 | 115,269 |
Cash and cash equivalents at end of period | $ 530,386 | $ 96,293 |
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) | 23,569 | 40,296 | (16,727) | ||||
Other comprehensive income | 10,073 | 10,073 | |||||
Amounts reclassified from Accumulated other comprehensive income | (5,075) | (5,075) | |||||
Distributions to noncontrolling interests | (24,344) | (24,344) | |||||
Deconsolidation of joint venture | 17,399 | 17,399 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 861 | (5,494) | 6,355 | ||||
Purchase of treasury shares | (1,747) | (1,747) | |||||
Dividends declared per common share | (12,485) | (12,485) | |||||
Restricted share award dividend equivalents | 462 | 622 | 165 | (325) | |||
Ending Balance at Jun. 30, 2023 | 1,438,482 | 142 | 380,376 | (10,270) | 25,482 | 835,256 | 207,496 |
Beginning Balance at Mar. 31, 2023 | 1,346,412 | 142 | 377,768 | (11,006) | 16,267 | 786,420 | 176,821 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 82,686 | 55,046 | 27,640 | ||||
Other comprehensive income | 11,957 | 11,957 | |||||
Amounts reclassified from Accumulated other comprehensive income | (2,742) | (2,742) | |||||
Distributions to noncontrolling interests | (14,364) | (14,364) | |||||
Deconsolidation of joint venture | 17,399 | 17,399 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,405 | 2,593 | 812 | ||||
Purchase of treasury shares | (76) | (76) | |||||
Dividends declared per common share | (6,245) | (6,245) | |||||
Restricted share award dividend equivalents | 50 | 15 | 35 | ||||
Ending Balance at Jun. 30, 2023 | 1,438,482 | 142 | 380,376 | (10,270) | 25,482 | 835,256 | 207,496 |
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) | 65,135 | 41,557 | 23,578 | ||||
Other comprehensive income | 5,928 | 5,928 | |||||
Amounts reclassified from Accumulated other comprehensive income | (7,612) | (7,612) | |||||
Distributions to noncontrolling interests | (47,405) | (47,405) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 105 | 1 | (9,465) | 9,569 | |||
Dividends declared per common share | (12,943) | (12,943) | |||||
Restricted share award dividend equivalents | 667 | 708 | 61 | (102) | |||
Ending Balance at Jun. 30, 2024 | 1,520,262 | 143 | 378,453 | (631) | 21,181 | 911,455 | 209,661 |
Beginning Balance at Mar. 31, 2024 | 1,475,650 | 142 | 375,155 | (631) | 23,411 | 881,911 | 195,662 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 52,470 | 35,976 | 16,494 | ||||
Other comprehensive income | 1,201 | 1,201 | |||||
Amounts reclassified from Accumulated other comprehensive income | (3,431) | (3,431) | |||||
Distributions to noncontrolling interests | (2,495) | (2,495) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,285 | 1 | 3,284 | ||||
Dividends declared per common share | (6,473) | (6,473) | |||||
Restricted share award dividend equivalents | 55 | 14 | 41 | ||||
Ending Balance at Jun. 30, 2024 | $ 1,520,262 | $ 143 | $ 378,453 | $ (631) | $ 21,181 | $ 911,455 | $ 209,661 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Stock awards, stock option exercises and other shares issued to employees and directors, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Number of common shares issued for cash (in shares) | 0 | 21 | 256 | 222 |
Treasury shares purchased (in shares) | 2 | 51 | ||
Dividends declared, per common share (in dollars per share) | $ 0.19 | $ 0.185 | $ 0.38 | $ 0.37 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 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 The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation. 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 June 30, 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 GAAP. 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”). Variable Interest Entities ("VIEs") The Company consolidates any VIE of which it is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A variable interest holder is required to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with the VIEs on an ongoing basis to determine if it is the primary beneficiary. The Company's Condensed Consolidated Financial Statements include the assets, liabilities and results of operations of VIEs for which the Company is deemed to be the primary beneficiary. The other equity holders’ interests are reflected in "Net income (loss) attributable to noncontrolling interests" in the Condensed Consolidated Statements of Operations and "Noncontrolling interests" in the Condensed Consolidated Balance Sheets. On October 1, 2019, the Company formed The Andersons Marathon Holding Company ("TAMH") with MPC Investments, LLC ("Marathon") for the primary purpose of producing ethanol, dried distillers grains, and corn oil and TAMH has plants located in Iowa, Indiana, Michigan, and Ohio. The plants have a combined nameplate capacity of 405 million gallons of ethanol but have a history of outperforming the nameplate capacity. The Company has ownership of 50.1% of TAMH's common units and management has determined that TAMH is a VIE in which the Company is the primary beneficiary. Accordingly, the Company consolidates TAMH and records noncontrolling interest for the share of the entity owned by Marathon. ELEMENT was structured as a limited liability company which began operations in 2019 for the primary purpose of producing ethanol and additional co-products such as dried distillers grain and corn oil. The Company held 51% of the membership units and the Company had acted as the manager of the facility. As a result, ELEMENT was concluded to be a variable interest entity in which the Company was the primary beneficiary and had been consolidated within the Company’s Consolidated Financial Statements. On April 18, 2023, ELEMENT was placed into receivership and a receiver was appointed, which took possession and control of the rights and interests of ELEMENT. With this appointment, while retaining its investment in ELEMENT, the Company ceased to have a controlling financial interest and was no longer deemed to be the primary beneficiary in the subsidiary. Accordingly, the Company deconsolidated ELEMENT at that time and began accounting for the subsidiary as an equity method investment. Therefore, operating results from January 1, 2023 to April 18, 2023, are included within the Condensed Consolidated Statements of Operations. The creditors of the consolidated VIEs do not have recourse to the Company other than to the assets of the consolidated VIEs. The following table summarizes the carrying amounts of the assets and liabilities of TAMH, the Company's only consolidated VIE for the periods presented in the Company’s Condensed Consolidated Balance Sheets: (In thousands) June 30, December 31, June 30, Assets Current assets: Cash and cash equivalents $ 97,047 $ 153,258 $ 55,527 Accounts receivable, net 9,228 9,324 10,201 Inventories 47,079 61,270 73,703 Other current assets 5,530 6,844 8,920 Total current assets 158,884 230,696 148,351 Property, plant and equipment, net 271,073 270,379 269,179 Other assets, net 24,137 25,434 27,201 Total assets $ 454,094 $ 526,509 $ 444,731 Liabilities Current liabilities $ 42,162 $ 51,020 $ 38,424 Long-term liabilities 9,940 12,010 14,757 Total liabilities $ 52,102 $ 63,030 $ 53,181 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 | 6 Months Ended |
Jun. 30, 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) June 30, December 31, June 30, Grain and other agricultural products (a) $ 452,314 $ 886,725 $ 707,980 Energy inventories (a) 14,085 21,705 19,564 Ethanol and co-products (a) 108,407 104,349 142,978 Plant nutrients and cob products 111,734 153,921 120,267 Total inventories $ 686,540 $ 1,166,700 $ 990,789 (a) Includes RMI of $455.8 million, $862.5 million, and $691.7 million at June 30, 2024, December 31, 2023, and June 30, 2023, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 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) June 30, December 31, June 30, Land $ 31,008 $ 30,912 $ 31,838 Land improvements and leasehold improvements 84,019 82,438 81,470 Buildings and storage facilities 370,877 365,744 349,773 Machinery and equipment 977,948 951,544 891,368 Construction in progress 48,771 36,541 56,578 1,512,623 1,467,179 1,411,027 Less: accumulated depreciation 818,487 773,814 747,586 Property, plant and equipment, net $ 694,136 $ 693,365 $ 663,441 Depreciation expense on property, plant, and equipment was $24.6 million and $24.4 million for three months ended June 30, 2024, and 2023, respectively. Additionally, depreciation expense on property, plant and equipment was $49.3 million and $50.5 million for the six months ended June 30, 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. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 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) June 30, 2024 December 31, 2023 June 30, 2023 Cash collateral paid (received) $ (25,316) $ 24,439 $ (15,290) Fair value of derivatives 75,903 24,237 85,123 Net derivative asset position $ 50,587 $ 48,676 $ 69,833 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: June 30, 2024 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 276,764 $ 8,141 $ 12,625 $ 35 $ 297,565 Commodity derivative liabilities (71,259) (96) (141,472) (7,756) (220,583) Cash collateral paid (received) (25,316) — — — (25,316) Balance sheet line item totals $ 180,189 $ 8,045 $ (128,847) $ (7,721) $ 51,666 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 (received) 24,439 — — — 24,439 Balance sheet line item totals $ 178,083 $ 1,432 $ (90,849) $ (418) $ 88,248 June 30, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 438,227 $ 3,959 $ 26,312 $ 59 $ 468,557 Commodity derivative liabilities (75,253) (1,029) (277,413) (4,215) (357,910) Cash collateral paid (received) (15,290) — — — (15,290) Balance sheet line item totals $ 347,684 $ 2,930 $ (251,101) $ (4,156) $ 95,357 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ (6,168) $ 4,827 $ 13,173 $ (22,741) The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows: June 30, 2024 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 459,565 — — Soybeans 33,415 — — Wheat 101,022 — — Oats 31,958 — — Ethanol — 241,555 — Dried distillers grain — — 872 Soybean meal — — 420 Other 4,928 53,698 2,151 Subtotal 630,888 295,253 3,443 Exchange traded: Corn 190,010 — — Soybeans 42,830 — — Wheat 110,618 — — Oats 155 — — Ethanol — 75,306 — Propane — 113,274 — Other — 3,780 692 Subtotal 343,613 192,360 692 Total 974,501 487,613 4,135 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 June 30, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 547,805 — — Soybeans 42,273 — — Wheat 236,316 — — Oats 27,824 — — Ethanol — 208,251 — Dried distillers grain — — 479 Soybean meal — — 290 Other 11,064 33,819 2,704 Subtotal 865,282 242,070 3,473 Exchange traded: Corn 177,425 — — Soybeans 27,555 — — Wheat 59,262 — — Oats 960 — — Ethanol — 74,760 — Propane — 63,630 — Other — 1,008 393 Subtotal 265,202 139,398 393 Total 1,130,484 381,468 3,866 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) June 30, 2024 December 31, 2023 June 30, 2023 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 9,961 $ 9,968 $ 11,107 Interest rate contracts included in Other assets 22,788 18,041 22,881 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income $ (120) $ 8,996 $ 4,723 $ 2,590 Interest rate derivative gains included in Interest expense, net 3,203 2,515 6,588 4,619 Interest rate derivative gains included in Other income, net — — 568 — Outstanding interest rate derivatives, as of June 30, 2024, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Notional Amount Description Interest Rate Swap 2019 2025 $ 45.3 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 90.6 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 45.3 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 | 6 Months Ended |
Jun. 30, 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, the vast majority of the Company's Trade and Renewables sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging . Of the sales and merchandising revenues within the scope of ASC 606 in the Trade and Renewables segments, substantially all of the activity occurs at a point in time with de minimis outstanding contract liabilities. In the Company's Nutrient & Industrial segment, all of the sales and merchandising revenues are within the scope of ASC 606. Therefore, a further disaggregation of revenues and detail of outstanding contract balances have been provided below: Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Ag Supply Chain $ 236,307 $ 321,287 $ 306,113 $ 387,065 Specialty Liquids 62,508 81,171 108,308 126,604 Engineered Granules 52,522 43,134 104,235 95,865 Total $ 351,337 $ 445,592 $ 518,656 $ 609,534 The Nutrient & Industrial group is organized into three divisions: Ag Supply Chain, which includes wholesale distribution centers and retail farm centers; Specialty Liquids, which includes manufactured liquid products intended for agricultural and industrial uses; and Engineered Granules, which includes granular products for turf and agricultural uses, contract manufacturing and cob products. Prior period amounts above were recast to conform to this organization. Substantially all of the Nutrient & Industrial segment revenues presented in the preceding table occurred within the United States and are recorded at a point in time instead of over time. Contract balances The balances of the Nutrient & Industrial segment's contract liabilities were $16.2 million and $30.7 million as of June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Income before income taxes $ 57,346 $ 104,418 $ 71,314 $ 39,417 Income tax provision 4,876 21,732 6,179 15,848 Effective tax rate 8.5 % 20.8 % 8.7 % 40.2 % 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 8.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended June 30, 2024, is primarily attributable to the tax impact of non-controlling interest, federal tax credits, and the reversal of certain unrecognized tax benefits offset by state and local income taxes and nondeductible compensation. The difference between the 20.8% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended June 30, 2023, was primarily attributable to the tax impact of non-controlling interest offset by state and local income taxes and nondeductible compensation. During the three months ended June 30, 2023, discrete tax expense of $1.4 million was recorded on income before taxes of $6.5 million related to gain on deconsolidation of the ELEMENT joint venture. The difference between the 8.7% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the six months ended June 30, 2024, is primarily attributable to the tax impact of non-controlling interest, federal tax credits, stock based compensation, and the reversal of certain unrecognized tax benefits offset by state and local income taxes and nondeductible compensation. The difference between the 40.2% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the six months ended June 30, 2023, was primarily attributable to the tax impact of non-controlling interest, state and local income taxes and nondeductible compensation. During the six months ended June 30, 2023, a net discrete income tax benefit of $10.6 million was recorded on a net loss before taxes of $88.8 million related to the current year operations, impairment charge, and gain on deconsolidation associated with ELEMENT. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Currency Translation Adjustment Beginning balance $ (5,499) $ (7,436) $ (2,581) $ (8,203) Other comprehensive income (loss) before reclassifications (1,965) 2,669 (4,883) 3,436 Tax effect — — — — Other comprehensive income (loss), net of tax (1,965) 2,669 (4,883) 3,436 Ending balance $ (7,464) $ (4,767) $ (7,464) $ (4,767) Hedging Adjustment Beginning balance $ 24,624 $ 18,750 $ 20,985 $ 23,546 Other comprehensive income (loss) before reclassifications 3,083 11,511 11,879 7,209 Amounts reclassified from AOCI (a) (3,203) (2,514) (7,156) (4,619) Tax effect (c) 30 (2,262) (1,174) (651) Other comprehensive income (loss), net of tax (90) 6,735 3,549 1,939 Ending balance $ 24,534 $ 25,485 $ 24,534 $ 25,485 Pension and Other Postretirement Adjustment Beginning balance $ 4,028 $ 4,695 $ 4,203 $ 4,883 Other comprehensive income (loss) before reclassifications 5 (15) 10 (29) Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect (c) 48 54 96 108 Other comprehensive income (loss), net of tax (175) (189) (350) (377) Ending balance $ 3,853 $ 4,506 $ 3,853 $ 4,506 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 21,181 $ 25,482 $ 21,181 $ 25,482 (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. (c) The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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) June 30, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 50,587 $ 1,079 $ — $ 51,666 Provisionally priced contracts (b) (40,720) (16,133) — (56,853) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 4,949 32,749 — 37,698 Total $ 14,816 $ 17,695 $ 15,625 $ 48,136 (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) June 30, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 69,833 $ 25,524 $ — $ 95,357 Provisionally priced contracts (b) (19,061) (16,529) — (35,590) Convertible preferred securities (c) — — 15,424 15,424 Other assets and liabilities (d) 5,018 33,988 — 39,006 Total $ 55,790 $ 42,983 $ 15,424 $ 114,197 (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 Additional investments — 235 Losses included in Other income, net — (221) Assets at June 30, $ 15,625 $ 15,424 The following 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) June 30, 2024 December 31, 2023 June 30, 2023 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,625 $ 15,625 $ 15,424 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. There were no nonrecurring level 3 fair value measurements as of June 30, 2024, December 31, 2023, or June 30, 2023. The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity. As of June 30, 2024, December 31, 2023 and June 30, 2023, the estimated fair value of long-term debt, including the current portion, was $568.0 million, $585.1 million, and $597.6 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. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Sales of products $ 70,691 $ 97,099 $ 132,301 $ 172,050 Purchases of products 7,964 14,524 16,256 30,226 (in thousands) June 30, 2024 December 31, 2023 June 30, 2023 Accounts receivable $ 15,435 $ 6,732 $ 15,218 Accounts payable 10,765 3,901 2,503 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Revenues from external customers Trade $ 1,757,741 $ 2,696,810 $ 3,651,600 $ 5,574,590 Renewables 686,127 877,781 1,343,166 1,717,297 Nutrient & Industrial 351,337 445,592 518,656 609,534 Total $ 2,795,205 $ 4,020,183 $ 5,513,422 $ 7,901,421 Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) before income taxes Trade $ 5,424 $ 4,990 $ 11,348 $ 44,354 Renewables (a) 39,200 66,604 61,991 (15,909) Nutrient & Industrial 23,419 42,565 21,569 32,127 Other (10,697) (9,741) (23,594) (21,155) Total $ 57,346 $ 104,418 $ 71,314 $ 39,417 (a) Includes income (loss) attributable to noncontrolling interests of $16.5 million and $27.6 million for the three months ended June 30, 2024 and 2023, respectively, and $23.6 million and $(16.7) million for the six months ended June 30, 2024 and 2023, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, net The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Interest income $ 3,712 $ 1,708 $ 8,394 $ 3,175 Patronage income 537 78 3,406 2,094 Gain on deconsolidation of joint venture — 6,544 3,117 6,544 Property insurance recoveries — 2,180 — 3,183 Other 951 1,931 1,811 5,449 Total $ 5,200 $ 12,441 $ 16,728 $ 20,445 Individually significant items included in the table above are: Interest income - In 2024, the vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand. 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. 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 $3.1 million gain in the first quarter of 2024 as the amount of cash distributed to the Company related to its receivables from ELEMENT exceeded management's estimate at the time of deconsolidation. Property insurance recoveries |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 35,976 | $ 55,046 | $ 41,557 | $ 40,296 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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 Rec_2
Basis of Presentation and Recently Issued Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 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. |
Basis of Presentation and Rec_3
Basis of Presentation and Recently Issued Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the carrying amounts of the assets and liabilities of TAMH, the Company's only consolidated VIE for the periods presented in the Company’s Condensed Consolidated Balance Sheets: (In thousands) June 30, December 31, June 30, Assets Current assets: Cash and cash equivalents $ 97,047 $ 153,258 $ 55,527 Accounts receivable, net 9,228 9,324 10,201 Inventories 47,079 61,270 73,703 Other current assets 5,530 6,844 8,920 Total current assets 158,884 230,696 148,351 Property, plant and equipment, net 271,073 270,379 269,179 Other assets, net 24,137 25,434 27,201 Total assets $ 454,094 $ 526,509 $ 444,731 Liabilities Current liabilities $ 42,162 $ 51,020 $ 38,424 Long-term liabilities 9,940 12,010 14,757 Total liabilities $ 52,102 $ 63,030 $ 53,181 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory, Net [Abstract] | |
Classes of inventories | (in thousands) June 30, December 31, June 30, Grain and other agricultural products (a) $ 452,314 $ 886,725 $ 707,980 Energy inventories (a) 14,085 21,705 19,564 Ethanol and co-products (a) 108,407 104,349 142,978 Plant nutrients and cob products 111,734 153,921 120,267 Total inventories $ 686,540 $ 1,166,700 $ 990,789 (a) Includes RMI of $455.8 million, $862.5 million, and $691.7 million at June 30, 2024, December 31, 2023, and June 30, 2023, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, December 31, June 30, Land $ 31,008 $ 30,912 $ 31,838 Land improvements and leasehold improvements 84,019 82,438 81,470 Buildings and storage facilities 370,877 365,744 349,773 Machinery and equipment 977,948 951,544 891,368 Construction in progress 48,771 36,541 56,578 1,512,623 1,467,179 1,411,027 Less: accumulated depreciation 818,487 773,814 747,586 Property, plant and equipment, net $ 694,136 $ 693,365 $ 663,441 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2024 December 31, 2023 June 30, 2023 Cash collateral paid (received) $ (25,316) $ 24,439 $ (15,290) Fair value of derivatives 75,903 24,237 85,123 Net derivative asset position $ 50,587 $ 48,676 $ 69,833 |
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: June 30, 2024 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 276,764 $ 8,141 $ 12,625 $ 35 $ 297,565 Commodity derivative liabilities (71,259) (96) (141,472) (7,756) (220,583) Cash collateral paid (received) (25,316) — — — (25,316) Balance sheet line item totals $ 180,189 $ 8,045 $ (128,847) $ (7,721) $ 51,666 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 (received) 24,439 — — — 24,439 Balance sheet line item totals $ 178,083 $ 1,432 $ (90,849) $ (418) $ 88,248 June 30, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 438,227 $ 3,959 $ 26,312 $ 59 $ 468,557 Commodity derivative liabilities (75,253) (1,029) (277,413) (4,215) (357,910) Cash collateral paid (received) (15,290) — — — (15,290) Balance sheet line item totals $ 347,684 $ 2,930 $ (251,101) $ (4,156) $ 95,357 |
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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ (6,168) $ 4,827 $ 13,173 $ (22,741) 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income $ (120) $ 8,996 $ 4,723 $ 2,590 Interest rate derivative gains included in Interest expense, net 3,203 2,515 6,588 4,619 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: June 30, 2024 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 459,565 — — Soybeans 33,415 — — Wheat 101,022 — — Oats 31,958 — — Ethanol — 241,555 — Dried distillers grain — — 872 Soybean meal — — 420 Other 4,928 53,698 2,151 Subtotal 630,888 295,253 3,443 Exchange traded: Corn 190,010 — — Soybeans 42,830 — — Wheat 110,618 — — Oats 155 — — Ethanol — 75,306 — Propane — 113,274 — Other — 3,780 692 Subtotal 343,613 192,360 692 Total 974,501 487,613 4,135 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 June 30, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 547,805 — — Soybeans 42,273 — — Wheat 236,316 — — Oats 27,824 — — Ethanol — 208,251 — Dried distillers grain — — 479 Soybean meal — — 290 Other 11,064 33,819 2,704 Subtotal 865,282 242,070 3,473 Exchange traded: Corn 177,425 — — Soybeans 27,555 — — Wheat 59,262 — — Oats 960 — — Ethanol — 74,760 — Propane — 63,630 — Other — 1,008 393 Subtotal 265,202 139,398 393 Total 1,130,484 381,468 3,866 |
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) June 30, 2024 December 31, 2023 June 30, 2023 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 9,961 $ 9,968 $ 11,107 Interest rate contracts included in Other assets 22,788 18,041 22,881 |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of June 30, 2024, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Notional Amount Description Interest Rate Swap 2019 2025 $ 45.3 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 90.6 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 45.3 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) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenues | Therefore, a further disaggregation of revenues and detail of outstanding contract balances have been provided below: Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Ag Supply Chain $ 236,307 $ 321,287 $ 306,113 $ 387,065 Specialty Liquids 62,508 81,171 108,308 126,604 Engineered Granules 52,522 43,134 104,235 95,865 Total $ 351,337 $ 445,592 $ 518,656 $ 609,534 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Currency Translation Adjustment Beginning balance $ (5,499) $ (7,436) $ (2,581) $ (8,203) Other comprehensive income (loss) before reclassifications (1,965) 2,669 (4,883) 3,436 Tax effect — — — — Other comprehensive income (loss), net of tax (1,965) 2,669 (4,883) 3,436 Ending balance $ (7,464) $ (4,767) $ (7,464) $ (4,767) Hedging Adjustment Beginning balance $ 24,624 $ 18,750 $ 20,985 $ 23,546 Other comprehensive income (loss) before reclassifications 3,083 11,511 11,879 7,209 Amounts reclassified from AOCI (a) (3,203) (2,514) (7,156) (4,619) Tax effect (c) 30 (2,262) (1,174) (651) Other comprehensive income (loss), net of tax (90) 6,735 3,549 1,939 Ending balance $ 24,534 $ 25,485 $ 24,534 $ 25,485 Pension and Other Postretirement Adjustment Beginning balance $ 4,028 $ 4,695 $ 4,203 $ 4,883 Other comprehensive income (loss) before reclassifications 5 (15) 10 (29) Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect (c) 48 54 96 108 Other comprehensive income (loss), net of tax (175) (189) (350) (377) Ending balance $ 3,853 $ 4,506 $ 3,853 $ 4,506 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 21,181 $ 25,482 $ 21,181 $ 25,482 (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. (c) The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 50,587 $ 1,079 $ — $ 51,666 Provisionally priced contracts (b) (40,720) (16,133) — (56,853) Convertible preferred securities (c) — — 15,625 15,625 Other assets and liabilities (d) 4,949 32,749 — 37,698 Total $ 14,816 $ 17,695 $ 15,625 $ 48,136 (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) June 30, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 69,833 $ 25,524 $ — $ 95,357 Provisionally priced contracts (b) (19,061) (16,529) — (35,590) Convertible preferred securities (c) — — 15,424 15,424 Other assets and liabilities (d) 5,018 33,988 — 39,006 Total $ 55,790 $ 42,983 $ 15,424 $ 114,197 (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 Additional investments — 235 Losses included in Other income, net — (221) Assets at June 30, $ 15,625 $ 15,424 |
Fair Value Inputs, Assets, Quantitative Information | The following 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) June 30, 2024 December 31, 2023 June 30, 2023 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,625 $ 15,625 $ 15,424 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. |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Sales of products $ 70,691 $ 97,099 $ 132,301 $ 172,050 Purchases of products 7,964 14,524 16,256 30,226 (in thousands) June 30, 2024 December 31, 2023 June 30, 2023 Accounts receivable $ 15,435 $ 6,732 $ 15,218 Accounts payable 10,765 3,901 2,503 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Revenues from external customers Trade $ 1,757,741 $ 2,696,810 $ 3,651,600 $ 5,574,590 Renewables 686,127 877,781 1,343,166 1,717,297 Nutrient & Industrial 351,337 445,592 518,656 609,534 Total $ 2,795,205 $ 4,020,183 $ 5,513,422 $ 7,901,421 Three months ended June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) before income taxes Trade $ 5,424 $ 4,990 $ 11,348 $ 44,354 Renewables (a) 39,200 66,604 61,991 (15,909) Nutrient & Industrial 23,419 42,565 21,569 32,127 Other (10,697) (9,741) (23,594) (21,155) Total $ 57,346 $ 104,418 $ 71,314 $ 39,417 (a) Includes income (loss) attributable to noncontrolling interests of $16.5 million and $27.6 million for the three months ended June 30, 2024 and 2023, respectively, and $23.6 million and $(16.7) million for the six months ended June 30, 2024 and 2023, respectively. |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in thousands) 2024 2023 2024 2023 Interest income $ 3,712 $ 1,708 $ 8,394 $ 3,175 Patronage income 537 78 3,406 2,094 Gain on deconsolidation of joint venture — 6,544 3,117 6,544 Property insurance recoveries — 2,180 — 3,183 Other 951 1,931 1,811 5,449 Total $ 5,200 $ 12,441 $ 16,728 $ 20,445 |
Basis of Presentation and Rec_4
Basis of Presentation and Recently Issued Accounting Standards - VIE Disclosure (Details) $ in Thousands, gal in Millions | Oct. 01, 2019 gal | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) |
Current assets: | ||||
Accounts receivable, net | $ 743,550 | $ 762,549 | $ 1,030,271 | |
Inventories | 686,540 | 1,166,700 | 990,789 | |
Other current assets | 108,634 | 55,777 | 72,228 | |
Total current assets | 2,249,299 | 2,806,963 | 2,537,265 | |
Assets, Noncurrent [Abstract] | ||||
Property, plant and equipment, net | 694,136 | 693,365 | 663,441 | |
Other assets, net | 356,378 | 354,679 | 369,340 | |
Total assets | 3,299,813 | 3,855,007 | 3,570,046 | |
Liabilities and Equity [Abstract] | ||||
Current liabilities | 1,084,729 | 1,636,331 | 1,393,239 | |
Total liabilities | 1,779,551 | 2,338,620 | 2,131,564 | |
Number of gallons | gal | 405 | |||
TAMH | ||||
Liabilities and Equity [Abstract] | ||||
Ownership of TAMH (in percent) | 50.10% | |||
Element LLC | ||||
Liabilities and Equity [Abstract] | ||||
Ownership of TAMH (in percent) | 51% | |||
Variable Interest Entity, Primary Beneficiary | ||||
Current assets: | ||||
Cash and cash equivalents | 97,047 | 153,258 | 55,527 | |
Accounts receivable, net | 9,228 | 9,324 | 10,201 | |
Inventories | 47,079 | 61,270 | 73,703 | |
Other current assets | 5,530 | 6,844 | 8,920 | |
Total current assets | 158,884 | 230,696 | 148,351 | |
Assets, Noncurrent [Abstract] | ||||
Property, plant and equipment, net | 271,073 | 270,379 | 269,179 | |
Other assets, net | 24,137 | 25,434 | 27,201 | |
Total assets | 454,094 | 526,509 | 444,731 | |
Liabilities and Equity [Abstract] | ||||
Current liabilities | 42,162 | 51,020 | 38,424 | |
Long-term liabilities | 9,940 | 12,010 | 14,757 | |
Total liabilities | $ 52,102 | $ 63,030 | $ 53,181 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Inventory, Net [Abstract] | |||
Grain and other agricultural products | $ 452,314 | $ 886,725 | $ 707,980 |
Frac sand and propane | 14,085 | 21,705 | 19,564 |
Ethanol and co-products | 108,407 | 104,349 | 142,978 |
Plant nutrients and cob products | 111,734 | 153,921 | 120,267 |
Total inventories | 686,540 | 1,166,700 | 990,789 |
Readily marketable inventory | $ 455,800 | $ 862,500 | $ 691,700 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Components of property, plant and equipment | |||
Land | $ 31,008 | $ 30,912 | $ 31,838 |
Land improvements and leasehold improvements | 84,019 | 82,438 | 81,470 |
Buildings and storage facilities | 370,877 | 365,744 | 349,773 |
Machinery and equipment | 977,948 | 951,544 | 891,368 |
Construction in progress | 48,771 | 36,541 | 56,578 |
Property, plant and equipment, gross | 1,512,623 | 1,467,179 | 1,411,027 |
Less: accumulated depreciation | 818,487 | 773,814 | 747,586 |
Property, plant and equipment, net | $ 694,136 | $ 693,365 | $ 663,441 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 24,600 | $ 24,400 | $ 49,300 | $ 50,500 |
Asset impairment | $ 0 | $ 0 | $ 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% | 51% |
Derivatives (Textual) (Details)
Derivatives (Textual) (Details) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
Cash collateral paid (received) | $ (25,316) | $ 24,439 | $ (15,290) |
Fair value of derivatives | 75,903 | 24,237 | 85,123 |
Net derivative asset position, net | $ 50,587 | $ 48,676 | $ 69,833 |
Derivatives (Gross Current and
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - Commodity - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | $ 297,565 | $ 210,919 | $ 468,557 |
Commodity derivative liabilities | (220,583) | (147,110) | (357,910) |
Cash collateral paid (received) | (25,316) | ||
Cash collateral paid (received) | 24,439 | (15,290) | |
Total | 51,666 | 88,248 | 95,357 |
Commodity Derivative Assets - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 276,764 | 201,542 | 438,227 |
Commodity derivative liabilities | (71,259) | (47,898) | (75,253) |
Cash collateral paid (received) | (25,316) | ||
Cash collateral paid (received) | 24,439 | (15,290) | |
Derivative assets | 180,189 | 178,083 | 347,684 |
Commodity Derivative Assets - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 8,141 | 1,496 | 3,959 |
Commodity derivative liabilities | (96) | (64) | (1,029) |
Cash collateral paid (received) | 0 | ||
Cash collateral paid (received) | 0 | 0 | |
Derivative assets | 8,045 | 1,432 | 2,930 |
Commodity Derivative Liabilities - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 12,625 | 7,868 | 26,312 |
Commodity derivative liabilities | (141,472) | (98,717) | (277,413) |
Cash collateral paid (received) | 0 | ||
Cash collateral paid (received) | 0 | 0 | |
Derivative Liability | (128,847) | (90,849) | (251,101) |
Commodity Derivative Liabilities - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 35 | 13 | 59 |
Commodity derivative liabilities | (7,756) | (431) | (4,215) |
Cash collateral paid (received) | 0 | ||
Cash collateral paid (received) | 0 | 0 | |
Derivative Liability | $ (7,721) | $ (418) | $ (4,156) |
Derivatives (Pre-tax Gains and
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues | $ (6,168) | $ 4,827 | $ 13,173 | $ (22,741) |
Designated as Hedging Instrument | Interest rate contracts | Other Comprehensive Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) | (120) | 8,996 | 4,723 | 2,590 |
Designated as Hedging Instrument | Interest rate contracts | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) | 3,203 | 2,515 | 6,588 | 4,619 |
Designated as Hedging Instrument | Interest rate contracts | Other income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) | $ 0 | $ 0 | $ 568 | $ 0 |
Derivatives (Volume of Contract
Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands | Jun. 30, 2024 bu | Jun. 30, 2024 gal | Jun. 30, 2024 T | Dec. 31, 2023 bu | Dec. 31, 2023 gal | Dec. 31, 2023 T | Jun. 30, 2023 bu | Jun. 30, 2023 gal | Jun. 30, 2023 T |
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 974,501 | 487,613 | 4,135 | 911,026 | 416,381 | 3,993 | 1,130,484 | 381,468 | 3,866 |
Non-exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 630,888 | 295,253 | 3,443 | 650,828 | 244,139 | 3,168 | 865,282 | 242,070 | 3,473 |
Non-exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 459,565 | 0 | 0 | 519,825 | 0 | 0 | 547,805 | 0 | 0 |
Non-exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 33,415 | 0 | 0 | 41,848 | 0 | 0 | 42,273 | 0 | 0 |
Non-exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 101,022 | 0 | 0 | 66,953 | 0 | 0 | 236,316 | 0 | 0 |
Non-exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 31,958 | 0 | 0 | 15,355 | 0 | 0 | 27,824 | 0 | 0 |
Non-exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 241,555 | 0 | 0 | 206,986 | 0 | 0 | 208,251 | 0 |
Non-exchange Traded | Dried distillers grain | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 872 | 0 | 0 | 740 | 0 | 0 | 479 |
Non-exchange Traded | Soybean meal | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 420 | 0 | 0 | 546 | 0 | 0 | 290 |
Non-exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 4,928 | 53,698 | 2,151 | 6,847 | 37,153 | 1,882 | 11,064 | 33,819 | 2,704 |
Exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 343,613 | 192,360 | 692 | 260,198 | 172,242 | 825 | 265,202 | 139,398 | 393 |
Exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 190,010 | 0 | 0 | 160,795 | 0 | 0 | 177,425 | 0 | 0 |
Exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 42,830 | 0 | 0 | 34,250 | 0 | 0 | 27,555 | 0 | 0 |
Exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 110,618 | 0 | 0 | 64,778 | 0 | 0 | 59,262 | 0 | 0 |
Exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 155 | 0 | 0 | 375 | 0 | 0 | 960 | 0 | 0 |
Exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 75,306 | 0 | 0 | 97,272 | 0 | 0 | 74,760 | 0 |
Exchange Traded | Propane | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 113,274 | 0 | 0 | 74,550 | 0 | 0 | 63,630 | 0 |
Exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 3,780 | 692 | 0 | 420 | 825 | 0 | 1,008 | 393 |
Derivatives (Fair Value of the
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - Designated as Hedging Instrument - Interest rate contracts - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Other current assets | |||
Derivative [Line Items] | |||
Derivative assets | $ 9,961,000 | $ 9,968 | $ 11,107 |
Other Noncurrent Assets | |||
Derivative [Line Items] | |||
Derivative assets | $ 22,788,000 | $ 18,041 | $ 22,881 |
Derivatives (Outstanding Intere
Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions | Jun. 30, 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 | $ 45.3 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 90.6 |
Interest rate | 2.30% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 45.3 |
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 - Disaggregation of Rev
Revenue - Disaggregation of Revenues (Details) - Nutrient & Industrial - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 351,337 | $ 445,592 | $ 518,656 | $ 609,534 |
Ag Supply Chain | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 236,307 | 321,287 | 306,113 | 387,065 |
Specialty Liquids | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 62,508 | 81,171 | 108,308 | 126,604 |
Engineered Granules | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 52,522 | $ 43,134 | $ 104,235 | $ 95,865 |
Revenue (Textual) (Details)
Revenue (Textual) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract Liabilities | $ 16.2 | $ 30.7 |
Income Taxes - Table (Details)
Income Taxes - Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Line Items] | ||||
Income (loss) from continuing operations before income taxes | $ 57,346 | $ 104,418 | $ 71,314 | $ 39,417 |
Income tax provision | $ 4,876 | $ 21,732 | $ 6,179 | $ 15,848 |
Effective tax rate | (8.50%) | (20.80%) | (8.70%) | (40.20%) |
Element LLC | ||||
Income Taxes [Line Items] | ||||
Income (loss) from continuing operations before income taxes | $ 6,500 | $ (88,800) | ||
Income tax provision | $ 1,400 | $ (10,600) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Line Items] | ||||
Effective tax rate | (8.50%) | (20.80%) | (8.70%) | (40.20%) |
Income tax expense (benefit) | $ 4,876 | $ 21,732 | $ 6,179 | $ 15,848 |
Income (loss) from continuing operations before income taxes | $ 57,346 | 104,418 | $ 71,314 | 39,417 |
Element LLC | ||||
Income Taxes [Line Items] | ||||
Income tax expense (benefit) | 1,400 | (10,600) | ||
Income (loss) from continuing operations before income taxes | $ 6,500 | $ (88,800) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,475,650 | $ 1,346,412 | $ 1,516,387 | $ 1,429,769 |
Other comprehensive income (loss) | (2,230) | 9,215 | (1,684) | 4,998 |
Ending Balance | 1,520,262 | 1,438,482 | 1,520,262 | 1,438,482 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 23,411 | 16,267 | 22,865 | 20,484 |
Ending Balance | 21,181 | 25,482 | 21,181 | 25,482 |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (5,499) | (7,436) | (2,581) | (8,203) |
Other comprehensive income (loss) before reclassifications | (1,965) | 2,669 | (4,883) | 3,436 |
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (1,965) | 2,669 | (4,883) | 3,436 |
Ending Balance | (7,464) | (4,767) | (7,464) | (4,767) |
Hedging Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 24,624 | 18,750 | 20,985 | 23,546 |
Other comprehensive income (loss) before reclassifications | 3,083 | 11,511 | 11,879 | 7,209 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,203) | (2,514) | (7,156) | (4,619) |
Other Comprehensive Income (Loss), Tax | 30 | (2,262) | (1,174) | (651) |
Other comprehensive income (loss) | (90) | 6,735 | 3,549 | 1,939 |
Ending Balance | 24,534 | 25,485 | 24,534 | 25,485 |
Pension and Other Postretirement Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 4,028 | 4,695 | 4,203 | 4,883 |
Other comprehensive income (loss) before reclassifications | 5 | (15) | 10 | (29) |
Amounts reclassified from accumulated other comprehensive income (loss) | (228) | (228) | (456) | (456) |
Other Comprehensive Income (Loss), Tax | 48 | 54 | 96 | 108 |
Other comprehensive income (loss) | (175) | (189) | (350) | (377) |
Ending Balance | 3,853 | 4,506 | 3,853 | 4,506 |
Investments in Convertible Preferred Securities Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 258 | 258 | 258 | 258 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending Balance | $ 258 | $ 258 | $ 258 | $ 258 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | $ 51,666 | $ 88,248 | $ 95,357 |
Provisionally priced contracts | (56,853) | (174,079) | (35,590) |
Convertible preferred securities | 15,625 | 15,625 | 15,424 |
Other assets and liabilities | 37,698 | 33,486 | 39,006 |
Total | 48,136 | (36,720) | 114,197 |
Level 1 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 50,587 | 48,676 | 69,833 |
Provisionally priced contracts | (40,720) | (108,736) | (19,061) |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 4,949 | 5,477 | 5,018 |
Total | 14,816 | (54,583) | 55,790 |
Level 2 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 1,079 | 39,572 | 25,524 |
Provisionally priced contracts | (16,133) | (65,343) | (16,529) |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 32,749 | 28,009 | 33,988 |
Total | 17,695 | 2,238 | 42,983 |
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 | 15,424 |
Other assets and liabilities | 0 | 0 | 0 |
Total | $ 15,625 | $ 15,625 | $ 15,424 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reconciliation of Fair Value Measurements Using Level 3 | ||||
Asset, beginning balance | $ 15,625 | $ 15,410 | $ 15,625 | $ 16,278 |
Gains included in Other income, net | 0 | (221) | 0 | 802 |
Proceeds from investments | 0 | (1,670) | ||
Purchases of additional investments | 0 | 235 | ||
Asset, ending balance | $ 15,625 | $ 15,424 | $ 15,625 | $ 15,424 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Estimate of Fair Value Measurement | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | $ 568,000 | $ 585,100 | $ 597,600 | |||
Level 3 | Convertible preferred securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | 15,625 | $ 15,625 | 15,625 | 15,424 | $ 15,410 | $ 16,278 |
Implied based on market prices | Level 3 | Convertible preferred securities | Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 15,625 | $ 15,625 | $ 15,424 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Total revenues | $ 2,795,205 | $ 4,020,183 | $ 5,513,422 | $ 7,901,421 | |
Purchases of product | 7,964 | 14,524 | 16,256 | 30,226 | |
Accounts receivable, net | 743,550 | 1,030,271 | 743,550 | 1,030,271 | $ 762,549 |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Total revenues | 70,691 | 97,099 | 132,301 | 172,050 | |
Accounts receivable, net | 15,435 | 15,218 | 15,435 | 15,218 | 6,732 |
Accounts payable | $ 10,765 | $ 2,503 | $ 10,765 | $ 2,503 | $ 3,901 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) facility | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) facility segment | Jun. 30, 2023 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments (business segments) | segment | 3 | |||
Net income (loss) attributable to noncontrolling interests | $ | $ 16,494 | $ 27,640 | $ 23,578 | $ (16,727) |
Number of facilities | facility | 4 | 4 |
Segment Information - Allocatio
Segment Information - Allocation of Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,795,205 | $ 4,020,183 | $ 5,513,422 | $ 7,901,421 |
Total | 57,346 | 104,418 | 71,314 | 39,417 |
Net income (loss) attributable to noncontrolling interests | 16,494 | 27,640 | 23,578 | (16,727) |
Operating Segments | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,757,741 | 2,696,810 | 3,651,600 | 5,574,590 |
Total | 5,424 | 4,990 | 11,348 | 44,354 |
Operating Segments | Renewables | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 686,127 | 877,781 | 1,343,166 | 1,717,297 |
Total | 39,200 | 66,604 | 61,991 | (15,909) |
Net income (loss) attributable to noncontrolling interests | 16,500 | 27,600 | 23,600 | (16,700) |
Operating Segments | Nutrient & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 351,337 | 445,592 | 518,656 | 609,534 |
Total | 23,419 | 42,565 | 21,569 | 32,127 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total | $ (10,697) | $ (9,741) | $ (23,594) | $ (21,155) |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Other Nonoperating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |||||
Interest income | $ 3,712 | $ 1,708 | $ 8,394 | $ 3,175 | |
Gain on deconsolidation of joint venture | 0 | $ 3,100 | 6,544 | 3,117 | 6,544 |
Patronage income | 537 | 78 | 3,406 | 2,094 | |
Property insurance recoveries | 0 | 2,180 | 0 | 3,183 | |
Other | 951 | 1,931 | 1,811 | 5,449 | |
Total | $ 5,200 | $ 12,441 | $ 16,728 | $ 20,445 |
Other Income, Net - Narrative (
Other Income, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Gain on deconsolidation of joint venture | $ 0 | $ 3,100 | $ 6,544 | $ 3,117 | $ 6,544 |
Property insurance recoveries | $ 0 | $ 2,180 | $ 0 | 3,183 | |
Delhi, Louisiana | |||||
Property, Plant and Equipment [Line Items] | |||||
Property insurance recoveries | $ 2,200 |