The Andersons, Inc. (ANDE) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

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