Fair Value Disclosures

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures

5. FAIR VALUE DISCLOSURES

     The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company's financial instruments:

     Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company's brokerage accounts.

     Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels.

     Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments.

     There have been no changes in valuation techniques and inputs used in measuring fair value. The following tables set forth the Company's assets and liabilities by level that were accounted for at fair value as of December 31, 2011 and 2010 (in thousands):

	Fair Value Measurements at December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Reclassification for Balance Sheet Presentation			Total
Assets
Cash and cash equivalents	$	174,988	$	-	$	-		$	174,988
Restricted cash		21,820		-		-			21,820
Inventories carried at market		-		112,948		-			112,948
Unrealized gains on derivatives		15,710		6,010		(4,292	)		17,428
Total assets measured at fair value	$	212,518	$	118,958	$	(4,292	)	$	327,184
Liabilities
Unrealized losses on derivatives	$	2,828	$	5,287	$	(2,698	)	$	5,417
Margin deposits		1,594		-		(1,594	)		-
Inventory financing arrangements		-		8,894		-			8,894
Other		71		-		-			71
Total liabilities measured at fair value	$	4,493	$	14,181	$	(4,292	)	$	14,382
	Fair Value Measurements at December 31, 2010
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Reclassification for Balance Sheet Presentation			Total
Assets
Cash and cash equivalents	$	233,205	$	-	$	-		$	233,205
Restricted cash		32,183		-		-			32,183
Margin deposits		43,394		-		(43,394	)		-
Inventories carried at market		-		96,916		-			96,916
Unrealized gains on derivatives		3,303		30,663		11,307			45,273
Total assets measured at fair value	$	312,085	$	127,579	$	(32,087	)	$	407,577
Liabilities
Unrealized losses on derivatives	$	32,317	$	2,569	$	(32,087	)	$	2,799
Total liabilities measured at fair value	$	32,317	$	2,569	$	(32,087	)	$	2,799

     The Company believes the fair value of its debt approximates book value, which is $636.8 million and $669.0 million at December 31, 2011 and 2010, respectively. The Company also believes the fair value of its accounts receivable and accounts payable approximate book value, which were $106.2 million and $172.3 million, respectively, at December 31, 2011 and $89.2 and $151.1 million, respectively, at December 31, 2010.

     Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets being valued.