Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 at March 31, 2016, December 31, 2015 and March 31, 2015:



(in thousands)	March 31, 2016
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	25,496	$	—		$	—	$	25,496
Restricted cash	718		—			—		718
Commodity derivatives, net (a)	38,070		(10,651		)	—		27,419
Provisionally priced contracts (b)	88,356		42,836			—		131,192
Convertible preferred securities (c)	—		—			775		775
Other assets and liabilities (d)	13,958		(4,828		)	160		9,290
Total	$	166,598	$	27,357		$	935	$	194,890



(in thousands)	December 31, 2015
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Cash equivalents	$	26,931		$	—		$	—	$	26,931
Restricted cash	450			—			—		450
Commodity derivatives, net (a)	26,890			(15,101		)	—		11,789
Provisionally priced contracts (b)	(133,842		)	(103,148		)	—		(236,990		)
Convertible preferred securities (c)	—			—			13,550		13,550
Other assets and liabilities (d)	8,635			(3,324		)	350		5,661
Total	$	(70,936	)	$	(121,573	)	$	13,900	$	(178,609	)



(in thousands)	March 31, 2015
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	1,491	$	—		$	—	$	1,491
Restricted cash	685		—			—		685
Commodity derivatives, net (a)	60,796		(31,214		)	—		29,582
Provisionally priced contracts (b)	55,141		59,981			—		115,122
Convertible preferred securities (c)	—		—			13,300		13,300
Other assets and liabilities (d)	11,583		(3,517		)	—		8,066
Total	$	129,696	$	25,250		$	13,300	$	168,246


(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 noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets


(d)	Included in other assets and liabilities are deferred compensation assets, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), interest rate derivatives (Level 2), and contingent consideration to the former owners of Kay Flo Industries, Inc (Level 3).

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:



(in thousands)	2016			2015		2016			2015
	Contingent Consideration			Contingent Consideration		Convertible Securities			Convertible Securities
Asset (liability) at January 1,	$	(350	)	$	—	$	13,550		$	13,300
Gains (losses) included in earnings	190			—		710			—
Sales proceeds	—			—		(13,485		)	—
Unrealized gains (losses) included in other comprehensive income	—			—		—			—
Asset at March 31,	$	(160	)	$	—	$	775		$	13,300

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2016, December 31, 2015 and March 31, 2015:



Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2016		Valuation Method	Unobservable Input	Weighted Average
Convertible Notes	$	775	Cost basis plus interest	N/A	N/A



(in thousands)	Fair Value as of December 31, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	12,800	Market Approach	EBITDA Multiples	5.6
			Income Approach	Discount Rate	14.5	%

Convertible Notes	$	750	Cost basis plus interest	N/A	N/A



(in thousands)	Fair Value as of March 31, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	6.61
			Income Approach	Discount Rate	14.5	%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows



(in thousands)	March 31, 2016		December 31, 2015		March 31, 2015
Fair value of long-term debt, including current maturities	$	472,997	$	467,703	$	350,684
Fair value in excess of carrying value	12,577		3,708		8,390