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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
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 at September 30, 2016, December 31, 2015 and September 30, 2015:
(in thousands)
September 30, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
—

 
$
—

 
$
—

 
$
—

Restricted cash
190

 
—

 
—

 
190

Commodity derivatives, net (a)
34,620

 
(35,161
)
 
—

 
(541
)
Provisionally priced contracts (b)
(79,022
)
 
(20,500
)
 
—

 
(99,522
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
11,015

 
(4,774
)
 
—

 
6,241

Total
$
(33,197
)
 
$
(60,435
)
 
$
3,294

 
$
(90,338
)
(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)
September 30, 2015
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
16,121

 
$
—

 
$
—

 
$
16,121

Restricted cash
181

 
—

 
—

 
181

Commodity derivatives, net (a)
34,337

 
(24,611
)
 
—

 
9,726

Provisionally priced contracts (b)
(81,037
)
 
(54,612
)
 
—

 
(135,649
)
Convertible preferred securities (c)
—

 
—

 
12,800

 
12,800

Other assets and liabilities (d)
10,814

 
(4,010
)
 
350

 
7,154

Total
$
(19,584
)
 
$
(83,233
)
 
$
13,150

 
$
(89,667
)
 
(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
)
 
—

Asset (liability) at March 31,
$
(160
)
 
$
—

 
$
775

 
$
13,300

Gains (losses) included in earnings
160

 
—

 
19

 
—

New agreements
—

 
350

 
2,500

 
—

Asset (liability) at June 30,
—


350


3,294


13,300

Sales proceeds
—

 
—

 
—

 
(992
)
Realized gains (losses) included in earnings
—

 
—

 
—

 
492

Asset at September 30,
$
—

 
$
350

 
$
3,294

 
$
12,800
Fair Value Inputs, Assets, Quantitative Information
The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2016, December 31, 2015 and September 30, 2015:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of September 30, 2016
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Notes
$
3,294

 
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 September 30, 2015
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Preferred Securities
$
12,800

 
Market Approach
 
EBITDA Multiples
 
5.535

 
 
 
Income Approach
 
Discount Rate
 
14.5
%
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
(in thousands)
September 30,
2016

December 31,
2015
 
September 30,
2015
Fair value of long-term debt, including current maturities
$
458,268

 
$
467,703

 
$
448,298

Fair value in excess of carrying value
7,714

 
3,708

 
8,040