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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the Company's assets and liabilities that are measured at fair value on a nonrecurring basis at December 31, 2016. No nonrecurring fair value measurements were made at December 31, 2015:

(in thousands)
December 31, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Property, plant and equipment (a)
$
—

 
$
—

 
$
11,210

 
$
11,210

Total
$
—

 
$
—

 
$
11,210

 
$
11,210


(a)
The Company recognized impairment charges on certain retail and cob assets during 2016 and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the retail assets was determined using third-party appraisals and the cob assets were based upon liquidation value.
Assets and liabilities measured at fair value on a recurring basis
The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and 2015:
(in thousands)
December 31, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
—

 
$
—

 
$
—

 
$
—

Restricted cash
471

 
—

 
—

 
471

Commodity derivatives, net (a)
29,872

 
(7,831
)
 
—

 
22,041

Provisionally priced contracts (b)
(105,321
)
 
(64,876
)
 
—

 
(170,197
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
9,391

 
(2,530
)
 
—

 
6,861

Total
$
(65,587
)
 
$
(75,237
)
 
$
3,294

 
$
(137,530
)
(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
)

(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 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 recurring fair value measurements using Level 3 inputs is as follows: 
 
Convertible Securities
 
Contingent Consideration
(in thousands)
2016

2015
 
2016
 
2015
Assets (Liabilities) at January 1,
$
13,550

 
$
13,300

 
$
(350
)
 
$
—

New agreements
2,500

 
750

 
—

 
(350
)
Sales proceeds
(13,485
)
 
(992
)
 
—

 
—

Realized Gains (Losses) included in Earnings
729

 
492

 
350

 
—

Unrealized Gains (Losses) included in Other Comprehensive Income
—

 
—

 
—

 
—

Fair value of impaired retail properties
—

 
—

 
—

 
—

Assets (Liabilities) at December 31,
$
3,294

 
$
13,550

 
$
—

 
$
(350
)
Fair Value Inputs, Assets, Quantitative Information
The following tables summarize information about the Company's Level 3 fair value measurements as of December 31, 2016 and 2015:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of 12/31/16
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Notes
$
3,294

 
Cost Basis, Plus Interest
 
N/A
 
N/A
 
 
 
 
 
 
 
 
Real Property
$
11,210

 
Third-Party Appraisal
 
N/A
 
N/A

(in thousands)
Fair Value as of 12/31/15
 
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
 
N/A
 
N/A
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its fixed rate long-term debt instruments outstanding at December 31, 2016 and 2015, as follows: 
(in thousands)
Carrying Amount
 
Fair Value
 
Fair Value Hierarchy Level
2016
 
 
 
 
 
Fixed rate long-term notes payable
$
308,645

 
$
310,338

 
Level 2
Debenture bonds
36,931

 
37,883

 
Level 2
 
$
345,576

 
$
348,221

 
 
 
 
 
 
 
 
2015
 
 
 
 
 
Fixed rate long-term notes payable
$
241,111

 
$
244,101

 
Level 2
Debenture bonds
39,375

 
40,087

 
Level 2
 
$
280,486

 
$
284,188