XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017, December 31, 2016 and September 30, 2016:
(in thousands)
September 30, 2017
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
26,738

 
$
(20,771
)
 
$
—

 
$
5,967

Provisionally priced contracts (b)
(85,546
)
 
(33,944
)
 
—

 
(119,490
)
Convertible preferred securities (c)
—

 
—

 
6,638

 
6,638

Other assets and liabilities (d)
10,996

 
(1,929
)
 
—

 
9,067

Total
$
(47,812
)
 
$
(56,644
)
 
$
6,638

 
$
(97,818
)
(in thousands)
December 31, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
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)
September 30, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
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
)
 
(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), and 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:
 
Contingent Consideration
 
Convertible Preferred Securities
(in thousands)
2017
 
2016
 
2017
 
2016
Asset (liability) at January 1,
$
—

 
$
(350
)
 
$
3,294

 
$
13,550

Gains (losses) included in earnings
—

 
190

 
—

 
710

Sales proceeds
—

 
—

 
—

 
(13,485
)
Asset (liability) at March 31,
$
—

 
$
(160
)
 
$
3,294

 
$
775

Gains (losses) included in earnings
—

 
160

 
—

 
19

New investments
—

 
—

 
—

 
2,500

Asset (liability) at June 30,
$
—


$
—


$
3,294


$
3,294

Unrealized gains (losses) included in other comprehensive income
—

 
—

 
344

 
—

New investments
—

 
—

 
3,000

 
—

Asset (liability) at September 30,
$
—

 
$
—

 
$
6,638

 
$
3,294
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, 2017, December 31, 2016 and September 30, 2016:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of September 30, 2017
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
6,638

 
Implied based on market prices
 
N/A
 
N/A
(in thousands)
Fair Value as of December 31, 2016
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
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 September 30, 2016
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
3,294

 
Cost Basis, Plus Interest
 
N/A
 
N/A
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.
(in thousands)
September 30,
2017

December 31,
2016
 
September 30,
2016
Fair value of long-term debt, including current maturities
$
431,542

 
$
450,940

 
$
458,268

Fair value in excess of carrying value (a)
2,389

 
3,116

 
7,714