XML 51 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018, December 31, 2017 and March 31, 2017:
(in thousands)
March 31, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
35,888

 
$
(7,177
)
 
$
—

 
$
28,711

Provisionally priced contracts (b)
(48,478
)
 
(31,847
)
 
—

 
(80,325
)
Convertible preferred securities (c)
—

 
—

 
7,388

 
7,388

Other assets and liabilities (d)
8,947

 
(454
)
 
—

 
8,493

Total
$
(3,643
)
 
$
(39,478
)
 
$
7,388

 
$
(35,733
)
(in thousands)
December 31, 2017
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
18,603

 
(18,067
)
 
—

 
536

Provisionally priced contracts (b)
(98,190
)
 
(67,094
)
 
—

 
(165,284
)
Convertible preferred securities (c)
—

 
—

 
7,388

 
7,388

Other assets and liabilities (d)
9,705

 
(1,244
)
 
—

 
8,461

Total
$
(69,882
)
 
$
(86,405
)
 
$
7,388

 
$
(148,899
)
(in thousands)
March 31, 2017
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
$
752

 
$
—

 
$
—

 
$
752

Commodity derivatives, net (a)
29,566

 
(11,542
)
 
—

 
18,024

Provisionally priced contracts (b)
(86,314
)
 
(37,643
)
 
—

 
(123,957
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
8,518

 
(2,141
)
 
—

 
6,377

Total
$
(47,478
)
 
$
(51,326
)
 
$
3,294

 
$
(95,510
)
 
(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 related to certain available securities.
(d)
Included in other assets and liabilities are assets held in rabbi trusts to fund deferred compensation plans, 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:
 
Convertible Preferred Securities
(in thousands)
2018
 
2017
Assets (liabilities) at January 1,
$
7,388

 
$
3,294

Gains (losses) included in earnings
—

 
—

Assets (liabilities) at March 31,
$
7,388

 
$
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 March 31, 2018, December 31, 2017 and March 31, 2017:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of March 31, 2018
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,388

 
Implied based on market prices
 
N/A
 
N/A
Real Property (b)
$
29,347

 
Third Party Appraisal
 
N/A
 
N/A
(in thousands)
Fair Value as of December 31, 2017
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,388

 
Implied based on market prices
 
N/A
 
N/A
Real Property (b)
$
29,347

 
Third-Party Appraisal
 
N/A
 
N/A
(in thousands)
Fair Value as of March 31, 2017
 
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)
March 31,
2018

December 31,
2017
 
March 31,
2017
Fair value of long-term debt, including current maturities
$
448,346

 
$
474,769

 
$
426,105

Fair value in excess of carrying value (a)
8,241

 
1,451

 
1,036