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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Assets and liabilities measured on nonrecurring basis
The following tables present the Company's assets and liabilities that are measured at fair value on a nonrecurring basis at June 30, 2018:
(in thousands)
June 30, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Property, plant and equipment (a)
$
—

 
$
—

 
$
1,300

 
$
1,300

Rail car assets (b)
$
—

 
$
—

 
$
4,063

 
$
4,063

Total
$
—

 
$
—

 
$
5,363

 
$
5,363

(a)
The Company recognized impairment charges on certain grain assets during 2018 and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the grain assets was determined using a pending sale of these grain assets held by the Company.
(b)
The Company recognized impairment charges on certain rail assets during 2018 and measured fair value using Level 3 inputs on a nonrecurring basis. The fair value of the rail assets was determined based on a national scrap index less cost to sell.
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 June 30, 2018, December 31, 2017 and June 30, 2017:
(in thousands)
June 30, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
15,356

 
$
(48,451
)
 
$
—

 
$
(33,095
)
Provisionally priced contracts (b)
(37,787
)
 
(24,511
)
 
—

 
(62,298
)
Convertible preferred securities (c)
—

 
—

 
7,488

 
7,488

Other assets and liabilities (d)
4,136

 
(37
)
 
—

 
4,099

Total
$
(18,295
)
 
$
(72,999
)
 
$
7,488

 
$
(83,806
)
(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)
June 30, 2017
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
$
1,033

 
$
—

 
$
—

 
$
1,033

Commodity derivatives, net (a)
2,817

 
(8,445
)
 
—

 
(5,628
)
Provisionally priced contracts (b)
(87,958
)
 
(30,779
)
 
—

 
(118,737
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
10,155

 
(2,158
)
 
—

 
7,997

Total
$
(73,953
)
 
$
(41,382
)
 
$
3,294

 
$
(112,041
)
 
(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 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

Gains (losses) included in earnings
 
—

 
—

New investments
 
100

 
—

Asset (liabilities) at June 30,

$
7,488


$
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 June 30, 2018, December 31, 2017 and June 30, 2017:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of June 30, 2018
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,488

 
Implied based on market prices
 
N/A
 
N/A
Real Property (b)
1,300

 
Sale agreement
 
N/A
 
N/A
Rail car assets (c)
4,063

 
National scrap index less cost to sell
 
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 June 30, 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)
June 30,
2018

December 31,
2017
 
June 30,
2017
Fair value of long-term debt, including current maturities
$
444,821

 
$
474,769

 
$
423,316

Fair value in excess of carrying value (a)
(8,063
)
 
1,451

 
2,612