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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2018, December 31, 2017 and September 30, 2017:
(in thousands)
September 30, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
51,595


$
(67,919
)

$
—

 
$
(16,324
)
Provisionally priced contracts (b)
(55,697
)

(23,136
)

—

 
$
(78,833
)
Convertible preferred securities (c)
—


—


7,154

 
$
7,154

Other assets and liabilities (d)
5,988


193


—

 
$
6,181

Total
$
1,886

 
$
(90,862
)
 
$
7,154

 
$
(81,822
)
(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)
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
)
 
(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

Gains (losses) included in earnings
 
5,080

 
—

Unrealized gains (losses) included in other comprehensive income
 
—

 
344

New investments
 
986

 
3,000

Sale proceeds
 
(6,400
)
 
—

Asset (liability) at September 30,
 
$
7,154

 
$
6,638
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, 2018, December 31, 2017 and September 30, 2017:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of September 30, 2018
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,154

 
Implied based on market prices
 
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 September 30, 2017
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
6,638

 
Implied based on market prices
 
N/A
 
N/A

(a) Due to early stages of business and timing of investments, implied value based on market price was deemed to approximate fair value. As the underlying enterprises have matured, observable price changes and other additional market data is available to consider in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.
(b) The Company recognized impairment charges on certain assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions, third-party appraisals and a pending sale of grain assets held by the Company.
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,
2018

December 31,
2017
 
September 30,
2017
Fair value of long-term debt, including current maturities
$
445,342

 
$
474,769

 
$
431,542

Fair value in excess of carrying value (a)
11,629

 
1,451

 
2,389


(a) Carrying value used for this purpose excludes unamortized debt issuance costs