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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019, December 31, 2018 and March 31, 2018:
(in thousands)
March 31, 2019
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
60,331

 
$
31,259

 
$
—

 
$
91,590

Provisionally priced contracts (b)
(48,430
)
 
(49,393
)
 
—

 
$
(97,823
)
Convertible preferred securities (c)
—

 
—

 
7,404

 
$
7,404

Other assets and liabilities (d)
5,772

 
(4,494
)
 
—

 
$
1,278

Total
$
17,673

 
$
(22,628
)
 
$
7,404

 
$
2,449

(in thousands)
December 31, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
37,229

 
(18,864
)
 
—

 
18,365

Provisionally priced contracts (b)
(76,175
)
 
(58,566
)
 
—

 
(134,741
)
Convertible preferred securities (c)
—

 
—

 
7,154

 
7,154

Other assets and liabilities (d)
5,186

 
(353
)
 
—

 
4,833

Total
$
(33,760
)
 
$
(77,783
)
 
$
7,154

 
$
(104,389
)
(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
)
 
(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)
 
2019
 
2018
Assets (liabilities) at January 1,
 
$
7,154

 
$
7,388

Additional Investments
 
250

 
—

Assets (liabilities) at March 31,
 
$
7,404

 
$
7,388
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, 2019, December 31, 2018 and March 31, 2018:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of March 31, 2019
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,404

 
Implied based on market prices
 
N/A
 
N/A
(in thousands)
Fair Value as of December 31, 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 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

(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 trade 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)
March 31,
2019

December 31,
2018
 
March 31,
2018
Fair value of long-term debt, including current maturities
$
1,043,503

 
$
517,998

 
$
448,346

Fair value in excess of carrying value (a)
2,318

 
5,813

 
8,241


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