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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
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, 2020, December 31, 2019 and September 30, 2019:
(in thousands)September 30, 2020
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$11,951 $51,565 $— $63,516 
Provisionally priced contracts (b)
(5,190)(22,541)— (27,731)
Convertible preferred securities (c)
— — 8,654 8,654 
Other assets and liabilities (d)
4,998 (32,210)— (27,212)
Total$11,759 $(3,186)$8,654 $17,227 
(in thousands)December 31, 2019
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$45,682 $15,683 $— $61,365 
Provisionally priced contracts (b)
(118,414)(68,237)— (186,651)
Convertible preferred securities (c)
— — 8,404 8,404 
Other assets and liabilities (d)
9,469 (13,507)— (4,038)
Total$(63,263)$(66,061)$8,404 $(120,920)
(in thousands)September 30, 2019
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$34,196 $18,691 $— $52,887 
Provisionally priced contracts (b)
(79,757)(23,535)— (103,292)
Convertible preferred securities (c)
— — 8,404 8,404 
Other assets and liabilities (d)
5,603 (17,891)— (12,288)
Total$(39,958)$(22,735)$8,404 $(54,289)
(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 assets, net” on the Company’s Consolidated Balance Sheets related to certain available for sale securities.
(d)Included in other assets and liabilities are assets held by the Company 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)20202019
Assets at January 1,$8,404 $7,154 
Additional investments250 250 
Assets at March 31,$8,654 $7,404 
Additional investments— 1,000 
Assets at June 30,$8,654 $8,404 
Additional investments— — 
Assets at September 30,$8,654 $8,404 
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, 2020, December 31, 2019 and September 30, 2019:
Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)
Fair Value as of September 30, 2020
Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$8,654 Implied based on market pricesN/AN/A
(in thousands)
Fair Value as of December 31, 2019
Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$8,404 Implied based on market pricesN/AN/A
(in thousands)
Fair Value as of September 30, 2019
Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$8,404 Implied based on market pricesN/AN/A
(a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.
Quantitative Information about Non-recurring Level 3 Fair Value Measurements
(in thousands)
Fair Value as of December 31, 2019
Valuation MethodUnobservable InputWeighted Average
Frac sand assets (a)$16,546 Third party appraisalVariousN/A
Real property (b)608 Market approachVariousN/A
Equity method investment (c)12,424 Discounted cash flow analysisVariousN/A
(a) The Company recognized impairment charges on long lived related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis.
(b) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets were determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company.
(c) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis.
There were no non-recurring fair value measurements as of September 30, 2020 and September 30, 2019.
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,
2020		December 31,
2019		September 30,
2019
Fair value of long-term debt, including current maturities$1,022,113 $1,096,010 $1,046,063 
Fair value in excess of carrying value (a)
31,080 8,257 11,047 
(a) Carrying value used for this purpose excludes unamortized debt issuance costs.