XML 55 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Reconciliation of 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 recurring 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 investments445 1,250 
Assets at December 31,$8,849 $8,404 
Schedule of 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 December 31, 2020 and 2019:
(in thousands)December 31, 2020
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)$51,369 $126,098 $— $177,467 
Provisionally priced contracts (b)19,793 (48,818)— (29,025)
Convertible preferred securities (c)— — 8,849 8,849 
Other assets and liabilities (d)7,972 (26,058)— (18,086)
Total$79,134 $51,222 $8,849 $139,205 
(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)
(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” 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).
Schedule of Summarized Information About Level 3 Fair Value Measurements
The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of December 31, 2020 and 2019:
Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)
Fair Value as of 12/31/2020
Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)$8,849 Implied based on market pricesN/AN/A
(in thousands)
Fair Value as of 12/31/2019
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 12/31/2019
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.