Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Company’s financial assets and liabilities as of September 30, 2012 that are measured at fair value on a recurring basis were as follows (in thousands):



	Level 1		Level 2		Level 3
ASSETS
Marketable securities⁽¹⁾	$	22,068	$	66	$	—
Derivative instruments (included in other receivables)	4,514		5,873		—
Construction reserve funds and Title XI reserve funds	179,932		—		—
LIABILITIES
Short sale of marketable securities (included in other current liabilities)	8,860		—		—
Derivative instruments (included in other current liabilities)	3,939		7,104		—

______________________

(1)

Marketable security gains (losses), net include unrealized losses of $2.0 million and $3.7 million for the three months ended September 30, 2012 and 2011, respectively, related to marketable security positions held by the Company as of September 30, 2012. Marketable security gains (losses), net include unrealized losses of $0.6 million and $3.2 million for the nine months ended September 30, 2012 and 2011, respectively, related to marketable security positions held by the Company as of September 30, 2012.

Estimated Fair Value Of Other Financial Assets And Liabilities

The estimated fair values of the Company’s other financial assets and liabilities as of September 30, 2012 were as follows (in thousands):



			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	399,324	$	399,324	$	—	$	—
Investments, at cost, in 50% or less owned companies (included in other assets)	9,315		see below
Notes receivable from other business ventures (included in other receivables and other assets)	41,164		see below
LIABILITIES
Long-term debt, including current portion	1,009,648		—		1,038,680		—

Non-Financial Assets And Liabilities Measured At Fair Value

The Company’s non-financial assets and liabilities that were measured at fair value during the nine months ended September 30, 2012 were as follows (in thousands):



	Level 1		Level 2		Level 3
ASSETS
Investment in Illinois Corn Processing LLC⁽¹⁾	$	—	$	30,916	$	—

______________________


(1)	During the nine months ended September 30, 2012, the Company marked its equity investment in its Illinois Corn Processing LLC ("ICP") joint venture to fair value following the acquisition of a controlling interest (see Note 6). The investment's fair value was determined based on a fair value analysis of the assets and liabilities of ICP.