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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
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, 2017, December 31, 2016 and March 31, 2016:
(in thousands)
March 31, 2017
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
752

 
—

 
—

 
752

Commodity derivatives, net (a)
29,566

 
(11,542
)
 
—

 
18,024

Provisionally priced contracts (b)
(86,314
)
 
(37,643
)
 
—

 
(123,957
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
8,518

 
(2,141
)
 
—

 
6,377

Total
$
(47,478
)
 
$
(51,326
)
 
$
3,294

 
$
(95,510
)
(in thousands)
December 31, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Restricted cash
471

 
—

 
—

 
471

Commodity derivatives, net (a)
29,872

 
(7,831
)
 
—

 
22,041

Provisionally priced contracts (b)
(105,321
)
 
(64,876
)
 
—

 
(170,197
)
Convertible preferred securities (c)
—

 
—

 
3,294

 
3,294

Other assets and liabilities (d)
9,391

 
(2,530
)
 
—

 
6,861

Total
$
(65,587
)
 
$
(75,237
)
 
$
3,294

 
$
(137,530
)
(in thousands)
March 31, 2016
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
25,496

 
$
—

 
$
—

 
$
25,496

Restricted cash
718

 
—

 
—

 
718

Commodity derivatives, net (a)
38,070

 
(10,651
)
 
—

 
27,419

Provisionally priced contracts (b)
88,356

 
42,836

 
—

 
131,192

Convertible preferred securities (c)
—

 
—

 
775

 
775

Other assets and liabilities (d)
13,958

 
(4,828
)
 
160

 
9,290

Total
$
166,598

 
$
27,357

 
$
935

 
$
194,890

 
(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 deferred compensation assets, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), interest rate derivatives (Level 2), and contingent consideration to the former owners of Kay Flo Industries, Inc (Level 3).
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:
 
Contingent Consideration
 
Convertible Securities
(in thousands)
2017
 
2016
 
2017
 
2016
Asset (liability) at January 1,
$
—

 
$
(350
)
 
$
3,294

 
$
13,550

Gains (losses) included in earnings
—

 
190

 
—

 
710

Sales proceeds
—

 
—

 
—

 
(13,485
)
Asset (liability) at March 31,
$
—

 
$
(160
)
 
$
3,294

 
$
775
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, 2017, December 31, 2016 and March 31, 2016:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands)
Fair Value as of March 31, 2017
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Notes
$
3,294

 
Cost Basis, Plus Interest
 
N/A
 
N/A
(in thousands)
Fair Value as of December 31, 2016
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Notes
$
3,294

 
Cost Basis, Plus Interest
 
N/A
 
N/A
 
 
 
 
 
 
 
 
Real Property
$
11,210

 
Third-Party Appraisal
 
N/A
 
N/A
(in thousands)
Fair Value as of March 31, 2016
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible Notes
$
775

 
Cost Basis, Plus Interest
 
N/A
 
N/A
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,
2017

December 31,
2016
 
March 31,
2016
Fair value of long-term debt, including current maturities
$
426,105

 
$
450,940

 
$
472,997

Fair value in excess of carrying value
1,036

 
3,116

 
12,577