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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 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 June 30, 2020, December 31, 2019 and June 30, 2019:
(in thousands)June 30, 2020
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$22,162  $23,754  $—  $45,916  
Provisionally priced contracts (b)
(15,139) (41,897) —  (57,036) 
Convertible preferred securities (c)
—  —  8,654  8,654  
Other assets and liabilities (d)
4,102  (34,922) —  (30,820) 
Total$11,125  $(53,065) $8,654  $(33,286) 
(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)June 30, 2019
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$103,350  $62,472  $—  $165,822  
Provisionally priced contracts (b)
(1,064) (38,215) —  (39,279) 
Convertible preferred securities (c)
—  —  8,404  8,404  
Other assets and liabilities (d)
5,284  (10,750) —  (5,466) 
Total$107,570  $13,507  $8,404  $129,481  
 
(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 (liabilities) at January 1,$8,404  $7,154  
Additional investments250  250  
Assets (liabilities) at March 31,$8,654  $7,404  
Additional investments—  1,000  
Asset (liabilities) at June 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 June 30, 2020, December 31, 2019 and June 30, 2019:
Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)Fair Value as of June 30, 2020Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$8,654  Implied based on market pricesN/AN/A
(in thousands)Fair Value as of December 31, 2019Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$8,404  Implied based on market pricesN/AN/A
(in thousands)Fair Value as of June 30, 2019Valuation 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, 2019Valuation 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
Fair Value as of June 30, 2019Valuation MethodUnobservable InputWeighted Average
Real property (d)
$2,719  Market ApproachN/AN/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.
(d) 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 in the local market and a pending sale of grain assets held by the Company.
There were no non-recurring fair value measurements as of June 30, 2020.
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)June 30,
2020		December 31,
2019		June 30,
2019
Fair value of long-term debt, including current maturities$1,090,059  $1,096,010  $1,078,185  
Fair value in excess of carrying value (a)
37,963  8,257  4,495  
(a) Carrying value used for this purpose excludes unamortized debt issuance costs.