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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023, December 31, 2022 and June 30, 2022:
(in thousands)June 30, 2023
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$69,833 $25,524 $— $95,357 
Provisionally priced contracts (b)
(19,061)(16,529)— (35,590)
Convertible preferred securities (c)
— — 15,424 15,424 
Other assets and liabilities (d)
5,018 33,988 — 39,006 
Total$55,790 $42,983 $15,424 $114,197 
(in thousands)December 31, 2022
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$54,516 $143,402 $— $197,918 
Provisionally priced contracts (b)
(20,960)(115,377)— (136,337)
Convertible preferred securities (c)
— — 16,278 16,278 
Other assets and liabilities (d)
(209)31,400 — 31,191 
Total$33,347 $59,425 $16,278 $109,050 
(in thousands)June 30, 2022
Assets (liabilities)Level 1Level 2Level 3Total
Commodity derivatives, net (a)
$235,665 $218,819 $— $454,484 
Provisionally priced contracts (b)
38,061 (27,945)— 10,116 
Convertible preferred securities (c)
— — 16,803 16,803 
Other assets and liabilities (d)
1,097 18,323 — 19,420 
Total$274,823 $209,197 $16,803 $500,823 
(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 Condensed 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 and foreign exchange derivative contracts (Level 1), as well as 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)20232022
Assets at January 1,$16,278 $11,618 
Purchases of additional investments— 3,883 
Gains included in Other income, net802 404 
Proceeds from investments(1,670)— 
Assets at March 31,$15,410 $15,905 
Purchases of additional investments235 772 
Gains (losses) included in Other income, net(221)126 
Assets at June 30,$15,424 $16,803 
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, 2023, December 31, 2022 and June 30, 2022:
Quantitative Information about Recurring Level 3 Fair Value Measurements
Fair Value as of
(in thousands)June 30, 2023December 31, 2022June 30, 2022Valuation MethodUnobservable InputWeighted Average
Convertible preferred securities (a)
$15,424 $16,278 $16,803 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
Fair Value as of
(in thousands)June 30, 2023December 31, 2022June 30, 2022Valuation MethodUnobservable InputWeighted Average
Grain Assets (a)
$— $9,000 $— Third party appraisalVariousN/A
Equity method investment (b)
$— $— $11,538 Discounted cash flow analysisVariousN/A
(a) The Company recognized impairment charges on a Nebraska grain asset. The fair value of the asset was determined using third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis.
(b) 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.