Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:

(in thousands)	September 30, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	54,324	$	45,526	$	—	$	99,850
Provisionally priced contracts (b)	(80,657)		(24,460)		—		(105,117)
Convertible preferred securities (c)	—		—		20,628		20,628
Other assets and liabilities (d)	2,331		41,978		—		44,309
Total	$	(24,002)	$	63,044	$	20,628	$	59,670

(in thousands)	December 31, 2022
Assets (liabilities)	Level 1		Level 2		Level 3		Total
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)	September 30, 2022
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	110,025	$	257,142	$	—	$	367,167
Provisionally priced contracts (b)	19,685		(41,188)		—		(21,503)
Convertible preferred securities (c)	—		—		16,946		16,946
Other assets and liabilities (d)	(3,037)		32,594		—		29,557
Total	$	126,673	$	248,548	$	16,946	$	392,167

(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)	2023		2022
Assets at January 1,	$	16,278	$	11,618
Purchases of additional investments	—		3,883
Gains included in Other income, net	802		404
Proceeds from investments	(1,670)		—
Assets at March 31,	$	15,410	$	15,905
Purchases of additional investments	235		772
Gains (losses) included in Other income, net	(221)		126
Assets at June 30,	$	15,424	$	16,803
Additional investments	1,107		—
Gains included in Other income, net	4,919		143
Reclassification to a receivable in Other assets, net	(822)		—
Assets at September 30,	$	20,628	$	16,946

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements:

	Quantitative Information about Recurring Level 3 Fair Value Measurements
	Fair Value as of
(in thousands)	September 30, 2023		December 31, 2022		September 30, 2022		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	20,628	$	16,278	$	16,946	Implied based on market prices	N/A	N/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)	September 30, 2023		December 31, 2022		September 30, 2022		Valuation Method	Unobservable Input	Weighted Average
Grain Assets (a)	$	—	$	9,000	$	—	Third party appraisal	Various	N/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.