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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2016
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, 2016, December 31, 2015 and June 30, 2015:
(in thousands) | June 30, 2016
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 11,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,578 |
Restricted cash | 987 |  |  | — |  |  | — |  |  | 987 |
Commodity derivatives, net (a) | 48,412 |  |  | 24,083 |  |  | — |  |  | 72,495 |
Provisionally priced contracts (b) | (42,213 | ) |  | (18,495 | ) |  | — |  |  | (60,708 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 3,294 |  |  | 3,294 |
Other assets and liabilities (d) | 6,080 |  |  | (5,426 | ) |  | — |  |  | 654 |
Total | $ | 24,844 |  |  | $ | 162 |  |  | $ | 3,294 |  |  | $ | 28,300 |
(in thousands) | December 31, 2015
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 26,931 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,931 |
Restricted cash | 450 |  |  | — |  |  | — |  |  | 450 |
Commodity derivatives, net (a) | 26,890 |  |  | (15,101 | ) |  | — |  |  | 11,789 |
Provisionally priced contracts (b) | (133,842 | ) |  | (103,148 | ) |  | — |  |  | (236,990 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 13,550 |  |  | 13,550 |
Other assets and liabilities (d) | 8,635 |  |  | (3,324 | ) |  | 350 |  |  | 5,661 |
Total | $ | (70,936 | ) |  | $ | (121,573 | ) |  | $ | 13,900 |  |  | $ | (178,609 | )
(in thousands) | June 30, 2015
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 8,943 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,943 |
Restricted cash | 941 |  |  | — |  |  | — |  |  | 941 |
Commodity derivatives, net (a) | (6,960 | ) |  | 5,011 |  |  | — |  |  | (1,949 | )
Provisionally priced contracts (b) | (50,001 | ) |  | (35,085 | ) |  | — |  |  | (85,086 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 13,300 |  |  | 13,300 |
Other assets and liabilities (d) | 11,531 |  |  | (2,565 | ) |  | — |  |  | 8,966 |
Total | $ | (35,546 | ) |  | $ | (32,639 | ) |  | $ | 13,300 |  |  | $ | (54,885 | )
(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:
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
| Contingent Consideration |  | Contingent Consideration |  | Convertible Securities |  | Convertible Securities
Asset (liability) at January 1, | $ | (350 | ) |  | $ | — |  |  | $ | 13,550 |  |  | $ | 13,300 |
Gains (losses) included in earnings | 190 |  |  | — |  |  | 710 |  |  | — |
Sales proceeds | — |  |  | — |  |  | (13,485 | ) |  | — |
Asset (liability) at March 31, | $ | (160 | ) |  | $ | — |  |  | $ | 775 |  |  | $ | 13,300 |
Gains (losses) included in earnings | 160 |  |  | — |  |  | 19 |  |  | — |
New agreements | — |  |  | — |  |  | 2,500 |  |  | — |
Asset (liability) at June 30, | — |  |  | — |  |  | 3,294 |  |  | 13,300 |
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, 2016, December 31, 2015 and June 30, 2015:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands) | Fair Value as of June 30, 2016 |  | 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, 2015 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible Preferred Securities | $ | 12,800 |  |  | Market Approach |  | EBITDA Multiples |  | 5.6 |
|  |  | Income Approach |  | Discount Rate |  | 14.5 | %
Convertible Notes | $ | 750 |  |  | Cost basis plus interest |  | N/A |  | N/A |
(in thousands) | Fair Value as of June 30, 2015 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible Preferred Securities | $ | 13,300 |  |  | Market Approach |  | EBITDA Multiples |  | 6.15 |
|  |  | Income Approach |  | Discount Rate |  | 14.5 | %
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows |
(in thousands) | June 30, 2016 |  | December 31, 2015 |  | June 30, 2015
Fair value of long-term debt, including current maturities | $ | 472,714 |  |  | $ | 467,703 |  |  | $ | 448,298 |
Fair value in excess of carrying value | 16,498 |  |  | 3,708 |  |  | 3,831 |

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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