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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the Company's assets and liabilities that are measured at fair value on a nonrecurring basis at December 31, 2016. No nonrecurring fair value measurements were made at December 31, 2015:
(in thousands) | December 31, 2016
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Property, plant and equipment (a) | $ | — |  |  | $ | — |  |  | $ | 11,210 |  |  | $ | 11,210 |
Total | $ | — |  |  | $ | — |  |  | $ | 11,210 |  |  | $ | 11,210 |
(a) | The Company recognized impairment charges on certain retail and cob assets during 2016 and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the retail assets was determined using third-party appraisals and the cob assets were based upon liquidation value.
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and 2015:
(in thousands) | December 31, 2016
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | 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 | )
(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 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 recurring fair value measurements using Level 3 inputs is as follows:
| Convertible Securities |  | Contingent Consideration
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Assets (Liabilities) at January 1, | $ | 13,550 |  |  | $ | 13,300 |  |  | $ | (350 | ) |  | $ | — |
New agreements | 2,500 |  |  | 750 |  |  | — |  |  | (350 | )
Sales proceeds | (13,485 | ) |  | (992 | ) |  | — |  |  | — |
Realized Gains (Losses) included in Earnings | 729 |  |  | 492 |  |  | 350 |  |  | — |
Unrealized Gains (Losses) included in Other Comprehensive Income | — |  |  | — |  |  | — |  |  | — |
Fair value of impaired retail properties | — |  |  | — |  |  | — |  |  | — |
Assets (Liabilities) at December 31, | $ | 3,294 |  |  | $ | 13,550 |  |  | $ | — |  |  | $ | (350 | )
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize information about the Company's Level 3 fair value measurements as of December 31, 2016 and 2015:
Quantitative Information about Level 3 Fair Value Measurements
(in thousands) | Fair Value as of 12/31/16 |  | 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 12/31/15 |  | 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 |  | N/A |  | N/A
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its fixed rate long-term debt instruments outstanding at December 31, 2016 and 2015, as follows:
(in thousands) | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy Level
2016 |  |  |  |  |
Fixed rate long-term notes payable | $ | 308,645 |  |  | $ | 310,338 |  |  | Level 2
Debenture bonds | 36,931 |  |  | 37,883 |  |  | Level 2
| $ | 345,576 |  |  | $ | 348,221 |  |  |
2015 |  |  |  |  |
Fixed rate long-term notes payable | $ | 241,111 |  |  | $ | 244,101 |  |  | Level 2
Debenture bonds | 39,375 |  |  | 40,087 |  |  | Level 2
| $ | 280,486 |  |  | $ | 284,188 |  |  |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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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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