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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of Reconciliation of 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 Preferred Securities
(in thousands) | 2019 |  | 2018
Assets (liabilities) at January 1, | $ | 7,154 |  |  | $ | 7,388 |
New investments | 1,250 |  |  | 1,086 |
Sales proceeds | — |  |  | (6,400 | )
Realized gains (losses) included in earnings | — |  |  | 3,900 |
Unrealized gains (losses) included in other comprehensive income | — |  |  | 1,180 |
Assets (liabilities) at December 31, | $ | 8,404 |  |  | $ | 7,154 |
Schedule of 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, 2019 and 2018:
(in thousands) | December 31, 2019
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
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) | December 31, 2018
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 37,229 |  |  | $ | (18,864 | ) |  | $ | — |  |  | $ | 18,365 |
Provisionally priced contracts (b) | (76,175 | ) |  | (58,566 | ) |  | — |  |  | (134,741 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 7,154 |  |  | 7,154 |
Other assets and liabilities (d) | 5,186 |  |  | (353 | ) |  | — |  |  | 4,833 |
Total | $ | (33,760 | ) |  | $ | (77,783 | ) |  | $ | 7,154 |  |  | $ | (104,389 | )
(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 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).
Schedule of Summarized Information About Level 3 Fair Value Measurements | The following tables summarize information about the Company's Level 3 fair value measurements as of December 31, 2019 and 2018:
Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands) | Fair Value as of 12/31/19 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 8,404 |  |  | Implied based on market prices |  | N/A |  | N/A
(in thousands) | Fair Value as of 12/31/18 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 7,154 |  |  | Implied based on market prices |  | N/A |  | N/A
(a) The Company considers observable price changes and other additional market data available in order 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 12/31/19 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Frac sand assets (a) | $ | 16,546 |  |  | Third party appraisal |  | Various |  | N/A
Real property (b) | 608 |  |  | Market approach |  | Various |  | N/A
Equity method investment (c) | 12,424 |  |  | Discounted cash flow analysis |  | Various |  | N/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.
Schedule of Fair Value of Long-term Borrowings Outstanding | 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, 2019 and 2018, as follows:
(in thousands) | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy Level
2019 |  |  |  |  |
Fixed rate long-term notes payable | $ | 300,446 |  |  | $ | 307,904 |  |  | Level 2
Debenture bonds | 26,075 |  |  | 25,852 |  |  | Level 2
| $ | 326,521 |  |  | $ | 333,756 |  |  |
2018 |  |  |  |  |
Fixed rate long-term notes payable | $ | 261,618 |  |  | $ | 256,447 |  |  | Level 2
Debenture bonds | 27,324 |  |  | 26,154 |  |  | Level 2
| $ | 288,942 |  |  | $ | 282,601 |  |  |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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