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Inventories | 9 Months Ended
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Sep. 30, 2020
Inventory, Net [Abstract] |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value.
(in thousands) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2019
Grain and other agricultural products (a) | $ | 557,808 |  |  | $ | 907,482 |  |  | $ | 560,626 |
Frac sand and propane | 10,064 |  |  | 15,438 |  |  | 14,592 |
Ethanol and co-products (b) | 59,543 |  |  | 95,432 |  |  | 26,218 |
Plant nutrients and cob products | 120,173 |  |  | 146,164 |  |  | 133,839 |
Railcar repair parts | 7,016 |  |  | 6,020 |  |  | 5,811 |
Total Inventories | $ | 754,604 |  |  | $ | 1,170,536 |  |  | $ | 741,086 |
(a) Includes RMI of $512.9 million, $852.6 million and $488.2 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. (b) Includes RMI of $10.4 million, $10.6 million and $12.6 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. Inventories do not include 2.3 million, 6.4 million and 2.7 million bushels of grain held in storage for others as of September 30, 2020, December 31, 2019 and September 30, 2019, respectively. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future. For the nine months ended September 30, 2020, the Company recorded $10.9 million lower of cost or net realizable value charge related to lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic, of which $10.6 million was recognized in the first quarter.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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- References No definition available. + Details
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