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Inventories | 3 Months Ended
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Mar. 31, 2021
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) | March 31, 2021 |  | December 31, 2020 |  | March 31, 2020
Grain and other agricultural products (a) | $ | 971,914 |  |  | $ | 1,025,809 |  |  | $ | 750,281 |
Frac sand and propane (a) | 8,388 |  |  | 12,477 |  |  | 5,723 |
Ethanol and co-products (a) | 136,234 |  |  | 114,895 |  |  | 87,706 |
Plant nutrients and cob products | 171,101 |  |  | 139,885 |  |  | 178,028 |
Railcar repair parts | 7,424 |  |  | 7,627 |  |  | 6,338 |
Total Inventories | $ | 1,295,061 |  |  | $ | 1,300,693 |  |  | $ | 1,028,076 |
(a) Includes RMI of $942.4 million, $983.2 million and $712.3 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Inventories do not include 1.6 million, 3.0 million and 3.9 million bushels of grain held in storage for others as of March 31, 2021, December 31, 2020 and March 31, 2020, 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.Lower of cost or net realizable value charges were $2.5 million and $10.6 million for the three months ended March 31, 2021 and March 31, 2020, respectively. The charge in the prior year was a result of lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic

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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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