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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023, December 31, 2022 and March 31, 2022:
(in thousands) | March 31, 2023
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 32,115 |  |  | $ | 82,779 |  |  | $ | — |  |  | $ | 114,894 |
Provisionally priced contracts (b) | (16,187) |  |  | (52,150) |  |  | — |  |  | (68,337) |
Convertible preferred securities (c) | — |  |  | — |  |  | 15,410 |  |  | 15,410 |
Other assets and liabilities (d) | 8,357 |  |  | 24,983 |  |  | — |  |  | 33,340 |
Total | $ | 24,285 |  |  | $ | 55,612 |  |  | $ | 15,410 |  |  | $ | 95,307 |
(in thousands) | December 31, 2022
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 54,516 |  |  | $ | 143,402 |  |  | $ | — |  |  | $ | 197,918 |
Provisionally priced contracts (b) | (20,960) |  |  | (115,377) |  |  | — |  |  | (136,337) |
Convertible preferred securities (c) | — |  |  | — |  |  | 16,278 |  |  | 16,278 |
Other assets and liabilities (d) | (209) |  |  | 31,400 |  |  | — |  |  | 31,191 |
Total | $ | 33,347 |  |  | $ | 59,425 |  |  | $ | 16,278 |  |  | $ | 109,050 |
(in thousands) | March 31, 2022
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 264,806 |  |  | $ | 298,791 |  |  | $ | — |  |  | $ | 563,597 |
Provisionally priced contracts (b) | 47,505 |  |  | (42,698) |  |  | — |  |  | 4,807 |
Convertible preferred securities (c) | — |  |  | — |  |  | 15,905 |  |  | 15,905 |
Other assets and liabilities (d) | 4,677 |  |  | 9,432 |  |  | — |  |  | 14,109 |
Total | $ | 316,988 |  |  | $ | 265,525 |  |  | $ | 15,905 |  |  | $ | 598,418 |
(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 assets, net” on the Company’s Condensed 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 and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2).
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:
| Convertible Preferred Securities
(in thousands) | 2023 |  | 2022
Assets at January 1, | $ | 16,278 |  |  | $ | 11,618 |
Purchases of additional investments | — |  |  | 3,883 |
Gains included in Other income, net | 802 |  |  | 404 |
Proceeds from investments | (1,670) |  |  | — |
Assets at March 31, | $ | 15,410 |  |  | $ | 15,905 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2023, December 31, 2022 and March 31, 2022:
| Quantitative Information about Recurring Level 3 Fair Value Measurements
| Fair Value as of |  |  |  |  |  |
(in thousands) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2022 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 15,410 |  |  | $ | 16,278 |  |  | $ | 15,905 |  |  | Implied based on market prices |  | N/A |  | N/A
(a) The Company considers observable price changes and other additional market data available 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
| Fair Value as of |  |  |  |  |  |
(in thousands) | March 31, 2023 |  | December 31, 2022 |  | March 31, 2022 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Grain Assets (a) | $ | — |  |  | $ | 9,000 |  |  | $ | — |  |  | Third party appraisal |  | Various |  | N/A
Ethanol Plant Assets (b) | $ | 41,673 |  |  | $ | — |  |  | $ | — |  |  | Various |  | Various |  | N/A
(a) The Company recognized impairment charges on a Nebraska grain asset. The fair value of the asset was determined using third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recognized impairment charges on ELEMENT ethanol plant assets in Colwich, Kansas. The fair value of the assets was determined by a third-party consultant using a discounted cash flow method and a market approach. Both of these methods were given probability weightings based on management's assessment of the ethanol plant's future operations to arrive at the fair value of the ethanol plant assets. The discounted cash flow model is determined by discounting the projected free cash flows using an appropriate discount rate. Key assumptions in the projections of future cash flows used in the consultant's model included input costs (corn, natural gas, etc.), production days, and co-product premiums. The market approach analyzed enterprise value to ethanol production capacity multiples for a group of guideline public companies as well as recent mergers and acquisition transactions. Using these multiples as a baseline, the consultant applied selected multiples to the ELEMENT plant production capacity to arrive at an indicated fair value. These measures are considered Level 3 inputs on a nonrecurring basis.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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