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Fair Value Disclosures
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures FAIR VALUE DISCLOSURES
The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.
Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Grain inventories held for sale in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences.
Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments.
Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.
There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at June 30, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$195,554 $— $195,554 
Restricted cash29,540 — 29,540 
Inventories carried at market— 17,083 17,083 
Derivative financial instruments - assets— 4,614 4,614 
Total assets measured at fair value$225,094 $21,697 $246,791 
Liabilities
Accounts payable (1)
$— $30,144 $30,144 
Accrued and other liabilities (2)
— 3,337 3,337 
Derivative financial instruments - liabilities— 16,783 16,783 
Other liabilities (2)
— 1,612 1,612 
Total liabilities measured at fair value$— $51,876 $51,876 
 Fair Value Measurements at December 31, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$349,574 $— $349,574 
Restricted cash29,188 — 29,188 
Inventories carried at market— 45,898 45,898 
Derivative financial instruments - assets— 13,311 13,311 
Total assets measured at fair value$378,762 $59,209 $437,971 
Liabilities
Accounts payable (1)
$— $54,716 $54,716 
Accrued and other liabilities (2)
— 9,917 9,917 
Derivative financial instruments - liabilities— 10,577 10,577 
Other liabilities (2)
— 659 659 
Total liabilities measured at fair value$— $75,869 $75,869 
(1)Accounts payable is generally stated at historical amounts with the exception of $30.1 million and $54.7 million at June 30, 2024 and December 31, 2023, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(2)As of June 30, 2024 and December 31, 2023, respectively, accrued and other liabilities includes $3.3 million and $9.9 million and other liabilities includes $1.4 million and $0.7 million of consideration related to potential earn-out payments recorded at fair value.
As of June 30, 2024, the fair value of the company’s debt was approximately $561.8 million compared with a book value of $610.2 million. At December 31, 2023, the fair value of the company’s debt was approximately $585.0 million compared with a book value of $599.7 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $99.1 million and $94.4 million at June 30, 2024 and December 31, 2023, respectively.
Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.