v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:
(in thousands)March 31, 2026December 31, 2025March 31, 2025
AssetsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Unrealized gains on derivative contracts:
Commodities (a)
$62,313 $144,027 $— $206,340 $65,257 $108,255 $— $173,512 $76,283 $136,503 $— $212,786 
Interest rate (b)
— 18,291 — 18,291 — 17,084 — 17,084 — 23,202 — 23,202 
Convertible preferred securities (c)
— — — — — — 18,190 18,190 — — 14,190 14,190 
Other (d)
6,907 — — 6,907 8,569 — — 8,569 7,633 — — 7,633 
Total Assets69,220 162,318 — 231,538 73,826 125,339 18,190 217,355 83,916 159,705 14,190 257,811 
Liabilities
Unrealized losses on derivative contracts:
Commodities (a)
117,409 95,583 — 212,992 19,064 69,571 — 88,635 27,522 96,252 — 123,774 
Interest rate (b)
— 762 — 762 — 1,097 — 1,097 — 849 — 849 
Provisionally priced payables (e)
48,796 18,885 — 67,681 83,883 42,089 — 125,972 8,408 19,206 — 27,614 
Other (d)
7,563 — — 7,563 7,695 — — 7,695 2,580 — — 2,580 
Total liabilities$173,768 $115,230 $— $288,998 $110,642 $112,757 $— $223,399 $38,510 $116,307 $— $154,817 
(a)Unrealized gains and losses on commodity derivative contracts are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts with maturities of 12 months or less on the Condensed Consolidated Balance Sheets. Substantially all commodity derivative assets and liabilities have maturities within the next 12 months.
(b)Unrealized gains and losses on interest rate derivative contracts are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within 12 months, and in Other assets, net and Other long‑term liabilities for the long‑term portion, on the Condensed Consolidated Balance Sheets.
(c)Convertible preferred securities in several early-stage enterprises are recorded in Other assets, net within the Condensed Consolidated Balance Sheets.
(d)Other assets and liabilities also include the fair value of marketable securities and investments held in the Company’s deferred compensation plan, recorded in Other current assets and offset by the related obligation to fund the plan in Accrued expenses and other current liabilities. In addition, unrealized gains and losses on foreign currency contracts are generally recorded in Other current assets and Accrued expenses and other current liabilities.
(e)Provisionally priced payables are contracts for agricultural commodities received that are based on underlying futures values (Level 1) and both basis and futures are marked at fair value (Level 2). These amounts are recorded in Trade and other payables within the Condensed Consolidated Balance Sheets.
There were no significant changes in valuation techniques or inputs regarding the assets and liabilities measured at fair value during the period.

There were no nonrecurring level 3 fair value measurements as of March 31, 2026, December 31, 2025, or March 31, 2025.

The Company has investments in equity securities that do not have readily determinable fair values. These investments are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company has held-to-maturity debt securities that are recorded at amortized cost.

The fair value of the Company’s cash equivalents, cash collateral, accounts receivable, and accounts payable approximate their carrying value as they are close to maturity.

Long‑term debt, including the current portion, is carried at amortized cost on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2026, December 31, 2025, and March 31, 2025, the estimated fair value of long-term debt, including the current portion, was $587.5 million, $618.7 million, and $644.7 million, respectively. The estimated fair values were determined based on the Company’s current credit standing and market interest rates available to the Company for long‑term borrowings with similar terms and remaining maturities. The Company considers these fair value estimates to be Level 2 measurements.