v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
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. Fair value hedged inventories 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 March 31, 2026
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$95,719 $— $— $95,719 
Restricted cash87,425 — — 87,425 
Inventories carried at market— 12,601 — 12,601 
Production tax credits— 105,888 — 105,888 
Derivative financial instruments - assets— 10,279 — 10,279 
Other assets— 32 — 32 
Total assets measured at fair value$183,144 $128,800 $— $311,944 
Liabilities
Accounts payable (1)
$— $16,070 $— $16,070 
Derivative financial instruments - liabilities— 8,318 — 8,318 
Total liabilities measured at fair value$— $24,388 $— $24,388 
 Fair Value Measurements at December 31, 2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Assets
Cash and cash equivalents$182,319 $— $— $182,319 
Restricted cash47,813 — — 47,813 
Inventories carried at market— 24,736 — 24,736 
Production tax credits— 40,328 — 40,328 
Derivative financial instruments - assets— 6,927 — 6,927 
Property and equipment, net of accumulated depreciation and amortization (2)
— — 2,000 2,000 
Total assets measured at fair value$230,132 $71,991 $2,000 $304,123 
Liabilities
Accounts payable (1)
$— $28,598 $— $28,598 
Derivative financial instruments - liabilities— 7,901 — 7,901 
Other liabilities— 1 — 1 
Total liabilities measured at fair value$— $36,500 $— $36,500 
(1)Accounts payable is generally stated at historical amounts with the exception of $16.1 million and $28.6 million at March 31, 2026 and December 31, 2025, 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)Property and equipment, net of accumulated depreciation and amortization includes $2.0 million of assets held for sale at December 31, 2025.
As of March 31, 2026, the fair value of the company’s debt was approximately $559.3 million compared with a book value of $492.2 million. At December 31, 2025, the fair value of the company’s debt was approximately $387.8 million compared with a book value of $399.5 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 $85.9 million and $74.4 million at March 31, 2026 and December 31, 2025, respectively.
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.