Page 95 - New8814 GP 2011_AR-fnl

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F-15
F-15
QuotedPrices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Reclassification for
Balance Sheet
(Level 1)
(Level 2)
Presentation
Total
Assets
Cash and cash equivalents
174,988
$
-
$
-
$
174,988
$
Restricted cash
21,820
-
-
21,820
Inventories carried at market
-
112,948
-
112,948
Unrealized gains on derivatives
15,710
6,010
(4,292)
17,428
Total assets measured at fair value
212,518
$
118,958
$
(4,292)
$
327,184
$
Liabilities
Unrealized losses on derivatives
2,828
$
5,287
$
(2,698)
$
5,417
$
Margin deposits
1,594
-
(1,594)
-
Inventory financing arrangements
-
8,894
-
8,894
Other
71
-
-
71
Total liabilities measured at fair value
4,493
$
14,181
$
(4,292)
$
14,382
$
Fair Value Measurements at
December 31, 2011
QuotedPrices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Reclassification for
Balance Sheet
(Level 1)
(Level 2)
Presentation
Total
Assets
Cash and cash equivalents
233,205
$
-
$
-
$
233,205
$
Restricted cash
32,183
-
-
32,183
Margin deposits
43,394
-
(43,394)
-
Inventories carried at market
-
96,916
-
96,916
Unrealized gains on derivatives
3,303
30,663
11,307
45,273
Total assets measured at fair value
312,085
$
127,579
$
(32,087)
$
407,577
$
Liabilities
Unrealized losses on derivatives
32,317
$
2,569
$
(32,087)
$
2,799
$
Total liabilities measured at fair value
32,317
$
2,569
$
(32,087)
$
2,799
$
Fair Value Measurements at
December 31, 2010
The Company believes the fair value of its debt approximates book value, which is $636.8 million and $669.0 million at
December 31, 2011 and 2010, respectively. The Company also believes the fair value of its accounts receivable and accounts
payable approximate book value, which were $106.2 million and $172.3 million, respectively, at December 31, 2011 and
$89.2 and $151.1 million, respectively, at December 31, 2010.
Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the
tangible assets and goodwill acquired represent Level 3 measurements and were derived using a combination of the income
approach, the market approach and the cost approach as considered appropriate for the specific assets being valued.
6. SEGMENT INFORMATION
Company management reviews financial and operating performance in the following four separate operating segments:
(1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain
warehousing and marketing, as well as sales and related services of agronomy and petroleum products, collectively referred
to as agribusiness, and (4) marketing and distribution of Company-produced and third-party ethanol, distillers grains and corn