14. FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company determines the fair value of natural gas and raw sugar futures contracts and marketable securities using quoted market prices for the individual securities. The following table presents the Company's assets and liabilities measured and recognized at fair value on a recurring basis classified at the appropriate level of the fair value hierarchy as of September 30, 2011 and September 30, 2010 (in thousands of dollars):
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September 30, 2011 |
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Fair Value |
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Margin
Requirements
Settled in Cash |
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Balance
Sheet
Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Current Assets: |
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No. 16 Domestic Sugar Futures Contracts |
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$ |
7,507 |
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— |
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— |
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$ |
(7,507 |
) |
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— |
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Marketable Securities |
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206 |
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— |
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— |
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— |
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$ |
206 |
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Current Liabilities: |
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No. 16 Domestic Sugar Futures Contracts |
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$ |
2,525 |
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— |
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— |
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$ |
(2,525 |
) |
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— |
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No. 11 World Sugar Futures Contracts |
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10 |
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— |
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— |
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(10 |
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— |
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Natural Gas |
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337 |
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— |
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— |
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(337 |
) |
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— |
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Non-Current Assets: |
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No. 16 Domestic Sugar Futures Contracts |
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— |
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190 |
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— |
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(190 |
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— |
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September 30, 2010 |
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Fair Value |
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Margin
Requirements
Settled in Cash |
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Balance
Sheet
Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Current Assets: |
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No. 16 Domestic Sugar Futures Contracts |
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$ |
22,027 |
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— |
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— |
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$ |
(22,027 |
) |
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— |
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No. 11 World Sugar Futures Contracts |
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333 |
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— |
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— |
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(333 |
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— |
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Marketable Securities |
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198 |
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— |
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— |
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— |
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$ |
198 |
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Current Liabilities: |
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No. 11 World Sugar Futures Contracts |
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194 |
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— |
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— |
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(194 |
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— |
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Natural Gas |
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333 |
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— |
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— |
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(333 |
) |
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— |
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Non-Current Assets: |
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No. 16 Domestic Sugar Futures Contracts |
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25 |
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— |
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— |
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(25 |
) |
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— |
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Non-Current Liabilities: |
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No. 16 Domestic Sugar Futures Contracts |
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|
276 |
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— |
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— |
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(276 |
) |
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— | |