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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of estimated fair value of outstanding commodity swap contracts and embedded derivatives

The Company estimated the fair value of its outstanding commodity swap contracts based on the following inputs as of December 31, 2019 and March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

March 31, 2020

Significant Unobservable Inputs

    

Input Range

    

Weighted Average

    

Input Range

    

Weighted Average

ULSD Gulf Coast Forward Curve

 

$1.76 - $1.88

 

$

1.81

 

$1.25 - $1.42

 

$

1.37

Historical Differential to PADD 3 Diesel

 

$0.79 - $1.16

 

$

0.91

 

$0.79 - $1.33

 

$

0.93

Historical Differential to PADD 5 Diesel

 

$1.32 - $2.30

 

$

1.78

 

$1.32 - $2.45

 

$

1.85

 

The Company estimated the fair value of embedded derivatives in its fueling agreements under the Zero Now truck financing program based on the following inputs as of December 31, 2019 and March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

March 31, 2020

Significant Unobservable Inputs

    

Input Range

    

Weighted Average

 

Input Range

    

Weighted Average

ULSD Gulf Coast Forward Curve

 

$1.76 - $1.88

 

$

1.81

 

$1.25 - $1.42

 

$

1.37

Historical Differential to PADD 3 Diesel

 

$0.79 - $1.16

 

$

0.91

 

$0.79 - $1.33

 

$

0.93

Historical Differential to PADD 5 Diesel

 

$1.32 - $2.30

 

$

1.78

 

$1.32 - $2.45

 

$

1.85

 

Schedule of information by level for assets and liabilities that are measured at fair value on a recurring basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 2019

    

Level 1

    

Level 2

    

Level 3

Assets:

 

 

  

 

 

  

 

 

  

 

 

  

Available-for-sale securities (1):

 

 

  

 

 

  

 

 

  

 

 

  

Municipal bonds and notes

 

$

2,986

 

$

 —

 

$

2,986

 

$

 —

Zero coupon bonds

 

 

33,919

 

 

 —

 

 

33,919

 

 

 —

Corporate bonds

 

 

19,506

 

 

 —

 

 

19,506

 

 

 —

Certificates of deposit (1)

 

 

518

 

 

 —

 

 

518

 

 

 —

Commodity swap contracts (2)

 

 

3,270

 

 

 —

 

 

 —

 

 

3,270

Embedded derivatives (3)

 

 

723

 

 

 —

 

 

 —

 

 

723

Liabilities:

 

 

  

 

 

  

 

 

  

 

 

 

Commodity swap contracts (2)

 

$

164

 

$

 —

 

$

 —

 

$

164

Embedded derivatives (3)

 

 

81

 

 

 —

 

 

 —

 

 

81

Warrants (4)

 

 

40

 

 

 —

 

 

 —

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31, 2020

    

Level 1

    

Level 2

    

Level 3

Assets:

 

 

  

 

 

  

 

 

  

 

 

  

Available-for-sale securities (1):

 

 

  

 

 

  

 

 

  

 

 

  

Zero coupon bonds

 

$

26,863

 

$

 —

 

$

26,863

 

$

 —

Corporate bonds

 

 

2,449

 

 

 —

 

 

2,449

 

 

 —

Certificates of deposit (1)

 

 

518

 

 

 —

 

 

518

 

 

 —

Commodity swap contracts (2)

 

 

12,545

 

 

 —

 

 

 —

 

 

12,545

Embedded derivatives (3)

 

 

143

 

 

 —

 

 

 —

 

 

143

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives (3)

 

$

3,308

 

$

 —

 

$

 —

 

$

3,308

Warrants (4)

 

 

445

 

 

 —

 

 

 —

 

 

445

 

(1)

Included in "Short-term investments" in the accompanying condensed consolidated balance sheets. See Note 5 for more information.

(2)

Included in “Derivative liabilities, related party” and "Long-term portion of derivative assets, related party’ as of December 31, 2019, and "Derivative assets, related party" and "Long-term portion of derivative assets, related party" as of March 31, 2020, in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(3)

Included in "Prepaid expenses and other current assets", “Notes receivable and other long-term assets, net", “Accrued liabilities” and “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(4)

Included in "Accrued liabilities" in the accompanying condensed consolidated balance sheets.
Schedule of reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis as shown in the tables above that used significant unobservable inputs (Level 3), as well as the change in unrealized gains or losses for the periods included in earnings (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

Assets:

 

Liabilities:

 

Liabilities:

 

 

 

 

Commodity

 

Embedded

 

Commodity

 

Embedded

 

Liabilities:

 

    

Swap Contracts

    

Derivatives

 

Swap Contracts

 

Derivatives

    

Warrants

Balance as of December 31, 2018

 

$

10,332

 

$

 —

 

$

 —

 

$

 —

 

$

(1,079)

Total gain (loss)

 

 

(4,970)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,614)

Balance as of March 31, 2019

 

$

5,362

 

$

 —

 

$

 —

 

$

 —

 

$

(2,693)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

$

3,270

 

$

723

 

$

(164)

 

$

(81)

 

$

(40)

Settlements, net

 

 

(24)

 

 

 —

 

 

56

 

 

 —

 

 

 —

Total gain (loss)

 

 

9,299

 

 

(580)

 

 

108

 

 

(3,227)

 

 

(405)

Balance as of March 31, 2020

 

$

12,545

 

$

143

 

$

 —

 

$

(3,308)

 

$

(445)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain (loss) for the three months ended March 31, 2019 included in earnings

 

$

(4,970)

 

$

 —

 

$

 —

 

$

 —

 

$

(1,614)

Change in unrealized gain (loss) for the three months ended March 31, 2020 included in earnings

 

$

9,275

 

$

(580)

 

$

164

 

$

(3,227)

 

$

(405)