Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020 and 2021:


	December 31, 2020			December 31, 2021
Significant Unobservable Inputs	Input Range	Weighted Average		Input Range	Weighted Average
ULSD Gulf Coast Forward Curve	$1.47 - $1.54	$	1.50	$ 2.03 - $ 2.15	$	$2.11
Historical Differential to PADD 3 Diesel	$0.81 - $1.58	$	0.99	$ .87 - $ 1.58	$	$1.03
Historical Differential to PADD 5 Diesel	$1.66 - $2.58	$	2.01	$ 1.82 - $ 2.69	$	$2.13

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, 2020 and 2021:


	December 31, 2020			December 31, 2021
Significant Unobservable Inputs	Input Range	Weighted Average		Input Range	Weighted Average
ULSD Gulf Coast Forward Curve	$1.47 - $1.54	$	1.50	$ 2.03 - $ 2.15	$	$2.11
Historical Differential to PADD 3 Diesel	$0.81 - $1.58	$	0.99	$ .87 - $ 1.58	$	$1.03
Historical Differential to PADD 5 Diesel	$1.66 - $2.58	$	2.01	$ 1.82 - $ 2.69	$	$2.13

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, 2020 and 2021 (in thousands):


	December 31, 2020		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities ⁽¹⁾:
Municipal bonds and notes	$	28,998	$	—	$	28,998	$	—
Certificates of deposit ⁽¹⁾		530		—		530		—
Commodity swap contracts ⁽²⁾		5,648		—		—		5,648
Embedded derivatives ⁽³⁾		791		—		—		791
Liabilities:
Embedded derivatives ⁽³⁾	$	556	$	—	$	—	$	556


	December 31, 2021		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities ⁽¹⁾:
Municipal bonds and notes	$	6,000	$	—	$	6,000	$	—
Zero coupon bonds		123,192		—		123,192		—
Certificates of deposit ⁽¹⁾		530		—		530		—
Embedded derivatives ⁽³⁾		6,776		—		—		6,776
Liabilities:
Commodity swap contracts ⁽²⁾	$	4,383	$	—	$	—	$	4,383

(1)	Included in “Short-term investments” in the accompanying consolidated balance sheets. See Note 6 for more information.

(2)

Included in “Derivative assets, related party” and “Long-term portion of derivative assets, related party” as of December 31, 2020, and “Derivative liabilities, related party” and “Long-term portion of derivative liabilities, related party” as of December 31, 2021, in the accompanying consolidated balance sheets. See Note 7 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” as of December 31, 2020, and "Prepaid expenses and other current assets" and "Notes receivable and other long-term assets, net" as of December 31, 2021 in the accompanying consolidated balance sheets. See Note 7 for more information.

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, 2019	$	3,270	$	723	$	(164)	$	(81)	$	(40)
Settlements, net		(1,652)		—		56		—		—
Total gain (loss)		4,030		68		108		(475)		40
Balance as of December 31, 2020	$	5,648	$	791	$	—	$	(556)	$	—

Balance as of December 31, 2020	$	5,648	$	791	$	—	$	(556)	$	—
Settlements, net		(225)		—		1,083		—		—
Total gain (loss)		(5,423)		5,985		(5,466)		556		—
Balance as of December 31, 2021	$	—	$	6,776	$	(4,383)	$	—	$	—

Change in unrealized gain (loss) for the year ended December 31, 2020 included in earnings	$	2,378	$	68	$	164	$	(475)	$	40
Change in unrealized gain (loss) for the year ended December 31, 2021 included in earnings	$	(5,648)	$	5,985	$	(4,383)	$	556	$	—