Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021 and June 30, 2022:

	December 31, 2021			June 30, 2022
Significant Unobservable Inputs	Input Range	Weighted Average		Input Range	Weighted Average
ULSD Gulf Coast Forward Curve	$2.03 - $2.15	$	2.11	$ 2.44 - $ 2.84	$	2.61
Historical Differential to PADD 3 Diesel	$0.87 - $1.58	$	1.03	$ 0.87 - $ 1.58	$	1.07
Historical Differential to PADD 5 Diesel	$1.82 - $2.69	$	2.13	$ 1.91 - $ 2.81	$	2.21

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, 2021 and June 30, 2022:

	December 31, 2021			June 30, 2022
Significant Unobservable Inputs	Input Range	Weighted Average		Input Range	Weighted Average
ULSD Gulf Coast Forward Curve	$2.03 - $2.15	$	2.11	$ 2.44 - $ 2.84	$	2.61
Historical Differential to PADD 3 Diesel	$0.87 - $1.58	$	1.03	$ 0.87 - $ 1.58	$	1.07
Historical Differential to PADD 5 Diesel	$1.82 - $2.69	$	2.13	$ 1.91 - $ 2.81	$	2.21

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, 2021 and June 30, 2022 (in thousands):

	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

	June 30, 2022		Level 1		Level 2		Level 3
Assets:
Available-for-sale securities (1):
Municipal bonds and notes	$	999	$	—	$	999	$	—
Zero coupon bonds		128,489		—		128,489		—
Certificates of deposit (1)		530		—		530		—
Embedded derivatives (3)		11,345		—		—		11,345
Liabilities:
Commodity swap contracts (2)	$	11,034	$	—	$	—	$	11,034
Embedded derivatives (3)		32		—		—		32

(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 liabilities, related party" as of December 31, 2021 and June 30, 2022 in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(3) Included in "Prepaid expenses and other current assets" and “Notes receivable and other long-term assets, net" as of December 31, 2021, and "Prepaid expenses and other current assets," “Notes receivable and other long-term assets, net," “Accrued liabilities” and “Other long-term liabilities” as of June 30, 2022 in the accompanying condensed consolidated balance sheets. See Note 6 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 tables provide 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
	Swap Contracts		Derivatives		Swap Contracts		Derivatives
Balance as of March 31, 2021	$	1,347	$	2,521	$	—	$	(30)
Settlements, net		—		—		310		—
Total gain (loss)		(1,347)		2,548		(2,003)		30
Balance as of June 30, 2021	$	—	$	5,069	$	(1,693)	$	—
Balance as of March 31, 2022	$	—	$	9,923	$	(8,566)	$	—
Settlements, net		—		—		2,622		—
Total gain (loss)		—		1,422		(5,090)		(32)
Balance as of June 30, 2022	$	—	$	11,345	$	(11,034)	$	(32)
Change in unrealized gain (loss) for the three months ended June 30, 2021 included in earnings	$	(1,347)	$	2,548	$	(1,693)	$	30
Change in unrealized gain (loss) for the three months ended June 30, 2022 included in earnings	$	—	$	1,422	$	(2,468)	$	(32)

	Assets:		Assets:		Liabilities:		Liabilities:
	Commodity		Embedded		Commodity		Embedded
	Swap Contracts		Derivatives		Swap Contracts		Derivatives
Balance as of December 31, 2020	$	5,648	$	791	$	—	$	(556)
Settlements, net		(225)		—		349		—
Total gain (loss)		(5,423)		4,278		(2,042)		556
Balance as of June 30, 2021	$	—	$	5,069	$	(1,693)	$	—
Balance as of December 31, 2021	$	—	$	6,776	$	(4,383)	$	—
Settlements, net		—		—		3,901		—
Total gain (loss)		—		4,569		(10,552)		(32)
Balance as of June 30, 2022	$	—	$	11,345	$	(11,034)	$	(32)
Change in unrealized gain (loss) for the six months ended June 30, 2021 included in earnings	$	(5,648)	$	4,278	$	(1,693)	$	556
Change in unrealized gain (loss) for the six months ended June 30, 2022 included in earnings	$	—	$	4,569	$	(6,651)	$	(32)