Fair Value of Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Carrying Amount ⁽¹⁾		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Term Loan Credit Facility - due June 2024	$	539,158	$	375,443	$	375,443	$	—	$	—
ABL Facility - due April 2022	57,500		51,695		—		—		51,695
LCC Note Payable	38,934		31,721		—		—		31,721
LCC Water Treatment Obligation	7,461		5,599		—		—		5,599
Total long-term debt	$	643,053	$	464,458	$	375,443	$	—	$	89,015



	December 31, 2019
	Carrying Amount ⁽¹⁾		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Term Loan Credit Facility - due June 2024	$	538,765	$	461,402	$	461,402	$	—	$	—
LCC Note Payable	37,695		33,884		—		—		33,884
LCC Water Treatment Obligation	7,211		6,280		—		—		6,280
Total long-term debt	$	583,671	$	501,566	$	461,402	$	—	$	40,164

⁽¹⁾Net of debt discounts and debt issuance costs.

The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Carrying Amount ⁽¹⁾		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
UMWA Funds Settlement Liability	$	3,214	$	2,682	$	—	$	—	$	2,682
Reclamation Funding Liability	11,318		10,797		—		—		10,797
Environmental Settlement Obligations	11,966		9,475		—		—		9,475
Total acquisition-related obligations	$	26,498	$	22,954	$	—	$	—	$	22,954



	December 31, 2019
	Carrying Amount ⁽¹⁾		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
UMWA Funds Settlement Liability	$	3,069	$	2,929	$	—	$	—	$	2,929
Reclamation Funding Liability	10,808		10,658		—		—		10,658
Environmental Settlement Obligations	13,594		12,197		—		—		12,197
Total acquisition-related obligations	$	27,471	$	25,784	$	—	$	—	$	25,784

⁽¹⁾Net of discounts.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2020 and December 31, 2019. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels.



	March 31, 2020
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Contingent Revenue Obligation	$	37,430	$	—	$	—	$	37,430
Trading securities	$	24,924	$	17,903	$	7,021	$	—



	December 31, 2019
	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Contingent Revenue Obligation	$	52,427	$	—	$	—	$	52,427
Trading securities	$	13,508	$	5,506	$	8,002	$	—

The following tables are a reconciliation of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy:



	December 31, 2019		Payments		Loss (Gain) Recognized in Earnings ⁽¹⁾			Transfer In (Out) of Level 3 Fair Value Hierarchy		March 31, 2020
Contingent Revenue Obligation	$	52,427	$	—	$	(14,997	)	$	—	$	37,430

⁽¹⁾The gain recognized in earnings resulted primarily from a change in the forecasted future revenue associated with this obligation and an increase in annual volatility as of March 31, 2020.



	December 31, 2018		Payments		Loss (Gain) Recognized in Earnings		Transfer In (Out) of Level 3 Fair Value Hierarchy		March 31, 2019
Contingent Revenue Obligation	$	59,880	$	—	$	1,936	$	—	$	61,816

The range of significant unobservable inputs used to value the contingent revenue obligation as of March 31, 2020 and December 31, 2019, are set forth in the following table:



	March 31, 2020	December 31, 2019
Forecasted future revenue	$0.9 - $1.0 billion	$1.1 - $1.2 billion
Stated royalty rate	1.0% - 1.5%	1.0% - 1.5%
Annualized volatility	12.4% - 39.1% (25.0%)	9.4% - 28.1% (19.9%)