Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2021, December 31, 2020 and September 30, 2020:

(in thousands)	September 30, 2021
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	122,877	$	212,218	$	—	$	335,095
Provisionally priced contracts (b)	28,469		(25,134)		—		3,335
Convertible preferred securities (c)	—		—		11,066		11,066
Other assets and liabilities (d)	4,171		(11,865)		—		(7,694)
Total	$	155,517	$	175,219	$	11,066	$	341,802

(in thousands)	December 31, 2020
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	51,369	$	126,098	$	—	$	177,467
Provisionally priced contracts (b)	19,793		(48,818)		—		(29,025)
Convertible preferred securities (c)	—		—		8,849		8,849
Other assets and liabilities (d)	7,972		(26,058)		—		(18,086)
Total	$	79,134	$	51,222	$	8,849	$	139,205

(in thousands)	September 30, 2020
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	11,951	$	51,565	$	—	$	63,516
Provisionally priced contracts (b)	(5,190)		(22,541)		—		(27,731)
Convertible preferred securities (c)	—		—		8,654		8,654
Other assets and liabilities (d)	4,998		(32,210)		—		(27,212)
Total	$	11,759	$	(3,186)	$	8,654	$	17,227

(a)Includes associated cash posted/received as collateral

(b)Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)

(c)Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities.

(d)Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2).

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:

	Convertible Preferred Securities
(in thousands)	2021		2020
Assets at January 1,	$	8,849	$	8,404
Additional investments	2,800		250
Assets at March 31,	$	11,649	$	8,654
Additional Investments	1,901		—
Assets at June 30,	$	13,550	$	8,654
Additional investments	300		—
Losses included in earnings	(2,784)		—
Assets at September 30,	$	11,066	$	8,654

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2021, December 31, 2020 and September 30, 2020:

	Quantitative Information about Recurring Level 3 Fair Value Measurements
	Fair Value as of
(in thousands)	September 30, 2021		December 31, 2020		September 30, 2020		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	11,066	$	8,849	$	8,654	Implied based on market prices	N/A	N/A

(a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.