Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022, December 31, 2021 and June 30, 2021:

(in thousands)	June 30, 2022
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	235,665	$	218,819	$	—	$	454,484
Provisionally priced contracts (b)	38,061		(27,945)		—		10,116
Convertible preferred securities (c)	—		—		16,803		16,803
Other assets and liabilities (d)	1,097		18,323		—		19,420
Total	$	274,823	$	209,197	$	16,803	$	500,823

(in thousands)	December 31, 2021
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	128,407	$	156,698	$	—	$	285,105
Provisionally priced contracts (b)	43,944		(89,797)		—		(45,853)
Convertible preferred securities (c)	—		—		11,618		11,618
Other assets and liabilities (d)	2,784		(7,361)		—		(4,577)
Total	$	175,135	$	59,540	$	11,618	$	246,293

(in thousands)	June 30, 2021
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	38,627	$	390,311	$	—	$	428,938
Provisionally priced contracts (b)	32,710		(25,210)		—		7,500
Convertible preferred securities (c)	—		—		13,550		13,550
Other assets and liabilities (d)	5,373		(14,909)		—		(9,536)
Total	$	76,710	$	350,192	$	13,550	$	440,452

(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)	2022		2021
Assets at January 1,	$	11,618	$	8,849
Additional investments	3,883		2,800
Gains included in Other income, net	404		—
Assets at March 31,	$	15,905	$	11,649
Additional Investments	772		1,901
Gains included in Other income, net	126		—
Assets at June 30,	$	16,803	$	13,550

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2022, December 31, 2021 and June 30, 2021:

	Quantitative Information about Recurring Level 3 Fair Value Measurements
	Fair Value as of
(in thousands)	June 30, 2022		December 31, 2021		June 30, 2021		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	16,803	$	11,618	$	13,550	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.

	Quantitative Information about Non-Recurring Level 3 Fair Value Measurements
(in thousands)	Fair Value as of 6/30/2022		Valuation Method	Unobservable Input	Weighted Average
Equity method investment (a)	$	11,538	Discounted cash flow analysis	Various	N/A

(a) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis.

	Quantitative Information about Non-Recurring Level 3 Fair Value Measurements
(in thousands)	Fair Value as of 12/31/2021		Valuation Method	Unobservable Input	Weighted Average
Frac sand assets (b)	$	2,946	Third party appraisal	Various	N/A
Real property (c)	700		Market approach	Various	N/A

(b) The Company recognized impairment charges on long lived assets related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis.

(c) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company.