Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:

(in thousands)	September 30, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	39,142	$	(593)	$	—	$	38,549
Provisionally priced contracts (b)	(24,870)		(29,944)		—		(54,814)
Convertible preferred securities (c)	—		—		15,725		15,725
Other assets and liabilities (d)	6,226		20,281		—		26,507
Total	$	20,498	$	(10,256)	$	15,725	$	25,967

(in thousands)	December 31, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	48,676	$	39,572	$	—	$	88,248
Provisionally priced contracts (b)	(108,736)		(65,343)		—		(174,079)
Convertible preferred securities (c)	—		—		15,625		15,625
Other assets and liabilities (d)	5,477		28,009		—		33,486
Total	$	(54,583)	$	2,238	$	15,625	$	(36,720)

(in thousands)	September 30, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	54,324	$	45,526	$	—	$	99,850
Provisionally priced contracts (b)	(80,657)		(24,460)		—		(105,117)
Convertible preferred securities (c)	—		—		20,628		20,628
Other assets and liabilities (d)	2,331		41,978		—		44,309
Total	$	(24,002)	$	63,044	$	20,628	$	59,670

(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)	2024		2023
Assets at January 1,	$	15,625	$	16,278
Gains included in Other income, net	—		802
Proceeds from investments	—		(1,670)
Assets at March 31,	15,625		15,410
Additional investments	—		235
Losses included in Other income, net	—		(221)
Assets at June 30,	15,625		15,424
Additional investments	100		1,107
Gains included in Other income, net	—		4,919
Reclassification to a receivable in Other assets, net	—		(822)
Assets at September 30,	$	15,725	$	20,628

Fair Value Inputs, Assets, Quantitative Information

The following summarize quantitative information about the Company's Level 3 fair value measurements:

	Quantitative Information about Recurring Level 3 Fair Value Measurements
	Fair Value as of
(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	15,725	$	15,625	$	20,628	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.