Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of 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)	December 31, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	47,721	$	42,330	$	—	$	90,051
Provisionally priced contracts (b)	(12,203)		(45,017)		—		(57,220)
Convertible preferred securities (c)	—		—		14,190		14,190
Other assets and liabilities (d)	2,711		29,183		—		31,894
Total	$	38,229	$	26,496	$	14,190	$	78,915

(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)

(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 on the Company’s 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).

Schedule of Reconciliation of 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 recurring 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
Additional investments	100		1,342
Gains (losses) included in Other income, net	(1,535)		497
Proceeds from investments	—		(1,670)
Reclassification to a receivable in Other assets, net	—		(822)
Assets at December 31,	$	14,190	$	15,625

Schedule of Summarized Information About Level 3 Fair Value Measurements

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

Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)	Fair Value as of 12/31/2024		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	14,190	Implied based on market prices	N/A	N/A

(in thousands)	Fair Value as of 12/31/2023		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	15,625	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.