Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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)	March 31, 2025
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	48,761	$	40,251	$	—	$	89,012
Provisionally priced contracts (b)	(8,408)		(19,206)		—		(27,614)
Convertible preferred securities (c)	—		—		14,190		14,190
Other assets and liabilities (d)	5,053		22,353		—		27,406
Total	$	45,406	$	43,398	$	14,190	$	102,994

(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)	March 31, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	48,750	$	67,599	$	—	$	116,349
Provisionally priced contracts (b)	(86,176)		(30,709)		—		(116,885)
Convertible preferred securities (c)	—		—		15,625		15,625
Other assets and liabilities (d)	5,525		32,860		—		38,385
Total	$	(31,901)	$	69,750	$	15,625	$	53,474

(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).

Fair Value Inputs, Assets, Quantitative Information

The following table summarizes 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)	March 31, 2025		December 31, 2024		March 31, 2024		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	14,190	$	14,190	$	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.