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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands):

			Fair value at September 30, 2022
			Level 1 (1)									Level 2 (2)									Level 3  (3)									Total
Assets:
Cash			$			748,476						$			—						$			—						$			748,476
Restricted cash						35,569									—									—									35,569
Marketable securities						64,616									—									—									64,616
Trade receivables						—									136,820									—									136,820
Derivative asset						—									341									—									341
Deferred consideration						—									—									23,201									23,201
			$			848,661						$			137,161						$			23,201						$			1,009,023

			Fair value at December 31, 2021
			Level 1 (1)									Level 2 (2)									Level 3  (3)									Total
Assets:
Cash			$			1,017,562						$			—						$			—						$			1,017,562
Restricted cash						35,303									—									—									35,303
Marketable securities						46,923									—									—									46,923
Trade receivables						—									72,634									—									72,634
Derivative asset						—									987									—									987
Deferred consideration						—									—									22,610									22,610
			$			1,099,788						$			73,621						$			22,610						$			1,196,019

(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.  

(2)The Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

(3)Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):

			Nine Months Ended September 30,
			2022									2021
Balance as of January 1			$			22,610						$			21,460
Revaluations						591									297
Acquisition of deferred consideration						—									481
Deferred consideration moved to held for sale						—									(20,691)
Balance as of September 30			$			23,201						$			1,547

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): 

									September 30, 2022																		December 31, 2021
			Level						Carrying amount									Fair value									Carrying amount									Fair value
2019 Notes (1)			1						$			226,259						$			248,285						$			225,534						$			286,207
Term Loan (2)			2									87,500									89,514									140,000									144,871
Total borrowings									$			313,759						$			337,799						$			365,534						$			431,078

(1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market.

(2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source.

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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