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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023
| Level 1 (1) |  | Level 2 (2) |  | Level 3 (3) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 561,783 |  |  | $ | — |  |  | $ | — |  |  | $ | 561,783 |
Restricted cash |  | 34,029 |  |  |  | — |  |  |  | — |  |  |  | 34,029 |
Marketable securities |  | 38,203 |  |  |  | — |  |  |  | — |  |  |  | 38,203 |
Trade receivables from provisional sales, net |  | — |  |  |  | 80,639 |  |  |  | — |  |  |  | 80,639 |
Deferred consideration |  | — |  |  |  | — |  |  |  | 22,284 |  |  |  | 22,284 |
| $ | 634,015 |  |  | $ | 80,639 |  |  | $ | 22,284 |  |  | $ | 736,938 |
| Fair value at December 31, 2022
| Level 1 (1) |  | Level 2 (2) |  | Level 3 (3) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 655,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 655,453 |
Restricted cash |  | 33,653 |  |  |  | — |  |  |  | — |  |  |  | 33,653 |
Marketable securities |  | 44,841 |  |  |  | — |  |  |  | — |  |  |  | 44,841 |
Trade receivables from provisional sales, net |  | — |  |  |  | 49,897 |  |  |  | — |  |  |  | 49,897 |
Deferred consideration |  | — |  |  |  | — |  |  |  | 24,369 |  |  |  | 24,369 |
| $ | 733,947 |  |  | $ | 49,897 |  |  | $ | 24,369 |  |  | $ | 808,213 |
(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)At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges; however, as of March 31, 2023 the Company does not have any outstanding hedge positions. In periods when the Company has open hedge positions, the 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 Condensed 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 condensed consolidated financial statements (in thousands):
| Three Months Ended March 31,
| 2023 |  | 2022
Balance as of January 1 | $ | 24,369 |  |  | $ | 22,610 |
Revaluations |  | (2,085) |  |  |  | 651 |
Balance as of March 31 | $ | 22,284 |  |  | $ | 23,261 |
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):
|  |  | March 31, 2023 |  | December 31, 2022
| Level |  | Carrying amount |  | Fair value |  | Carrying amount |  | Fair value
2019 Notes (1) | 1 |  | $ | 226,745 |  |  | $ | 251,850 |  |  | $ | 226,510 |  |  | $ | 257,025 |
Term Loan (2) | 2 |  |  | 52,500 |  |  |  | 53,367 |  |  |  | 70,000 |  |  |  | 71,419 |
Total borrowings |  |  | $ | 279,245 |  |  | $ | 305,217 |  |  | $ | 296,510 |  |  | $ | 328,444 |
(1) The fair value disclosed for the Company's 2019 Notes is designated as 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 designated as Level 2 as the fair value is determined by an independent third-party pricing source.

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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