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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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.

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.

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-Publisher FASB
-Name Accounting Standards Codification
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