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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of 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, 2023
			Level 1 (1)									Level 2 (2)									Level 3  (3)									Total
Assets:
Cash			$			437,675						$			—						$			—						$			437,675
Restricted cash						100									—									—									100
Marketable securities						37,226									—									—									37,226
Trade receivables from provisional sales, net						—									72,581									—									72,581
Derivative assets						—									483									—									483
Deferred consideration						—									—									22,840									22,840
			$			475,001						$			73,064						$			22,840						$			570,905
Liabilities:
Contingent consideration (4)						—									—									29,217									29,217
			$			—						$			—						$			29,217						$			29,217

			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. In periods when the Company has open hedge positions, the derivative assets 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.

(4)The contingent consideration related to the Transaction are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. The fair value of the contingent consideration tied to completion of operational milestones was determined using a discounted cash flow model. The significant assumptions include estimates of timing of completion of milestones and a discount rate of 6.0%. The fair value of the contingent consideration tied to delineation of new reserves was determined using a probability-weighted discounted cash flow model. The significant assumptions include estimates of timing of delineation of new reserves, a 10.0% probability of delineation of new reserves and a discount rate of 6.0%.

Schedule of 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,
			2023									2022
Deferred consideration assets:
Balance as of January 1			$			24,369						$			22,610
Revaluations						(1,055)									591
Receipt of deferred consideration						(474)									—
Balance as of September 30			$			22,840						$			23,201

			Nine Months Ended September 30,
			2023									2022
Deferred consideration liabilities:
Balance as of January 1			$			—						$			—
Assumption of deferred consideration						28,600									—
Revaluations						617									—
Balance as of September 30			$			29,217						$			—

Schedule of Fair Value, Liabilities 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,
			2023									2022
Deferred consideration assets:
Balance as of January 1			$			24,369						$			22,610
Revaluations						(1,055)									591
Receipt of deferred consideration						(474)									—
Balance as of September 30			$			22,840						$			23,201

			Nine Months Ended September 30,
			2023									2022
Deferred consideration liabilities:
Balance as of January 1			$			—						$			—
Assumption of deferred consideration						28,600									—
Revaluations						617									—
Balance as of September 30			$			29,217						$			—

Schedule of 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, 2023																		December 31, 2022
			Level						Carrying amount									Fair value									Carrying amount									Fair value
2019 Notes (1)			1						$			227,257						$			238,740						$			226,510						$			257,025
Term Loan (2)			2									—									—									70,000									71,419
Total borrowings									$			227,257						$			238,740						$			296,510						$			328,444

(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. On September 22, 2023, the Term Loan was terminated upon full repayment.

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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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