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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the audited consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K for further information on the Company's assets and liabilities measured at fair value. 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, 2025
Level 1Level 2Level 3Total
Assets:
Cash$319,612 $— $— $319,612 
Marketable securities (1)
34,808 — — 34,808 
Trade receivables from provisional sales, net (2)
 — 68,749 — 68,749 
Deferred consideration— — 27,247 27,247 
$354,420 $68,749 $27,247 $450,416 
Liabilities:
Contingent consideration liabilities
$
— 
$
— 
$
167,175 
$
167,175 
Other
— 15 — 15 
$— $15 $167,175 $167,190 
(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’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.
Fair value at December 31, 2024
Level 1Level 2Level 3Total
Assets:
Cash$387,882 $— $— $387,882 
Marketable securities (1)
34,631 — — 34,631 
Trade receivables from provisional sales, net (2)
 — 78,687 — 78,687 
Deferred consideration— — 26,383 26,383 
$422,513 $78,687 $26,383 $527,583 
Liabilities:
Contingent consideration liabilities
$— $— $29,642 $29,642 
Other
— 68 — 68 
$— $68 $29,642 $29,710 
(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’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.

Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. 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):
Three Months Ended March 31,
20252024
Deferred consideration assets:
Balance as of January 1$26,383 $21,213 
Revaluations864 630 
Balance as of March 31
$27,247 $21,843 
Three Months Ended March 31,
20252024
Contingent consideration liabilities:
Balance as of January 1$29,642 $29,648 
Revaluations2,071 (662)
Additions
135,462 — 
Balance as of March 31
$167,175 $28,986 
Fair values of financial assets and liabilities not already measured at fair value
The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands): 
March 31, 2025December 31, 2024
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$228,822 $220,379 $228,572 $220,292 
(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.