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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
			Level 1									Level 2									Level 3									Total
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 1									Level 2									Level 3									Total
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.

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):

			Three Months Ended March 31,
			2025									2024
Deferred consideration assets:
Balance as of January 1			$			26,383						$			21,213
Revaluations						864									630
Balance as of March 31			$			27,247						$			21,843

			Three Months Ended March 31,
			2025									2024
Contingent consideration liabilities:
Balance as of January 1			$			29,642						$			29,648
Revaluations						2,071									(662)
Additions						135,462									—
Balance as of March 31			$			167,175						$			28,986

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):

			Three Months Ended March 31,
			2025									2024
Deferred consideration assets:
Balance as of January 1			$			26,383						$			21,213
Revaluations						864									630
Balance as of March 31			$			27,247						$			21,843

			Three Months Ended March 31,
			2025									2024
Contingent consideration liabilities:
Balance as of January 1			$			29,642						$			29,648
Revaluations						2,071									(662)
Additions						135,462									—
Balance as of March 31			$			167,175						$			28,986

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

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

									March 31, 2025																		December 31, 2024
			Level						Carrying amount									Fair value									Carrying amount									Fair 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.

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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.

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