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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025
Level 1
Level 2
Level 3Total
Assets:
Cash$409,332 $— $— $409,332 
Marketable securities (1)
50,636 — — 50,636 
Trade receivables from provisional sales, net (2)
 — 76,499 — 76,499 
Deferred consideration— — 25,491 25,491 
$459,968 $76,499 $25,491 $561,958 
Liabilities:
Contingent consideration liabilities
$— 
$
— $178,306 $178,306 
Other
— 180 — 180 
$— $180 $178,306 $178,486 
(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 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.
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,
20252024
Deferred consideration assets:
Balance as of January 1$26,383 $21,213 
Revaluations358 2,208 
Additions
— 2,378 
Collections
(1,250)— 
Balance as of September 30
$25,491 $25,799 
Nine Months Ended September 30,
20252024
Contingent consideration liabilities:
Balance as of January 1$29,642 $29,648 
Revaluations6,900 (1,492)
Additions
141,764 — 
Balance as of September 30
$178,306 $28,156 
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,
20252024
Deferred consideration assets:
Balance as of January 1$26,383 $21,213 
Revaluations358 2,208 
Additions
— 2,378 
Collections
(1,250)— 
Balance as of September 30
$25,491 $25,799 
Nine Months Ended September 30,
20252024
Contingent consideration liabilities:
Balance as of January 1$29,642 $29,648 
Revaluations6,900 (1,492)
Additions
141,764 — 
Balance as of September 30
$178,306 $28,156 
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): 
September 30, 2025December 31, 2024
LevelCarrying amountFair valueCarrying amountFair value
2019 Notes (1) 
1$229,365 $324,646 $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.