v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 19—Fair Value of Financial Instruments

The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair value (in thousands):

 

 

Fair Value Measurements as of December 31, 2025 Using:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas swap contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

Fair Value Measurements as of December 31, 2024 Using:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas swap contracts

 

$

—

 

 

$

1,835

 

 

$

—

 

 

$

1,835

 

 

During the year ended December 31, 2025, there were no transfers between Level 1, Level 2 and Level 3. The Company uses quoted dealer prices for similar contracts in active over-the-counter markets for determining fair value of Level 2 assets or liabilities.

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

Cash and cash equivalents, short-term investments, receivables and accounts payable—The carrying amounts reported in the Consolidated Balance Sheets approximate fair value due to the short-term nature of these assets and liabilities.

Long-term investments and restricted cash—The amortized cost carrying amounts reported in the Consolidated Balance Sheets approximate fair value due to the nature of fixed income securities.

Debt—The Company's outstanding debt is carried at cost. As of December 31, 2025, the Company had no borrowings outstanding under the Amended ABL Facility, with $140.5 million available, net of $2.5 million of letters of credit issued and outstanding at such time. The estimated fair value of the Notes as of December 31, 2025 is approximately $159.1 million based upon observable market data (Level 2).