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Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities

4. FAIR VALUE OF ASSETS AND LIABILITIES

The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at March 31, 2025 and December 31, 2024 (in thousands):

 

 

 

 

 

 

Estimated Fair Value Measurements at March 31, 2025

 

 

 

Carrying Value as
of March 31,
2025

 

 

Total Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,822

 

 

$

64,822

 

 

$

64,822

 

 

$

—

 

 

$

—

 

Restricted cash and investments

 

 

35,242

 

 

 

35,242

 

 

 

35,242

 

 

 

—

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under credit agreement

 

$

400,823

 

 

$

405,032

 

 

$

—

 

 

$

405,032

 

 

$

—

 

8.625% Senior Secured Notes due 2029

 

 

650,000

 

 

 

683,956

 

 

 

—

 

 

 

683,956

 

 

 

—

 

10.250% Senior Notes due 2031

 

 

625,000

 

 

 

680,819

 

 

 

—

 

 

 

680,819

 

 

 

—

 

 

 

 

 

 

 

Estimated Fair Value Measurements at December 31, 2024

 

 

 

Carrying Value as
of December 31,
2024

 

 

Total Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

76,896

 

 

$

76,896

 

 

$

76,896

 

 

$

—

 

 

$

—

 

Restricted cash and investments

 

 

48,968

 

 

 

48,968

 

 

 

48,968

 

 

 

—

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under credit agreement

 

$

430,823

 

 

$

436,838

 

 

$

—

 

 

$

436,838

 

 

$

—

 

8.625% Senior Secured Notes due 2029

 

 

650,000

 

 

 

687,239

 

 

 

—

 

 

 

687,239

 

 

 

—

 

10.250% Senior Notes due 2031

 

 

625,000

 

 

 

682,281

 

 

 

—

 

 

 

682,281

 

 

 

—

 

6.50% Exchangeable Senior Notes due 2026

 

 

100

 

 

 

314

 

 

 

—

 

 

 

314

 

 

 

—

 

 

The fair values of the Company’s cash and cash equivalents, and restricted cash and investments approximates the carrying values of these assets at March 31, 2025 and December 31, 2024. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. It also includes cash on hand in the Company’s captive insurance subsidiary, Florina. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1).

As of March 31, 2025 and December 31, 2024, the recurring fair values of the Company's 8.625% Secured Notes due 2029 and the 10.250% Senior Notes due 2031 are based on Level 2 inputs using quotations by major market news services, such as Bloomberg. The fair value of the Company's Credit Agreement was also based on quotations by major market news services and also estimates of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments.

As of December 31, 2024, the fair values of the Company's 6.50% Exchangeable Senior Notes due 2026 are based on Level 2 inputs by major market news services. During the first quarter of 2025, the Company retired the remaining principal balance of its 6.50% Exchangeable Senior Notes due 2026..