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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2020, December 31, 2019 and March 31, 2019:
(in thousands) | March 31, 2020
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 43,832 |  |  | $ | 15,343 |  |  | $ | — |  |  | $ | 59,175 |
Provisionally priced contracts (b) | (94,834 | ) |  | (51,061 | ) |  | — |  |  | (145,895 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 8,654 |  |  | 8,654 |
Other assets and liabilities (d) | 5,373 |  |  | (32,614 | ) |  | — |  |  | (27,241 | )
Total | $ | (45,629 | ) |  | $ | (68,332 | ) |  | $ | 8,654 |  |  | $ | (105,307 | )
(in thousands) | December 31, 2019
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 45,682 |  |  | $ | 15,683 |  |  | $ | — |  |  | $ | 61,365 |
Provisionally priced contracts (b) | (118,414 | ) |  | (68,237 | ) |  | — |  |  | (186,651 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 8,404 |  |  | 8,404 |
Other assets and liabilities (d) | 9,469 |  |  | (13,507 | ) |  | — |  |  | (4,038 | )
Total | $ | (63,263 | ) |  | $ | (66,061 | ) |  | $ | 8,404 |  |  | $ | (120,920 | )
(in thousands) | March 31, 2019
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 60,331 |  |  | $ | 31,259 |  |  | $ | — |  |  | $ | 91,590 |
Provisionally priced contracts (b) | (48,430 | ) |  | (49,393 | ) |  | — |  |  | (97,823 | )
Convertible preferred securities (c) | — |  |  | — |  |  | 7,404 |  |  | 7,404 |
Other assets and liabilities (d) | 5,772 |  |  | (4,494 | ) |  | — |  |  | 1,278 |
Total | $ | 17,673 |  |  | $ | (22,628 | ) |  | $ | 7,404 |  |  | $ | 2,449 |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:
|  | Convertible Preferred Securities
(in thousands) |  | 2020 |  | 2019
Assets (liabilities) at January 1, |  | $ | 8,404 |  |  | $ | 7,154 |
Additional Investments |  | 250 |  |  | 250 |
Assets (liabilities) at March 31, |  | $ | 8,654 |  |  | $ | 7,404 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2020, December 31, 2019 and March 31, 2019:
| Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands) | Fair Value as of March 31, 2020 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 8,654 |  |  | Implied based on market prices |  | N/A |  | N/A
(in thousands) | Fair Value as of December 31, 2019 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 8,404 |  |  | Implied based on market prices |  | N/A |  | N/A
(in thousands) | Fair Value as of March 31, 2019 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 7,404 |  |  | Implied based on market prices |  | N/A |  | N/A
(a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.
| Quantitative Information about Non-recurring Level 3 Fair Value Measurements
(in thousands) | Fair Value as of December 31, 2019 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Frac sand assets (a) | $ | 16,546 |  |  | Third party appraisal |  | Various |  | N/A
Real property (b) | 608 |  |  | Market approach |  | Various |  | N/A
Equity method investment (c) | 12,424 |  |  | Discounted cash flow analysis |  | Various |  | N/A
(a) The Company recognized impairment charges on long lived related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets were determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. (c) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. There were no non-recurring fair value measurements as of March 31, 2020 and March 31, 2019.
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.
(in thousands) | March 31, 2020 |  | December 31, 2019 |  | March 31, 2019
Fair value of long-term debt, including current maturities | $ | 1,113,042 |  |  | $ | 1,096,010 |  |  | $ | 1,043,503 |
Fair value in excess of carrying value (a) | 36,461 |  |  | 8,257 |  |  | 2,318 |
(a) Carrying value used for this purpose excludes unamortized debt issuance costs.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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