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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
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:
(in thousands) | September 30, 2024
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 39,142 |  |  | $ | (593) |  |  | $ | — |  |  | $ | 38,549 |
Provisionally priced contracts (b) | (24,870) |  |  | (29,944) |  |  | — |  |  | (54,814) |
Convertible preferred securities (c) | — |  |  | — |  |  | 15,725 |  |  | 15,725 |
Other assets and liabilities (d) | 6,226 |  |  | 20,281 |  |  | — |  |  | 26,507 |
Total | $ | 20,498 |  |  | $ | (10,256) |  |  | $ | 15,725 |  |  | $ | 25,967 |
(in thousands) | December 31, 2023
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 48,676 |  |  | $ | 39,572 |  |  | $ | — |  |  | $ | 88,248 |
Provisionally priced contracts (b) | (108,736) |  |  | (65,343) |  |  | — |  |  | (174,079) |
Convertible preferred securities (c) | — |  |  | — |  |  | 15,625 |  |  | 15,625 |
Other assets and liabilities (d) | 5,477 |  |  | 28,009 |  |  | — |  |  | 33,486 |
Total | $ | (54,583) |  |  | $ | 2,238 |  |  | $ | 15,625 |  |  | $ | (36,720) |
(in thousands) | September 30, 2023
Assets (liabilities) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commodity derivatives, net (a) | $ | 54,324 |  |  | $ | 45,526 |  |  | $ | — |  |  | $ | 99,850 |
Provisionally priced contracts (b) | (80,657) |  |  | (24,460) |  |  | — |  |  | (105,117) |
Convertible preferred securities (c) | — |  |  | — |  |  | 20,628 |  |  | 20,628 |
Other assets and liabilities (d) | 2,331 |  |  | 41,978 |  |  | — |  |  | 44,309 |
Total | $ | (24,002) |  |  | $ | 63,044 |  |  | $ | 20,628 |  |  | $ | 59,670 |
(a)Includes associated cash posted/received as collateral. (b)Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2). (c)Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities. (d)Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2).
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) | 2024 |  | 2023
Assets at January 1, | $ | 15,625 |  |  | $ | 16,278 |
Gains included in Other income, net | — |  |  | 802 |
Proceeds from investments | — |  |  | (1,670) |
Assets at March 31, | 15,625 |  |  | 15,410 |
Additional investments | — |  |  | 235 |
Losses included in Other income, net | — |  |  | (221) |
Assets at June 30, | 15,625 |  |  | 15,424 |
Additional investments | 100 |  |  | 1,107 |
Gains included in Other income, net | — |  |  | 4,919 |
Reclassification to a receivable in Other assets, net | — |  |  | (822) |
Assets at September 30, | $ | 15,725 |  |  | $ | 20,628 |
Fair Value Inputs, Assets, Quantitative Information | The following summarize quantitative information about the Company's Level 3 fair value measurements:
| Quantitative Information about Recurring Level 3 Fair Value Measurements
| Fair Value as of |  |  |  |  |  |
(in thousands) | September 30, 2024 |  | December 31, 2023 |  | September 30, 2023 |  | Valuation Method |  | Unobservable Input |  | Weighted Average
Convertible preferred securities (a) | $ | 15,725 |  |  | $ | 15,625 |  |  | $ | 20,628 |  |  | 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.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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