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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial Instruments Investments Our investments in Kodiak and Standard Lithium are recorded in investments on our consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations. We also hold investments in convertible notes, common units, and preferred units issued by two privately-held companies. Our investment in certain preferred units were recorded based on observable market-based inputs for preferred units issued to several investors during August through October 2024 (Level 2 fair value measurement). Our investment in convertible notes, common units, and certain preferred units are recorded in our consolidated financial statements based on internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. One of the convertible notes includes an option to convert the note into equity interests. The change in the fair value of the embedded option, as well as the preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income. The change in our investments for the three-month periods ended March 31, 2025 and March 31, 2024 are as follows:
|  | Three Months Ended March 31, 2025
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 19,561 |  |  | $ | 1,388 |  |  | $ | 7,210 |  |  | $ | 28,159 |
Sale of investments |  | (19,011) |  |  | — |  |  | — |  |  | (19,011) |
Reclassification between Level 2 and Level 3 fair value |  | — |  |  | (1,388) |  |  | 1,388 |  |  | — |
Unrealized gain on equity securities |  | 466 |  |  | — |  |  | — |  |  | 466 |
Unrealized loss on embedded option |  | — |  |  | — |  |  | (209) |  |  | (209) |
Unrealized gain on convertible note, excluding embedded option |  | — |  |  | — |  |  | 281 |  |  | 281 |
Investment balance at end of period |  | $ | 1,016 |  |  | $ | — |  |  | $ | 8,670 |  |  | $ | 9,686 |
|  | Three Months Ended March 31, 2024
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  |  |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 10,154 |  |  |  |  | $ | 7,200 |  |  | $ | 17,354 |
Unrealized gain on equity securities |  | 2,994 |  |  |  |  | — |  |  | 2,994 |
Unrealized loss on embedded option |  | — |  |  |  |  | (199) |  |  | (199) |
Unrealized gain on convertible note, excluding embedded option |  | — |  |  |  |  | 237 |  |  | 237 |
Investment balance at end of period |  | $ | 13,148 |  |  |  |  | $ | 7,238 |  |  | $ | 20,386 |
Recurring fair value measurements by valuation hierarchy as of March 31, 2025 and December 31, 2024 are as follows:
|  |  |  | Fair Value Measurements Using
|  | Total as of |  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  |  | Significant Unobservable Inputs
Description |  | March 31, 2025 |  | (Level 1) |  |  |  | (Level 3)
|  | (in thousands)
Investment in Standard Lithium |  | $ | 1,016 |  |  | $ | 1,016 |  |  |  |  | $ | — |
Other investments |  | 8,670 |  |  | — |  |  |  |  | 8,670 |
Total investments |  | $ | 9,686 |  |  |  |  |  |  |
|  |  |  | Fair Value Measurements Using
|  | Total as of |  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description |  | December 31, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  | (in thousands)
Investment in Kodiak |  | $ | 18,393 |  |  | $ | 18,393 |  |  | $ | — |  |  | $ | — |
Investment in Standard Lithium |  | 1,168 |  |  | 1,168 |  |  | — |  |  | — |
Other investments |  | 8,598 |  |  | — |  |  | 1,388 |  |  | 7,210 |
Investments |  | $ | 28,159 |  |  |  |  |  |  |
Other The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts. See Note 5 - “Long-Term Debt and Other Borrowings” for further discussion.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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