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Fair Value Measurements
 9 Months Ended
Sep. 30, 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 as of December 31, 2024 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 and nine months ended September 30, 2025 and September 30, 2024 are as follows:
Three Months Ended September 30, 2025
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
(Level 1)(Level 3)Total
(in thousands)
Investment balance at beginning of period
$1,568 $7,403 $8,971 
Unrealized gain (loss) on equity securities
1,128 (11)1,117 
Unrealized loss on embedded option
— (21)(21)
Unrealized gain on convertible note, excluding embedded option
— 342 342 
Investment balance at end of period
$2,696 $7,713 $10,409 
Three Months Ended September 30, 2024
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Other Observable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)Total
(in thousands)
Investment balance at beginning of period$13,279 $— $7,148 $20,427 
Purchase of investments— 1,000 21 1,021 
Reclassification between Level 2 and Level 3 fair value— 350 (350)— 
Unrealized gain on equity securities1,072 38 193 1,303 
Unrealized loss on embedded option— — (553)(553)
Unrealized gain on convertible note, excluding embedded option— — 556 556 
Investment balance at end of period$14,351 $1,388 $7,015 $22,754 
Nine Months Ended September 30, 2025
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Other Observable InputsSignificant 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(18,393)— — (18,393)
Reclassification between Level 2 and Level 3 fair value— (1,388)1,388 — 
Unrealized gain (loss) on equity securities1,528 — (188)1,340 
Unrealized loss on embedded option— — (904)(904)
Unrealized gain on convertible note, excluding embedded option— — 207 207 
Investment balance at end of period$2,696 $— $7,713 $10,409 
Nine Months Ended September 30, 2024
Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Other Observable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)Total
(in thousands)
Investment balance at beginning of period$10,154 $— $7,200 $17,354 
Purchase of investments— 1,000 21 1,021 
Reclassification between Level 2 and Level 3 fair value— 350 (350)— 
Unrealized gain on equity securities
4,197 38 1,070 5,305 
Unrealized loss on embedded option
— — (1,714)(1,714)
Unrealized gain on convertible note, excluding embedded option
— — 788 788 
Investment balance at end of period$14,351 $1,388 $7,015 $22,754 

Recurring fair value measurements by valuation hierarchy as of September 30, 2025 and December 31, 2024 are as follows:
  Fair Value Measurements Using
Total as ofQuoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Unobservable Inputs
DescriptionSeptember 30, 2025(Level 1)(Level 3)
(in thousands)
Investment in Standard Lithium$2,696 $2,696 $— 
Other investments
7,713 — 7,713 
Total investments
$10,409 
   Fair Value Measurements Using
Total as of Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Other Observable InputsSignificant Unobservable Inputs
DescriptionDecember 31, 2024(Level 1)(Level 2)(Level 3)
(in thousands)
Investment in Kodiak$18,393 $18,393 $— $— 
Investment in Standard Lithium1,168 1,168 — — 
Other investments
8,598 — 1,388 7,210 
Total 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.