XML 51 R39.htm IDEA: XBRL DOCUMENT v3.25.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of information by level for assets and liabilities that are measured at fair value on a recurring basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and March 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

Level 1

Level 2

Level 3

Assets:

​

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

127,429

​

$

127,429

​

$

—

​

$

—

Convertible promissory notes(3)

​

2,372

​

—

​

—

​

2,372

Certificates of deposit (1)

​

541

​

—

​

541

​

—

Embedded derivatives (2)

​

​

2,621

​

​

—

​

​

—

​

​

2,621

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

Level 1

Level 2

Level 3

Assets:

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

107,519

​

$

107,519

​

$

—

​

$

—

Convertible promissory notes(3)

​

​

2,638

​

​

—

​

​

—

​

​

2,638

Certificates of deposit (1)

​

​

541

​

​

—

​

​

541

​

​

—

Embedded derivatives (2)

​

$

2,065

​

$

—

​

$

—

​

$

2,065

​

(1) Included in “Short-term investments” in the accompanying condensed consolidated balance sheets. See note 5 for more information.

(2) Included in “Notes receivable and other long-term assets, net” as of December 31, 2024 and March 31, 2025 in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(3) Included in “Notes receivable – related party” as of December 31, 2024 and March 31, 2025 in the accompanying condensed consolidated balance sheets.

Schedule of reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis as shown in the tables above that used significant unobservable inputs (Level 3), as well as the change in unrealized gains or losses for the periods included in earnings or other comprehensive income (loss) (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Assets:		​	Assets:		​	Liabilities:
​	​	Embedded		​	Convertible		​	Commodity
​		Derivatives		​	Promissory Notes		​	Swap Contracts
Balance as of December 31, 2023	​	$	4,628	​	$	2,330	​	$	(1,875)
Settlements, net	​	​	—	​	​	—	​	​	1,493
Total gain (loss)	​	​	624	​	​	(53)	​	​	(495)
Purchases	​	​	—	​	​	3,655	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(1,188)	​	​	—
Balance as of March 31, 2024	​	$	5,252	​	$	4,744	​	$	(877)
​	​	​	​	​	​	​	​	​	​
Balance as of December 31, 2024	​	$	2,621	​	$	2,372	​	$	—
Settlements, net	​	​	—	​	​	—	​	​	—
Total gain (loss)	​	​	(556)	​	​	66	​	​	—
Purchases	​	​	—	​	​	1,751	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(1,551)	​	​	—
Balance as of March 31, 2025	​	$	2,065	​	$	2,638	​	$	—
​	​	​	​	​	​	​	​	​	​
Change in unrealized gain for the three months ended March 31, 2024 included in earnings	​	$	624	​	$	—	​	$	998
Change in unrealized (loss) for the three months ended March 31, 2025 included in earnings	​	$	(556)	​	$	—	​	$	—
Change in unrealized (loss) for the three months ended March 31, 2024 included in other comprehensive income (loss)	​	$	—	​	$	(53)	​	$	—
Change in unrealized gain for the three months ended March 31, 2025 included in other comprehensive income (loss)	​	$	—	​	$	66	​	$	—

​

(1) Represents the Company’s proportionate share of Rimere’s losses. These losses are recorded as adjustments to the carrying value of the convertible promissory notes because the Company’s equity investment in Rimere had been reduced to zero.

Schedule of Debt Instruments at Fair Value

Debt instruments as of December 31, 2024 consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Net Carrying		​	Estimated
​		Amounts		​	Fair Value
Stonepeak Term Loan	​	$	265,173	​	$	260,123
Other Debt	​	​	194	​	​	194
Total Debt	​	$	265,367	​	$	260,317

​

Debt instruments as of March 31, 2025 consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Net Carrying		​	Estimated
​		Amounts		​	Fair Value
Stonepeak Term Loan	​	$	271,436	​	$	256,473
Other Debt	​	​	189	​	​	189
Total Debt	​	$	271,625	​	$	256,662

Embedded derivatives

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of fair value inputs

The Company estimated the fair value of embedded derivatives in its fueling agreements under the Company’s truck financing program based on the following inputs as of December 31, 2024 and March 31, 2025:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024				​	March 31, 2025
Significant Unobservable Inputs		Input Range		Weighted Average			Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$2.06 - $2.14	​	$	2.10	​	$ 2.08 - $ 2.14	​	$	2.11
Historical Differential to PADD 3 Diesel	​	$0.73 - $1.62	​	$	1.18	​	$ 0.73 - $ 1.62	​	$	1.17
Historical Differential to PADD 5 Diesel	​	$2.16 - $3.16	​	$	2.59	​	$ 2.28 - $ 3.16	​	$	2.60

Convertible promissory notes

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of fair value inputs

The following table provides quantitative information about the significant inputs used to estimate the fair value of the convertible promissory notes from Rimere as of December 31, 2024 and March 31, 2025:

​	​	​	​	​
​	​	​	​	​
Significant Unobservable Inputs		December 31, 2024		March 31, 2025
Risk-free interest rate	​	4.24%	​	4.13%
Credit adjustment	​	4.64%	​	6.42%
Credit adjusted discount rate	​	8.88%	​	10.55%

​

The following table provides quantitative information about the significant inputs used to estimate the fair value of the convertible promissory note from BTR as of March 31, 2025:

​	​	​	​	​
Significant Unobservable Inputs		December 31, 2024		March 31, 2025
Risk-free interest rate	​	4.31%	​	4.37%
Credit adjustment	​	8.64%	​	10.25%
Credit adjusted discount rate	​	12.95%	​	14.62%

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_DerivativeInstrumentRiskAxis=us-gaap_EmbeddedDerivativeFinancialInstrumentsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ConvertibleDebtSecuritiesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: