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Fair Value Measurements (Tables)
 3 Months Ended
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.