Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Reconciliation of 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)	2021		2020
Assets at January 1,	$	8,849	$	8,404
Additional investments	5,401		445
Losses included in Other income, net	(2,632)		—
Assets at December 31,	$	11,618	$	8,849

Schedule of 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 December 31, 2021 and 2020:

(in thousands)	December 31, 2021
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	128,407	$	156,698	$	—	$	285,105
Provisionally priced contracts (b)	43,944		(89,797)		—		(45,853)
Convertible preferred securities (c)	—		—		11,618		11,618
Other assets and liabilities (d)	2,784		(7,361)		—		(4,577)
Total	$	175,135	$	59,540	$	11,618	$	246,293

(in thousands)	December 31, 2020
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	51,369	$	126,098	$	—	$	177,467
Provisionally priced contracts (b)	19,793		(48,818)		—		(29,025)
Convertible preferred securities (c)	—		—		8,849		8,849
Other assets and liabilities (d)	7,972		(26,058)		—		(18,086)
Total	$	79,134	$	51,222	$	8,849	$	139,205

(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” on the Company’s 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).

Schedule of Summarized Information About Level 3 Fair Value Measurements

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of December 31, 2021 and 2020:

Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)	Fair Value as of 12/31/2021		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	11,618	Implied based on market prices	N/A	N/A

(in thousands)	Fair Value as of 12/31/2020		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	8,849	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 12/31/2021		Valuation Method	Unobservable Input	Weighted Average
Frac sand assets (a)	$	2,946	Third party appraisal	Various	N/A
Real property (b)	700		Market approach	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.