XML 29 R17.htm IDEA: XBRL DOCUMENT

Fair Value Measurement

3 Months Ended

Mar. 31, 2024

The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands):


	Fair Value Measurement at Reporting Date Using
March 31, 2024	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	30,484	$	—	$	—	$	30,484
Other current assets
Interest rate swap	$	—	$	972	$	—	$	972
Commodity swaps	—		1		—		1
Total assets	$	30,484	$	973	$	—	$	31,457
Accrued and other current liabilities
Diesel collars	$	—	$	208	$	—	$	208
Total liabilities	$	—	$	208	$	—	$	208


December 31, 2023
Cash equivalents
Money market funds	$	101,275	$	—	$	—	$	101,275
Total assets	$	101,275	$	—	$	—	$	101,275
Accrued and other current liabilities
Interest rate swap	$	—	$	126	$	—	$	126
Commodity swaps	—		153		—		153
Diesel collars	—		802		—		802
Total liabilities	$	—	$	1,081	$	—	$	1,081

Interest Rate Swap

In connection with entering into Amendment No. 2 of the Fourth Amended and Restated Credit Agreement in November 2023, we entered into an interest rate swap designated as a cash flow hedge with an initial notional amount of $75.0 million and an effective date of December 2023 and a maturity date of June 2027.

Commodity Derivatives

In 2023, we entered into collar contracts and commodity swaps to reduce our price exposure on diesel consumption and heating oil consumption, respectively. The collars and swaps were not designated as hedges and will be treated as a mark-to-market derivative instruments through their maturity dates. The financial statement impact of the collar contracts and commodity swaps for the three months ended March 31, 2024 and 2023 was immaterial.

In December 2022, we entered into a commodity swap designed as a cash flow hedge for crude oil with a notional amount of $7.0 million and a maturity date of October 31, 2023. The financial statement impact of this swap during the three months ended March 31, 2023 was immaterial.

Other Assets and Liabilities

The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows:


		March 31, 2024				December 31, 2023
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Held-to-maturity marketable securities (1)	Level 1	$	15,500	$	15,176	$	35,863	$	35,357
Liabilities (including current maturities):
3.75% Convertible Notes (2)	Level 2	$	373,750	$	513,873	$	373,750	$	475,601
2.75% Convertible Notes (2)	Level 2	$	31,338	$	56,710	$	31,338	$	51,045
Fourth Amended and Restated Credit Agreement - Term Loan (2)	Level 3	$	148,125	$	151,314	$	150,000	$	153,585
Fourth Amended and Restated Credit Agreement - Revolver (2)	Level 3	$	—	$	—	$	100,000	$	102,317

(1) All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of March 31, 2024 and December 31, 2023.

(2) The fair values of our 2.75% Convertible Notes and 3.75% Convertible Notes are based on the median price of the notes in an active market. The fair value of the Fourth Amended and Restated Credit Agreement, as amended (the "Credit Agreement"), is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement.

During the three months ended March 31, 2024 and 2023, we had no material nonfinancial asset and liability fair value adjustments.

- 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 + Details