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Fair Value Measurement
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
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
June 30, 2024Level 1Level 2Level 3Total
Cash equivalents
Money market funds$75,458 $— $— $75,458 
Total assets$75,458 $— $— $75,458 
Accrued and other current liabilities
Heating oil swaps$— $121 $— $121 
Crude oil swaps— 212 — 212 
Diesel collars— 246 — 246 
Total liabilities$— $579 $— $579 
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 $— $126 
Heating oil swaps— 153 — 153 
Diesel collars— 802 — 802 
Total liabilities$— $1,081 $— $1,081 
Interest Rate Swap
In connection with entering into Amendment No. 2 to the Fourth Amended and Restated Credit Agreement, as amended (the "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. In conjunction with the payoff of our term loan in June 2024, the interest rate swap was terminated resulting in a gain of $1.4 million.
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 mark-to-market derivative instruments through their maturity dates. The financial statement impact of the collar contracts and commodity swaps for the three and six months ended June 30, 2024 and 2023 was immaterial.
In April 2024 and December 2022, we entered into commodity swaps designed as a cash flow hedge for crude oil with a notional amount of $9.2 million and $7.0 million, respectively, and maturity dates of October 31, 2024 and October 31, 2023, respectively. The financial statement impact of these swaps during the three and six months ended June 30, 2024 and 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:
June 30, 2024December 31, 2023
(in thousands)Fair Value HierarchyCarrying ValueFair
Value		Carrying ValueFair
Value
Assets:
Held-to-maturity marketable securities (1)Level 1$10,500 $10,336 $35,863 $35,357 
Liabilities (including current maturities):
3.25% Convertible Notes (2)
Level 2$373,750 $388,775 $— $— 
3.75% Convertible Notes (2)
Level 2$373,750 $542,369 $373,750 $475,601 
2.75% Convertible Notes (2)
Level 2$420 $825 $31,338 $51,045 
Credit Agreement - Term Loan (2)Level 3$— $— $150,000 $153,585 
Credit Agreement - Revolver (2)Level 3$— $— $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 June 30, 2024 and December 31, 2023.
(2) The fair values of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes"), our 3.25% convertible senior notes due 2030 (the "3.25% Convertible Notes") and our 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. The fair value of 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, 3.25% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement.
During the six months ended June 30, 2024 and 2023, we had no material nonfinancial asset and liability fair value adjustments.