| Assets and Liabilities at Fair Value |
The company’s assets and liabilities by level are as follows (in thousands): | | | | | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2024 | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Total | | Assets | | | | | | | Cash and cash equivalents | $ | 237,302 | | | $ | — | | | $ | 237,302 | | | Restricted cash | 40,080 | | | — | | | 40,080 | | | Inventories carried at market | — | | | 25,186 | | | 25,186 | | | Derivative financial instruments - assets | — | | | 6,955 | | | 6,955 | | | Other assets | — | | | 8 | | | 8 | | | Total assets measured at fair value | $ | 277,382 | | | $ | 32,149 | | | $ | 309,531 | | | | | | | | | Liabilities | | | | | | Accounts payable (1) | $ | — | | | $ | 44,504 | | | $ | 44,504 | | Accrued and other liabilities (2) | — | | | 3,259 | | | 3,259 | | | Derivative financial instruments - liabilities | — | | | 6,642 | | | 6,642 | | Other liabilities (2) | — | | | 903 | | | 903 | | | Total liabilities measured at fair value | $ | — | | | $ | 55,308 | | | $ | 55,308 | |
| | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2023 | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Total | | Assets | | | | | | | Cash and cash equivalents | $ | 349,574 | | | $ | — | | | $ | 349,574 | | | Restricted cash | 29,188 | | | — | | | 29,188 | | | Inventories carried at market | — | | | 45,898 | | | 45,898 | | | Derivative financial instruments - assets | — | | | 13,311 | | | 13,311 | | | Total assets measured at fair value | $ | 378,762 | | | $ | 59,209 | | | $ | 437,971 | | | | | | | | | Liabilities | | | | | | Accounts payable (1) | $ | — | | | $ | 54,716 | | | $ | 54,716 | | Accrued and other liabilities (2) | — | | | 9,917 | | | 9,917 | | | Derivative financial instruments - liabilities | — | | | 10,577 | | | 10,577 | | Other liabilities (2) | — | | | 659 | | | 659 | | | Total liabilities measured at fair value | $ | — | | | $ | 75,869 | | | $ | 75,869 | |
(1)Accounts payable is generally stated at historical amounts with the exception of $44.5 million and $54.7 million at March 31, 2024 and December 31, 2023, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. (2)As of March 31, 2024 and December 31, 2023, respectively, accrued and other liabilities includes $3.3 million and $9.9 million and other liabilities includes $0.9 million and $0.7 million of consideration related to potential earn-out payments recorded at fair value.
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