v3.24.2.u1
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company's derivatives by (i) balance sheet classification, (ii) derivative type and (iii) fair value hierarchy level, and provide a total, on a gross basis and a net basis reflected in "Derivatives" on the consolidated balance sheets as of the dates presented:
June 30, 2024
(in thousands)Level 1Level 2Level 3Total gross fair valueAmounts offsetNet fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity$— $17,101 $— $17,101 $(13,637)$3,464 
Contingent consideration— — 1,031 1,031 — 1,031 
Noncurrent:
Commodity— 3,925 — 3,925 454 4,379 
Contingent consideration— — 31,996 31,996 — 31,996 
Liabilities:
Current:
Commodity— (30,174)— (30,174)13,637 (16,537)
Noncurrent:
Commodity— 302 — 302 (454)(152)
Net derivative asset positions$— $(8,846)$33,027 $24,181 $— $24,181 
December 31, 2023
(in thousands)Level 1Level 2Level 3Total gross fair valueAmounts offsetNet fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity$— $106,067 $— $106,067 $(9,032)$97,035 
Contingent consideration— — 2,301 2,301 — 2,301 
Noncurrent:
Commodity— 22,266 — 22,266 — 22,266 
Contingent consideration— — 28,805 28,805 — 28,805 
Liabilities:
Current:
Commodity— (9,032)— (9,032)9,032 — 
Net derivative asset positions$— $119,301 $31,106 $150,407 $— $150,407 
Schedule of Changes in Contingent Consideration Derivatives
The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Balance of Level 3 at beginning of period$34,794 $28,093 $31,106 $26,640 
Change in Sixth Street Contingent Consideration fair value(1,767)(1,854)1,921 1,054 
Settlements realized(1)
— — — (1,455)
Balance of Level 3 at end of period$33,027 $26,239 $33,027 $26,239 
_____________________________________________________________________________
(1)For the six months ended June 30, 2024 and 2023, any settlements are included in "Other, net" in cash flows from investing activities on the consolidated statements of cash flows.
Schedule of Carrying Amount and Fair Value of Debt Instruments
The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:
 June 30, 2024December 31, 2023
(in thousands)
Carrying
amount(1)
Fair
value(2)
Carrying
amount(1)
Fair
value(2)
Debt$1,690,578 $1,737,662 $1,633,523 $1,658,686 
______________________________________________________________________________
(1)Amounts presented do not include issuance premiums or discounts.
(2)The fair values of the outstanding notes were determined using the Level 2 fair value hierarchy quoted market prices for each respective instrument as of June 30, 2024 and December 31, 2023. The fair values of the outstanding debt under the Senior Secured Credit Facility approximated their carrying value based on short-term floating interest rates available to the Company at the time.