v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair value (in thousands):
 Fair Value Measurements as of June 30, 2025 Using:
Level 1Level 2Level 3Total
Liabilities:
Natural gas swap contracts$— $1,356 $— $1,356 
Fair Value Measurements as of December 31, 2024 Using:
Level 1Level 2Level 3Total
Liabilities:
Natural gas swap contracts$— $1,835 $— $1,835 
During the six months ended June 30, 2025, there were no transfers between Level 1, Level 2 and Level 3. The Company uses quoted dealer prices for similar contracts in active over-the-counter markets for determining fair value of Level 2 liabilities. There were no changes to the valuation techniques used to measure liability fair values on a recurring basis during the six months ended June 30, 2025.
The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:
Cash, cash equivalents and restricted cash, short-term investments, receivables and trade accounts payable — The carrying amounts reported in the Condensed Balance Sheets approximate fair value due to the short-term nature of these assets and liabilities.
Long-term investments — The amortized cost carrying amount reported in the Condensed Balance Sheets approximates fair value due to the nature of fixed income securities.
Debt — The Company's outstanding debt is carried at cost. As of June 30, 2025 and December 31, 2024, there were no borrowings outstanding under the ABL Facility, with $113.5 million available, net of outstanding letters of credit of $2.5 million. The estimated fair value of the Notes as of June 30, 2025 was approximately $158.9 million based upon observable market data (Level 2).