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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:
March 31, 2026
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps$— $6,769 $— $6,769 
Interest rate derivatives— 3,215 — 3,215 
Total assets$— $9,984 $— $9,984 
Commodity swaps$— $43,758 $— $43,758 
Total liabilities$— $43,758 $— $43,758 
December 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Commodity swaps$— $15,369 $— $15,369 
Interest rate derivatives— 4 — 4 
Total assets$— $15,373 $— $15,373 
Commodity swaps$— $5,371 $— $5,371 
Interest rate derivatives— 135 — 135 
Total liabilities$— $5,506 $— $5,506 
Our derivative contracts consist of interest rate swaps and commodity swaps. The valuation of these derivative contracts involved both observable publicly quoted prices and certain credit valuation inputs that may not be readily observable in the marketplace. As such, derivative contracts are classified as Level 2 in the hierarchy. Refer to Note 12—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further discussion related to commodity swaps and interest rate derivatives.
Long-term debt’s carrying value can vary from fair value. See Note 7—Debt and Financing Costs in the Notes to Condensed Financial Statements for further information. The carrying amounts reported on the Condensed Consolidated Balance Sheets for the Company’s remaining financial assets and liabilities approximate fair value due to their short-term nature. There were no transfers between Levels 1, 2 or 3 of the fair value hierarchy during the three months ended March 31, 2026 and 2025.