Kinetik Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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FY2023 · Filed Mar 5, 2024
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. Fair Value Measurements F-
- FAIR VALUE MEASUREMENTS
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| (In thousands) | ||||
| Commodity swap | $— | $3,663 | $— | $3,663 |
| Interest rate derivatives | — | 4,314 | — | 4,314 |
| Total assets | $— | $7,977 | $— | $7,977 |
| Commodity swaps | $— | $1,749 | $— | $1,749 |
| Interest rate derivatives | — | 5,348 | — | 5,348 |
| Total liabilities | $— | $7,097 | $— | $7,097 |
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| (In thousands) | ||||
| Commodity swap | $— | $4,288 | $— | $4,288 |
| Interest rate derivatives | — | 2,675 | — | 2,675 |
| Total assets | $— | $6,963 | $— | $6,963 |
| Commodity swaps | $— | $5,718 | $— | $5,718 |
| Interest rate derivatives | — | 8,328 | — | 8,328 |
| Public warrants | 50 | — | — | 50 |
| Private warrants | — | — | 38 | 38 |
| Total liabilities | $50 | $14,046 | $38 | $14,134 |
Our derivative contracts consist of interest rate swaps and commodity swaps. 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 13—Derivatives and Hedging Activities in the Notes to our Consolidated Financial Statements for further discussion related to commodity swaps and interest rate swaps.
Long-term debt’s carrying value can vary from fair value. See Note 8—Debt and Financing Costs in the Notes to Consolidated Financial Statements for further information. The carrying amounts reported on the 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 Level 1, Level 2 or Level 3 of the fair value hierarchy during the year ended December 31, 2023.
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