Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following tables present, by level within the fair value hierarchy, the Partnership’s financial assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):


	Fair Value at March 31, 2025
					Cash Collateral
	Level 1		Level 2		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	15,895	$	—	$	15,895
Exchange-traded/cleared derivative instruments (2)		(19,500)		—		37,929		18,429
Total assets	$	(19,500)	$	15,895	$	37,929	$	34,324

Liabilities:
Forward derivative contracts (1)	$	—	$	(7,517)	$	—	$	(7,517)


	Fair Value at December 31, 2024
					Cash Collateral
	Level 1		Level 2		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	13,710	$	—	$	13,710
Exchange-traded/cleared derivative instruments (2)		(1,808)		—		21,943		20,135
Pension plans		3,936		—		—		3,936
Total assets	$	2,128	$	13,710	$	21,943	$	37,781

Liabilities:
Forward derivative contracts (1)	$	—	$	(6,105)	$	—	$	(6,105)

(1)	Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.

(2)	Amount includes the effect of cash balances on deposit with clearing brokers.

Schedule of carrying value and fair value of the Partnership's senior notes

The fair values of the senior notes, estimated by observing market trading prices of the respective senior notes, were as follows (in thousands):


	March 31, 2025				December 31, 2024
	2025				2024
	Face		Fair		Face		Fair
	Value		Value		Value		Value
7.00% senior notes due 2027	$	400,000	$	397,000	$	400,000	$	400,500
6.875% senior notes due 2029	$	350,000	$	348,250	$	350,000	$	347,813
8.250% senior notes due 2032	$	450,000	$	460,688	$	450,000	$	464,063

GLOBAL PARTNERS LP 10-Q