Annual report pursuant to Section 13 and 15(d)

AMAK Fair Value Measurement

AMAK Fair Value Measurement
12 Months Ended
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]  
AMAK Fair Value Measurement Fair Value MeasurementFair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means; and
Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
We did not have any significant transfers in or out of Levels 1, 2, or 3 in 2020 or 2019. The embedded derivatives in our provisional sales contracts are considered Level 2 measurements.