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Financial Instruments
 9 Months Ended
Sep. 30, 2025
Financial Instruments [Abstract]  
Financial Instruments Note 8 – Financial Instruments 

 

Financial instruments are recorded at carrying value in the financial statements and approximate fair value as of the dates presented.   The fair value of these instruments is disclosed below in accordance with current accounting guidance related to financial instruments. There have been no changes in the valuation techniques used to measure fair value, or asset or liability transfers between the levels of the fair value hierarchy for the nine months ended September 30, 2025. 

The fair value of loans payable is determined based on its carrying amount and utilizing Level 1 methods and assumptions. As of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s loans payable was $96,366 and $186,542, respectively, which equates to their estimated fair value. The fair value of cash and cash equivalents is determined based on Level 1 methods and

assumptions. As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company's cash and cash equivalents was $6,397 and $9,156, respectively, which equates to their fair value. The Company’s assets underlying the deferred compensation and non-qualified pension plans are determined by the fair value of mutual funds, which are based on quoted market prices from active markets utilizing Level 1 methods and assumptions. As of September 30, 2025 and December 31, 2024, the carrying amount of these securities was $32,858 and $31,324, respectively, which equates to their fair value, and is reported in the condensed consolidated balance sheet in deferred charges and other assets.

Unrealized gain and loss on equity securities held in conjunction with our non-qualified pension plan is as follows: 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2025

2024

2025

2024

Net gain/(loss) recognized during the period on equity securities

$

1,917

$

365

$

2,539

$

984

Less: net gain recognized during the period on equity securities sold during the period

-

-

-

-

Unrealized gain/(loss) recognized during the reporting period on equity securities still held at the reporting date

$

1,917

$

365

$

2,539

$

984

The net gain/(loss) recognized on equity securities is presented on the condensed consolidated statements of operations and comprehensive income on the line item “Other, net”.

The carrying amounts and estimated fair values of the Company’s long-term debt (which includes CP Notes) is as follows:

September 30,

December 31,

2025

2024

Carrying amount

$

7,878,003

$

7,559,096

Estimated fair value

$

6,984,749

$

6,431,777

 

The fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions.

The Convertible Note Investment is recorded at fair value on a recurring basis. Since observable price quotations were not available, this is classified as a Level 3 measurement within fair value hierarchy (see Note 5).