XML 30 R18.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value measurement levels (in thousands):
Fair Value Measurement at Reporting Date Using
June 30, 2025Level 1Level 2Level 3Total
Cash equivalents
Money market funds$62,507 $— $— $62,507 
Commercial paper$4,996 $— $— $4,996 
Total assets$67,503 $— $— $67,503 
Accrued and other current liabilities
Heating oil swaps$— $302 $— $302 
Total liabilities$— $302 $— $302 
December 31, 2024
Cash equivalents
Money market funds$73,031 $— $— $73,031 
Total assets$73,031 $— $— $73,031 
Accrued and other current liabilities
Heating oil swaps $— $531 $— $531 
Diesel collars— 177 — 177 
Total liabilities$— $708 $— $708 
Commodity Derivatives
We have entered into collar contracts and commodity swaps to reduce our price exposure on diesel consumption and heating oil consumption, respectively. The collars and swaps were not designated as hedges and will be treated as a mark-to-market derivative instruments through their maturity dates. The financial statement impact of the collar contracts and commodity swaps for the three and six months ended June 30, 2025 and 2024 was immaterial.
Other Assets and Liabilities
The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows:
June 30, 2025December 31, 2024
(in thousands)Fair Value HierarchyCarrying ValueFair
Value		Carrying ValueFair
Value
Assets:
Held-to-maturity marketable securities (1)
Corporate notes and bondsLevel 1$61,798 $61,886 $— $— 
U.S. Government and agency obligationsLevel 1$54,545 $54,480 $7,311 $7,312 
Commercial paperLevel 1$34,125 $34,104 $— $— 
Municipal notes and bondsLevel 1$15,881 $15,880 $— $— 
Liabilities (including current maturities):
3.75% Convertible Notes (2)
Level 2$373,750 $779,457 $373,750 $738,724 
3.25% Convertible Notes (2)
Level 2$373,750 $512,088 $373,750 $491,582 
(1) All marketable securities were classified as held-to-maturity as of the periods presented. Of the above balances, $63.3 million and $7.3 million were short-term marketable securities on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively and $98.1 million were long-term marketable securities on our condensed consolidated balance sheets as of June 30, 2025. Our long-term marketable securities have varying maturities between one and three years.
(2) The fair values of our 3.25% convertible senior notes due 2030 (the "3.25% Convertible Notes") and our 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. See Note 14 for more information about our convertible notes.
During the six months ended June 30, 2025 and 2024, we had no material nonfinancial asset and liability fair value adjustments.