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Fair Value Measurement
 9 Months Ended
Sep. 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
September 30, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$98,608 $— $— $98,608 
Commercial paper77,169 — — 77,169 
Other current assets:
Interest rate swaps$— $321 $— $321 
Total assets$175,777 $321 $— $176,098 
Accrued and other current liabilities:
Heating oil swaps$— $35 $— $35 
Total liabilities$— $35 $— $35 
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 
Interest Rate Swaps
In September 2025, we entered into two interest rate swaps designated as cash flow hedges with an effective date of January 2026. The two cash flow hedges had a combined initial notional amount of $350 million and mature in August of 2030. The interest rate swaps are designed to convert the interest rate on our Term Loans (as defined below) under our Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) (See Note 14) from a variable interest rate of Secured Overnight Financing Rate (“SOFR”) plus an applicable margin to a fixed rate of 3.218% plus the same applicable margin. The interest rate swap is measured at fair value on the consolidated balance sheet using the income approach, which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations primarily utilize indirectly observable inputs, including contractual terms, interest rates, and yield curves observable at commonly quoted intervals.
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 nine months ended September 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:
September 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$61,788 $62,035 $— $— 
U.S. Government and agency obligationsLevel 1$19,717 $19,724 $7,311 $7,312 
Commercial paperLevel 1$154,507 $154,479 $— $— 
Municipal notes and bondsLevel 1$15,906 $15,932 $— $— 
Liabilities (including current maturities):
3.75% Convertible Notes (2)
Level 2$373,750 $902,672 $373,750 $738,724 
3.25% Convertible Notes (2)
Level 2$373,750 $573,665 $373,750 $491,582 
Credit Agreement - Term Loan (2)Level 3$600,000 $605,256 $— $— 
Credit Agreement - Revolver (2)Level 3$— $— $— $— 
(1) All marketable securities were classified as held-to-maturity as of the periods presented. Of the above balances, $105.4 million and $7.3 million were short-term marketable securities on our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively and $69.3 million were long-term marketable securities on our condensed consolidated balance sheets as of September 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. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities and credit risk. See Note 14 for more information about our convertible notes and the Credit Agreement.
During the nine months ended September 30, 2025 and 2024, we had no material nonfinancial asset and liability fair value adjustments.