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Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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 
Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Recorded at Fair Value
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.