XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurement | 3 Months Ended
--- | ---
Mar. 31, 2026
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
March 31, 2026 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 40,152 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,152 |
Other current assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 3,278 |  |  | $ | — |  |  | $ | 3,278 |
Heating oil derivatives | — |  |  | 3,650 |  |  | — |  |  | 3,650 |
Total assets | $ | 40,152 |  |  | $ | 6,928 |  |  | $ | — |  |  | $ | 47,080 |
December 31, 2025 |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 231,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 231,865 |
Other current assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 830 |  |  | $ | — |  |  | $ | 830 |
Total assets | $ | 231,865 |  |  | $ | 830 |  |  | $ | — |  |  | $ | 232,695 |
Accrued and other current liabilities: |  |  |  |  |  |  |
Heating oil derivatives | $ | — |  |  | $ | 122 |  |  | $ | — |  |  | $ | 122 |
Total liabilities | $ | — |  |  | $ | 122 |  |  | $ | — |  |  | $ | 122 |
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 January of 2029. The interest rate swaps are designed to convert the interest rate on our Term Loan (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 enter into derivative contracts to reduce our price exposure to commodity price fluctuations. Our outstanding heating oil derivative contracts have maturity dates through September 2027. These contracts were not designated as hedges and are treated as mark-to-market derivative instruments through their maturity dates with gains and losses recognized in the condensed consolidated statements of operations in cost of revenue. During the three months ended March 31, 2026, we recognized a $3.8 million gain. We recognized an immaterial gain in the same period of 2025. 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:
|  |  | March 31, 2026 |  | December 31, 2025
(in thousands) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Held-to-maturity marketable securities (1) |  |  |  |  |  |  |  |  |
Corporate notes and bonds | Level 1 |  | $ | 54,969 |  |  | $ | 55,055 |  |  | $ | 59,477 |  |  | $ | 59,757 |
U.S. Government and agency obligations | Level 1 |  | $ | 5,000 |  |  | $ | 4,999 |  |  | $ | 10,001 |  |  | $ | 10,006 |
Commercial paper | Level 1 |  | $ | 9,944 |  |  | $ | 9,942 |  |  | $ | 39,202 |  |  | $ | 39,198 |
Municipal notes and bonds | Level 1 |  | $ | 11,894 |  |  | $ | 11,896 |  |  | $ | 11,875 |  |  | $ | 11,890 |
Liabilities (including current maturities): |  |  |  |  |  |  |  |  |
3.75% Convertible Notes (2) | Level 2 |  | $ | 273,750 |  |  | $ | 720,032 |  |  | $ | 373,750 |  |  | $ | 950,013 |
3.25% Convertible Notes (2) | Level 2 |  | $ | 373,750 |  |  | $ | 614,047 |  |  | $ | 373,750 |  |  | $ | 597,206 |
Credit Agreement - Term Loan (2) | Level 3 |  | $ | 600,000 |  |  | $ | 601,581 |  |  | $ | 600,000 |  |  | $ | 602,265 |
(1) All marketable securities were classified as held-to-maturity as of the periods presented. Of the above balances, $49.2 million and $71.0 million were short-term marketable securities on our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively and $32.6 million were long-term marketable securities on our condensed consolidated balance sheets as of March 31, 2026. 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 three months ended March 31, 2026 and 2025, we had no material nonfinancial asset and liability fair value adjustments.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration