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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, 2026Level 1Level 2Level 3Total
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, 2026December 31, 2025
(in thousands)Fair Value HierarchyCarrying ValueFair
Value		Carrying ValueFair
Value
Assets:
Held-to-maturity marketable securities (1)
Corporate notes and bondsLevel 1$54,969 $55,055 $59,477 $59,757 
U.S. Government and agency obligationsLevel 1$5,000 $4,999 $10,001 $10,006 
Commercial paperLevel 1$9,944 $9,942 $39,202 $39,198 
Municipal notes and bondsLevel 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.