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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy established by ASC 820 prioritizes the use of inputs used in valuation techniques into the following three levels:
•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities
•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs
•Level 3 inputs are unobservable
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2024 and 2023:
As of December 31, 2024As of December 31, 2023
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$455,084 $— $— $455,084 $380,564 $— $— $380,564 
Restricted cash(a)
9,104 — — 9,104 14,116 — — 14,116 
Restricted investments(b)
— 139,986 — 139,986 — 130,287 — 130,287 
Investments in lieu of retention(c)
38,359 106,765 — 145,124 19,988 86,961 — 106,949 
Total$502,547 $246,751 $— $749,298 $414,668 $217,248 $— $631,916 
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(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2024 and 2023, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of December 31, 2024 and 2023, and are composed of money market funds of $38.4 million and $20.0 million, respectively, and AFS debt securities of $106.8 million and
$87.0 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Investments in AFS debt securities consisted of the following as of December 31, 2024 and 2023:

As of December 31, 2024As of December 31, 2023
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$118,421 $603 $(1,242)$117,782 $95,903 $762 $(2,202)$94,463 
U.S. government agency securities16,323 35 (663)15,695 29,082 18 (1,054)28,046 
Municipal bonds7,159 — (831)6,328 8,227 5 (914)7,318 
Corporate certificates of deposit200 — (19)181 498 — (38)460 
Total restricted investments142,103 638 (2,755)139,986 133,710 785 (4,208)130,287 
Investments in lieu of retention:
Corporate debt securities106,014 224 (491)105,747 87,601 246 (1,950)85,897 
Municipal bonds830 188 — 1,018 823 241 — 1,064 
Total investments in lieu of retention106,844 412 (491)106,765 88,424 487 (1,950)86,961 
Total AFS debt securities$248,947 $1,050 $(3,246)$246,751 $222,134 $1,272 $(6,158)$217,248 
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024 and 2023:
As of December 31, 2024
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,985 $(159)$30,384 $(1,083)$54,369 $(1,242)
U.S. government agency securities4,371 (43)10,699 (620)15,070 (663)
Municipal bonds704 (13)5,560 (818)6,264 (831)
Corporate certificates of deposit— — 181 (19)181 (19)
Total restricted investments29,060 (215)46,824 (2,540)75,884 (2,755)
Investments in lieu of retention:
Corporate debt securities24,470 (149)37,755 (342)62,225 (491)
Total investments in lieu of retention24,470 (149)37,755 (342)62,225 (491)
Total AFS debt securities$53,530 $(364)$84,579 $(2,882)$138,109 $(3,246)
As of December 31, 2023
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$4,971 $(3)$40,649 $(2,199)$45,620 $(2,202)
U.S. government agency securities1,280 (4)22,858 (1,050)24,138 (1,054)
Municipal bonds99 (2)7,038 (912)7,137 (914)
Corporate certificates of deposit— — 460 (38)460 (38)
Total restricted investments6,350 (9)71,005 (4,199)77,355 (4,208)
Investments in lieu of retention:
Corporate debt securities11,398 (55)49,726 (1,895)61,124 (1,950)
Total investments in lieu of retention11,398 (55)49,726 (1,895)61,124 (1,950)
Total AFS debt securities$17,748 $(64)$120,731 $(6,094)$138,479 $(6,158)
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$82,693 $82,096 
Due after one year through five years155,400 154,783 
Due after five years10,854 9,872 
Total$248,947 $246,751 
The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2024 Senior Notes was $441.9 million as of December 31, 2024 and the fair value of the 2017 Senior Notes was
$490.9 million as of December 31, 2023. The fair values of the 2024 and 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $121.9 million and $358.9 million as of December 31, 2024 and 2023, respectively. The fair values of the Term Loan B were determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of December 31, 2024 and 2023.