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Fair Value Measurements and Derivative Instruments | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Derivative Instruments | Fair Value Measurements and Derivative Instruments We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show the financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy.
| March 31, 2026
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | 94,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,610 |
Mutual funds | 11,215 |  |  | — |  |  | — |  |  | 11,215 |
Government securities | 119 |  |  | 13,190 |  |  | — |  |  | 13,309 |
Corporate debt securities | — |  |  | 43,323 |  |  | — |  |  | 43,323 |
Mortgage-backed securities | — |  |  | 87,556 |  |  | — |  |  | 87,556 |
Asset-backed securities | — |  |  | 20,057 |  |  | — |  |  | 20,057 |
Total assets | $ | 105,944 |  |  | $ | 164,126 |  |  | $ | — |  |  | $ | 270,070 |
Liabilities: |  |  |  |  |  |  |
Deferred compensation obligations | $ | — |  |  | $ | 12,877 |  |  | $ | — |  |  | $ | 12,877 |
Total liabilities | $ | — |  |  | $ | 12,877 |  |  | $ | — |  |  | $ | 12,877 |
| December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | 47,239 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,239 |
Mutual funds | 11,852 |  |  | — |  |  | — |  |  | 11,852 |
Government securities | 120 |  |  | 13,366 |  |  | — |  |  | 13,486 |
Corporate debt securities | — |  |  | 43,895 |  |  | — |  |  | 43,895 |
Mortgage-backed securities | — |  |  | 89,002 |  |  | — |  |  | 89,002 |
Asset-backed securities | — |  |  | 20,203 |  |  | — |  |  | 20,203 |
Total assets | $ | 59,211 |  |  | $ | 166,466 |  |  | $ | — |  |  | $ | 225,677 |
Liabilities: |  |  |  |  |  |  |
Deferred compensation obligations | $ | — |  |  | $ | 13,741 |  |  | $ | — |  |  | $ | 13,741 |
Total liabilities | $ | — |  |  | $ | 13,741 |  |  | $ | — |  |  | $ | 13,741 |
The valuation of financial assets and liabilities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy: Assets •Money Market Funds: Money market funds typically invest in securities issued by the U.S. government and its agencies and other highly liquid, low risk securities. The fair value of money market funds is based on the net asset value as reported daily by the underlying money market fund and serves as the basis for subscriptions and redemptions. Accordingly, money market funds are classified as Level 1. •Mutual Funds: Comprised of mutual funds investing in equity securities of U.S. and foreign companies and a variety of fixed income securities. Mutual fund investments are primarily held in our deferred compensation plan (see Deferred Compensation Obligation below). The fair value of mutual funds is based on the net asset value as reported daily by the underlying mutual fund and serves as the basis for subscriptions and redemptions. Accordingly, mutual funds are classified as Level 1. •Government Securities: Government securities consist primarily of municipal bonds and U.S. agency securities. Government securities are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when fair value is determined using quoted market prices for similar securities or by benchmarking models which derive prices based on observable transactions for comparable securities. •Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. Accordingly, these securities are classified as Level 2. •Mortgage-Backed Securities: Comprised of U.S Government agency mortgage-backed securities issued by the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Governmental National Mortgage Association (Ginnie Mae), and the Federal Housing Administration and commercial mortgage-backed securities. Fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data. Accordingly, these securities are classified as Level 2. •Asset-Backed Securities: Asset-backed securities are classified as Level 2 as fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data. Liabilities •Deferred Compensation Obligation: we offer a deferred compensation plan that allows certain eligible employees to defer a portion of their variable compensation annually and invest their deferred compensation among a variety of investment options. The deferred compensation obligation represents the aggregate value of the participants' accounts at the end of the reporting period. The fair value of the deferred compensation obligation is determined based on the underlying asset values and is classified as Level 2. The deferred compensation obligation is reported in accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheet. Available-For-Sale Securities Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the three months ended March 31, 2026 or 2025. Available-for-sale securities consisted of the following:
| March 31, 2026
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
Mutual funds | $ | 1,899 |  |  | $ | — |  |  | $ | (182) |  |  | $ | 1,717 |
Government securities | 19,000 |  |  | — |  |  | (5,691) |  |  | 13,309 |
Corporate debt securities | 49,281 |  |  | — |  |  | (5,958) |  |  | 43,323 |
Mortgage-backed securities | 106,167 |  |  | — |  |  | (18,611) |  |  | 87,556 |
Asset-backed securities | 19,949 |  |  | 108 |  |  | — |  |  | 20,057 |
Total | $ | 196,296 |  |  | $ | 108 |  |  | $ | (30,442) |  |  | $ | 165,962 |
| December 31, 2025
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
Mutual funds | $ | 1,886 |  |  | $ | — |  |  | $ | (171) |  |  | $ | 1,715 |
Government securities | 19,043 |  |  | — |  |  | (5,557) |  |  | 13,486 |
Corporate debt securities | 49,481 |  |  | — |  |  | (5,586) |  |  | 43,895 |
Mortgage-backed securities | 107,652 |  |  | — |  |  | (18,650) |  |  | 89,002 |
Asset-backed securities | 19,947 |  |  | 256 |  |  | — |  |  | 20,203 |
Total | $ | 198,009 |  |  | $ | 256 |  |  | $ | (29,964) |  |  | $ | 168,301 |
The fair value of available-for-sale securities is reported on our Condensed Consolidated Balance Sheet as follows:
|  |  |  |  | March 31, 2026 |  | December 31, 2025
Short-term investments |  |  |  |  | $ | 1,717 |  |  | $ | 1,715 |
Other assets |  |  |  |  | 164,245 |  |  | 166,586 |
Total |  |  |  |  | $ | 165,962 |  |  | $ | 168,301 |
Investment securities in a loss position were as follows:
| March 31, 2026 |  | December 31, 2025
| Fair Value |  | Gross unrealized losses |  | Fair Value |  | Gross unrealized losses
Greater than 12 continuous months |  |  |  |  |  |  |
Mutual funds | $ | 1,717 |  |  | $ | 182 |  |  | $ | 1,715 |  |  | $ | 171 |
Government securities | 13,309 |  |  | 5,691 |  |  | 13,486 |  |  | 5,557 |
Corporate debt securities | 43,323 |  |  | 5,958 |  |  | 43,895 |  |  | 5,586 |
Mortgage-backed securities | 87,556 |  |  | 18,611 |  |  | 89,002 |  |  | 18,650 |
Total | $ | 145,905 |  |  | $ | 30,442 |  |  | $ | 148,098 |  |  | $ | 29,964 |
At March 31, 2026, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as we have the ability and intent to hold these securities until recovery of the unrealized losses and expect to receive the stated principal and interest at maturity. Scheduled maturities of available-for-sale securities at March 31, 2026 were as follows:
| Amortized cost |  | Estimated fair value
Within 1 year | $ | 1,899 |  |  | $ | 1,717 |
After 1 year through 5 years | 37,345 |  |  | 33,748 |
After 5 years through 10 years | 29,021 |  |  | 28,042 |
After 10 years | 128,031 |  |  | 102,455 |
Total | $ | 196,296 |  |  | $ | 165,962 |
Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations. Held-to-Maturity Securities The carrying value and fair value of investments classified as held-to-maturity is as follows:
|  | March 31, 2026 |  | December 31, 2025
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Government securities |  | $ | 19,089 |  |  | $ | 18,966 |  |  | $ | 19,865 |  |  | $ | 19,787 |
Other |  | 4,367 |  |  | 4,093 |  |  | 4,408 |  |  | 4,134 |
Total |  | $ | 23,456 |  |  | $ | 23,059 |  |  | $ | 24,273 |  |  | $ | 23,921 |
The carrying value of held-to-maturity securities is reported on our Condensed Consolidated Balance Sheet as follows:
|  |  |  |  | March 31, 2026 |  | December 31, 2025
Short-term investments |  |  |  |  | $ | 9,425 |  |  | $ | 10,522 |
Other assets |  |  |  |  | 14,031 |  |  | 13,751 |
Total |  |  |  |  | $ | 23,456 |  |  | $ | 24,273 |
Scheduled maturities of held-to-maturity securities at March 31, 2026 were as follows:
| Carrying value |  | Fair value
Within 1 year | $ | 9,425 |  |  | $ | 9,402 |
After 1 year through 5 years | 7,960 |  |  | 7,874 |
After 10 years | 6,071 |  |  | 5,783 |
Total | $ | 23,456 |  |  | $ | 23,059 |
Fair Value of Financial Instruments Our financial instruments include cash equivalents, accounts receivables, finance receivables, accounts payable and debt. The carrying values of cash equivalents, accounts receivables, finance receivables and accounts payable approximate fair value. The inputs used to estimate fair value of cash equivalents, accounts receivables, finance receivables and accounts payable were Level 2. The inputs used to estimate the fair value of debt were Level 2 and included recently executed transactions and market price quotations.
| March 31, 2026 |  | December 31, 2025
Carrying value | $ | 2,138,192 |  |  | $ | 1,993,038 |
Fair value | $ | 2,073,680 |  |  | $ | 1,954,304 |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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