XML 43 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments

12. FINANCIAL INSTRUMENTS

The Company’s only financial assets and liabilities which are measured at fair value on a recurring basis relate to certain aspects of the Company’s benefit plans. We use the market approach to determine the fair value of these assets and liabilities using significant other observable inputs (Level 2) with the assistance of third-party specialists. We do not have any assets or liabilities measured at fair value on a recurring basis using quoted prices in an active market (Level 1) or significant unobservable inputs (Level 3). Gains and losses related to the fair value changes in the financial assets and liabilities are recorded in general and administrative expense in the consolidated statements of operations.

The following table summarizes the fair value balances (in thousands):

 

 

 

 

 

Fair Value Measurement at

 

 

 

 

 

 

September 30, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance policies (1)

 

$

26,518

 

 

$

—

 

 

$

26,518

 

 

$

—

 

 

$

26,518

 

 

$

—

 

 

$

26,518

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation liabilities

 

$

20,536

 

 

$

—

 

 

$

20,536

 

 

$

—

 

 

$

20,536

 

 

$

—

 

 

$

20,536

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurement at

 

 

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance policies (1)

 

$

25,435

 

 

$

—

 

 

$

25,435

 

 

$

—

 

 

$

25,435

 

 

$

—

 

 

$

25,435

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation liabilities

 

$

19,103

 

 

$

—

 

 

$

19,103

 

 

$

—

 

 

$

19,103

 

 

$

—

 

 

$

19,103

 

 

$

—

 

(1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans.