Fair Value Measurements and Derivative Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
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 | |
|
| Schedule of Available-for-sale Securities Reconciliation |
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 | |
|
| Schedule of Available-for-sale Securities |
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 | |
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 | |
|
| Schedule of Unrealized Holding Losses |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Schedule of Fair Value, by Balance Sheet Grouping |
| | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Carrying value | $ | 2,138,192 | | | $ | 1,993,038 | | | Fair value | $ | 2,073,680 | | | $ | 1,954,304 | |
|
| Schedule of Carrying Value and Fair Value of Investments |
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 | |
|