v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize significant assets and liabilities measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets for each of the fair value measurement levels (in thousands):
Fair Value Measurement at Reporting Date Using
June 30, 2026Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$190,793 $— $— $190,793 
Other current assets:
Interest rate swaps$— $6,025 $— $6,025 
Heating oil derivatives— 1,077 — 1,077 
Total assets$190,793 $7,102 $— $197,895 
Current liabilities:
Embedded conversion option derivative liability$— $— $630,473 $630,473 
Total liabilities$— $— $630,473 $630,473 
Fair Value Measurement at Reporting Date Using
December 31, 2025Level 1Level 2Level 3Total
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 
Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Recorded at Fair Value
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:
June 30, 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$47,500 $47,522 $59,477 $59,757 
U.S. Government and agency obligationsLevel 1$— $— $10,001 $10,006 
Commercial paperLevel 1$49,871 $49,863 $39,202 $39,198 
Municipal notes and bondsLevel 1$6,901 $6,896 $11,875 $11,890 
Liabilities (including current maturities):
6.375% Senior Notes (2)
Level 2$600,000 $611,250 $— $— 
3.75% Convertible Notes (2)
Level 2$273,747 $904,705 $373,750 $950,013 
3.25% Convertible Notes (2)
Level 2$373,750 $788,979 $373,750 $597,206 
Credit Agreement - Term Loan (2)Level 3$600,000 $605,202 $600,000 $602,265 
(1) All marketable securities were classified as held-to-maturity as of the periods presented. Of the above balances, $36.9 million and $71.0 million were short-term marketable securities on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively and $17.6 million were long-term marketable securities on our Condensed Consolidated Balance Sheets as of June 30, 2026. Our long-term marketable securities have varying maturities between one and three years.
(2) The fair values of our 6.375% senior unsecured notes due 2034 (the “6.375% Senior Notes”), our 3.25% convertible senior notes due 2030 (the “3.25% Convertible Notes”) and our 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 senior notes, convertible notes and the Credit Agreement.
Fair Value Measurement Inputs and Valuation Techniques The fair value of the 3.75% Convertible Notes excluding the conversion option was estimated using a discounted cash flow analysis
to determine the value of a comparable non-convertible debt instrument. Certain significant assumptions that are not directly observable in the market place were utilized, including the market yield that investors would require to hold a comparable Granite debt instrument and assumptions regarding the potential variability of such yields over time.
Unobservable InputsJune 30, 2026
Market yield for comparable non-convertible debt instrument4.18%
Variability in market yields for comparable debt instruments26.0%
Rollforward of Level 3 Derivative Liability
Rollforward of Level 3 Derivative Liability (in thousands):
Fair value at May 19, 2026$527,863 
Loss on derivative remeasurement102,610 
Fair value as of June 30, 2026$630,473