Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date.

Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of June 30, 2026 or December 31, 2025. Cost basis is determined using the specific identification method.

The following table presents the remaining maturities and values of our marketable securities as of the dates shown.


	June 30, 2026					December 31, 2025
(in millions, except maturities in months)	Remaining Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	4 to 56 months	$	17.0	$	16.1	$	18.0	$	17.1

Corporate debt securities	7 to 82 months	8.2		8.1		11.2		11.1
State and municipal bonds	16 to 148 months	10.3		10.2		13.7		13.6

Total marketable securities		$	35.5	$	34.4	$	42.9	$	41.8

The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools, and MLSI, a transportation technology development company. The Company previously had an investment in ChemDirect, a business-to-business digital marketplace for the chemical industry. In February 2025, ChemDirect’s Board approved the dissolution of the company, and we recorded a $4.9 million loss in other expense—net on the consolidated statements of comprehensive income for the six months ended June 30, 2025.

During the first quarter of 2025, the Company funded a $13.0 million short term note receivable for MLSI which bore interest at 7.5%. In May 2025, the note receivable, plus accrued interest of $0.4 million, was converted to shares of preferred stock totaling $13.4 million in a noncash transaction.

These investments are accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative. Their combined values as of June 30, 2026 and December 31, 2025 were $137.3 million. When the Company identifies observable price changes for identical or similar securities of the same issuer, the related equity security is remeasured at fair value as of the date the observable transaction occurred using Level 3 inputs.

In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of June 30, 2026 which was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. As of June 30, 2026 and December 31, 2025, the balances, including accrued interest, were $12.7 million and $12.2 million, respectively. We also hold a $2.5 million note receivable from Platform Science, Inc. as of June 30, 2026 which was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027. As of June 30, 2026 and December 31, 2025, the balances, including accrued interest, were $2.9 million and $2.8 million, respectively.

The following table summarizes the activity related to these equity investments during the periods presented.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Investment in equity securities	$	—	$	13.4	$	—	$	13.4
Upward adjustments (1)	—		—		—		4.4
Downward adjustments	—		—		—		4.9

(1) Our updated investment value in 2025 related to Platform Science, Inc. and was determined using a combination of the discounted cash flow and guideline public company methods.

In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a Chinese autonomous trucking start-up. Upon completion of its initial public offering in April 2021, our investment in TuSimple was converted into Class A common shares and is being accounted for under ASC 321, Investments - Equity Securities. Our net investment and activity were not material for the three and six months ended June 30, 2026 and 2025, nor at December 31, 2025. See Note 3, Fair Value, for additional information on the fair value of our investment in TuSimple.

In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal-use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, a technology company that designs supply chain and logistics solutions to help companies manage their carbon emissions. The Company accounts for this investment under ASC 323, Investments - Equity Method and Joint Ventures.

For the three and six months ended June 30, 2026 and 2025, activity was not material. The carrying value of our investment was $3.8 million and $4.1 million as of June 30, 2026 and December 31, 2025, respectively.

All of our equity investments and notes receivable are included in internal-use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are recognized within other expenses—net on the consolidated statements of comprehensive income.