v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement:
•Level 1 – inputs are based upon quoted prices for identical instruments in active markets.
•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data.
•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the instrument.
The fair values of the Company’s derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2.
The Company does not measure its indebtedness at fair value in its condensed consolidated balance sheets. The fair value of the Credit Facilities is based on quoted market prices for this debt in the syndicated loan market. The fair value of the Senior Notes is based on quoted market prices. The carrying value of the Company’s other debt, as disclosed in Note 6—“Long-Term Debt”, approximates fair value.
We did not have any Level 3 financial assets or liabilities in any period presented.
The fair values and the levels within the fair value hierarchy of financial instruments recorded on the condensed consolidated balance sheets were:
June 30, 2026December 31, 2025
Financial InstrumentLevel
Balance Sheet Classification
Carrying ValueFair ValueCarrying ValueFair Value
Derivatives designated as hedging instruments(in thousands)
Assets:
Swap contracts
Level 2
Other current assets
$371 $371 $— $— 
Swap contractsLevel 2Other assets300 300 — — 
Total swap contracts
671 671 — — 
Collar contractsLevel 2
Other current assets
95 95 — — 
Collar contractsLevel 2Other assets165 165 — — 
Total collar contracts
260 260 — — 
Liabilities:
Swap contractsLevel 2Current liability— — (1,257)(1,257)
Swap contractsLevel 2Non-current liability— — (2,180)(2,180)
Total swap contracts— — (3,437)(3,437)
Collar contractsLevel 2Current liability— — (202)(202)
Collar contractsLevel 2Non-current liability— — (771)(771)
Total collar contracts— — (973)(973)
Total fair value
$931 $931 $(4,410)$(4,410)
6.875% senior notes
Level 2$640,430 $673,498 $639,644 $680,316 
Credit facilities:
Revolving Credit Facility
Level 2— — — — 
Term LoanLevel 2$927,549 $939,298 $931,247 $949,947 
The Company’s other financial instruments, which primarily consist of cash, accounts receivable, and accounts payable, approximate fair value because of the short-term maturities of these instruments.