v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
11. Fair Value Measurements
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, derivative instruments and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective Level 1 fair values due to the short-term maturity of these instruments.
The Company’s ABL Facility applies floating interest rates to outstanding amounts; therefore, the carrying amount of the ABL Facility approximates its Level 3 fair value. The fair value of our senior notes is determined by using Level 2 inputs, relying on quoted prices in less active markets.
The Company records derivative instruments at fair value using Level 2 inputs of the fair value hierarchy. The interest rate swap is valued using a discounted cash flow analysis based on available market data on the expected cash flows of each
derivative using observable inputs, including interest rate curves and credit spreads. See Note 10. Derivative Instruments for more details.
The following table summarizes the fair value of our interest rate swap, measured at fair value on a recurring basis, and our long‑term debt disclosed at fair value:
Carrying Value (1)
June 30, 2026
(in thousands)
Level 1Level 2Level 3Total
Interest rate swap- non-current asset$10,128 $— $10,128 $— $10,128 
2031 Senior Notes1,000,000 — 1,002,980 — 1,002,980 
2033 Senior Notes770,000 — 781,011 — 781,011 
2035 Senior Notes630,000 — 646,569 — 646,569 
ABL Facility380,917 — — 380,917 380,917 
Carrying Value (1)
December 31, 2025
(in thousands)
Level 1Level 2Level 3Total
Interest rate swap- non-current asset$4,664 $— $4,664 $— $4,664 
2029 Senior Notes750,000 — 780,360 — 780,360 
2033 Senior Notes770,000 — 786,686 — 786,686 
2035 Senior Notes630,000 — 647,854 — 647,854 
ABL Facility464,647 — — 464,647 464,647 
(1)
See Note 9. Debt and Credit Facilities for a reconciliation of the long-term debt’s presentation in the condensed consolidated balance sheets.