The Company’s current assets and current liabilities are financial instruments and most of these items (other than marketable securities, restricted marketable securities, inventories and supplies and the short-term portion of deferred compensation assets and liabilities) are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The carrying value of the Company’s line of credit represents the outstanding amount of the borrowings, which approximates fair value. The Company’s financial assets that are measured at fair value on a recurring basis are its marketable securities, restricted marketable securities and deferred compensation funding. The recorded values of all of the financial instruments approximate their current fair values because of their nature, stated interest rates and respective maturity dates or durations.

The Company’s marketable securities and restricted marketable securities are held by the Company’s captive insurance company to satisfy capital requirements of the state regulator related to captive insurance companies. Restricted marketable securities are held by the Company’s captive insurance company as collateral for certain insurance coverages. Such securities are primarily comprised of municipal bonds, treasury notes, corporate bonds and other government bonds which are classified as available-for-sale and are reported at fair value. Premium amortization and discount accretion on marketable securities and restricted marketable securities are recognized as adjustments to interest income within “Investment and other income, net” in the Consolidated Statements of Comprehensive Income. Unrealized gains and losses associated with these investments are included in “Unrealized (loss) gain on available-for-sale marketable securities, net of taxes” within the Consolidated Statements of Comprehensive Income. Marketable securities and restricted marketable securities are classified within Level 2 of the fair value hierarchy, as these securities are measured using quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable. Such valuations are determined by a third-party pricing service. For the three and nine months ended September 30, 2026, the Company recorded unrealized losses, net of taxes of $2.4 million and $2.9 million on marketable securities and restricted marketable securities, respectively. For the three and nine months ended September 30, 2025, the Company recorded unrealized gains, net of taxes of $0.7 million and $1.6 million on marketable securities and restricted marketable securities, respectively.

For the three months ended September 30, 2026 and 2025, the Company received total proceeds, less the amount of interest received, of $9.2 million and $7.9 million, respectively, from sales of available-for-sale marketable securities. These sales resulted in realized losses of less than $0.1 million and gains of $0.1 million during the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026 and 2025, the Company received total proceeds, less the amount of interest received, of $21.1 million and $8.1 million, respectively, from the sales of available-for-sale marketable securities. These sales resulted in realized losses of $0.1 million and gains of $0.1 million during the nine months ended September 30, 2026 and 2025. Such losses were recorded in “Investment and other income, net” in the Consolidated Statements of Comprehensive Income. The basis for the sale of these securities was the specific identification of each security sold during the period.

The Company accounts for contingent liabilities arising from acquisitions at fair value. The Company recorded a liability for the contingent liabilities within Other long-term liabilities on the Consolidated Balance Sheets. The fair value of these liabilities are measured using forecasted sales models (Level 3) specific to each acquisition. The Company records gains and losses from this liability within “Selling, general and administrative” in the Consolidated Statements of Comprehensive Income related to the remeasurement of contingent liabilities at each reporting date. For the three months ended September 30, 2026 and 2025, the Company recorded $0.8 million and less than $0.1 million of unrealized losses related to changes in valuation of this liability. For the nine months ended September 30, 2026 and 2025, the Company recorded $0.8 million of unrealized losses and $0.4 million of realized gains related to changes in valuation of this liability.

The investments under the deferred compensation plan are accounted for as trading securities and unrealized gains or losses are recorded within “Investment and other income, net” in the Consolidated Statements of Comprehensive Income. The fair values of these investments are determined based on quoted market prices (Level 1) or the net asset value (“NAV”) of underlying share investments (Level 2). For the three months ended September 30, 2026 and 2025, the Company recorded unrealized losses of $0.6 million and gains of $3.7 million, respectively, related to trading securities still held at the respective reporting dates. For the nine months ended September 30, 2026 and 2025, the Company recorded unrealized gains of $4.8 million and $6.9 million, respectively, related to trading securities still held at the respective reporting dates.


	Debt Securities — Available-for-Sale
Contractual maturity:	September 30, 2026		December 31, 2025
	(in thousands)
Marketable securities, at fair value
Maturing in one year or less	$	455	$	4,424
Maturing in second year through fifth year	5,653		10,850
Maturing in sixth year through tenth year	20,145		21,962
Maturing after ten years	7,970		5,538
Total marketable securities, at fair value	$	34,223	$	42,774
Restricted marketable securities, at fair value
Maturing in one year or less	5,119		4,635
Maturing in second year through fifth year	19,978		15,011
Maturing in sixth year through tenth year	9,296		9,653
Maturing after ten years	974		1,053
Total restricted marketable securities, at fair value	$	35,367	$	30,352
Total debt securities — available-for-sale	$	69,590	$	73,126


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Credit Impairment Losses1
September 30, 2026	(in thousands)
Type of security:
Marketable securities
Municipal bonds — taxable	$	4,148	$	—	$	(305)	$	3,843	$	—
Municipal bonds — non-taxable	33,225		—		(2,845)		30,380		—
Total marketable securities	$	37,373	$	—	$	(3,150)	$	34,223	$	—
Restricted marketable securities
U.S. treasury bonds	$	16,069	$	—	$	(531)	$	15,538	$	—

Corporate bonds	11,930		—		(324)		11,606		—
Municipal bonds — taxable	8,471		—		(248)		8,223		—
Total restricted marketable securities	$	36,470	$	—	$	(1,103)	$	35,367	$	—
Total debt securities — available-for-sale	$	73,843	$	—	$	(4,253)	$	69,590	$	—

December 31, 2025
Type of security:
Marketable securities
Municipal bonds — taxable	$	4,115	$	1	$	(70)	$	4,046	$	—
Municipal bonds — non-taxable	39,827		124		(1,223)		38,728		—
Total marketable securities	$	43,942	$	125	$	(1,293)	$	42,774	$	—
Restricted marketable securities
U.S. treasury bonds	$	9,904	$	148	$	(15)	$	10,037	$	—
U.S. government agency bonds	1,210		5		—		1,215		—
International fixed income bonds	733		3		—		736		—
Corporate bonds	8,682		177		(1)		8,858		—
Municipal bonds — taxable	9,222		284		—		9,506		—
Total restricted marketable securities	$	29,751	$	617	$	(16)	$	30,352	$	—
Total debt securities — available-for-sale	$	73,693	$	742	$	(1,309)	$	73,126	$	—

1.The Company performs a credit impairment loss assessment quarterly on an individual security basis. As of September 30, 2026 and December 31, 2025, no allowance for credit loss has been recognized as the issuers of these securities have not established a cause for default and various rating agencies have reaffirmed each security’s investment grade status. The fair value of these securities have fluctuated since the purchase date as market interest rates fluctuate. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of the securities’ amortized cost basis.


	As of September 30, 2026
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Marketable securities
Municipal bonds — taxable	$	3,843	$	3,843	$	—	$	3,843	$	—
Municipal bonds — non-taxable	30,380		30,380		—		30,380		—
Total marketable securities	$	34,223	$	34,223	$	—	$	34,223	$	—

Restricted marketable securities
U.S. treasury bonds	$	15,538	$	15,538	$	—	$	15,538	$	—
U.S. government agency bonds	—		—		—		—		—
International fixed income bonds	—		—		—		—		—
Corporate bonds	11,606		11,606		—		11,606		—
Municipal bonds — taxable	8,223		8,223		—		8,223		—
Total restricted marketable securities	$	35,367	$	35,367	$	—	$	35,367	$	—

Deferred compensation plan
Money market1	$	2,270	$	2,270	$	—	$	2,270	$	—
Commodities	441		441		441		—		—
Fixed income	5,157		5,157		5,157		—		—
International	4,322		4,322		4,322		—		—
Large cap blend	10,508		10,508		10,508		—		—
Large cap growth	19,819		19,819		19,819		—		—
Large cap value	7,830		7,830		7,830		—		—
Mid cap blend	4,301		4,301		4,301		—		—
Real estate	408		408		408		—		—
Small cap blend	3,941		3,941		3,941		—		—
Global allocation	2,500		2,500		2,500		—		—
Total deferred compensation plan2	$	61,497	$	61,497	$	59,227	$	2,270	$	—


	As of December 31, 2025
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Marketable securities
Municipal bonds — taxable	$	4,046	$	4,046	$	—	$	4,046	$	—
Municipal bonds — non-taxable	38,728		38,728		—		38,728		—
Total marketable securities	$	42,774	$	42,774	$	—	$	42,774	$	—

Restricted marketable securities
U.S. treasury bonds	$	10,037	$	10,037	$	—	$	10,037	$	—
U.S. government agency bonds	1,215		1,215		—		1,215		—
International fixed income bonds	736		736		—		736		—
Corporate bonds	8,858		8,858		—		8,858		—
Municipal bonds — taxable	9,506		9,506		—		9,506		—

Total restricted marketable securities	$	30,352	$	30,352	$	—	$	30,352	$	—

Deferred compensation plan
Money market1	$	1,965	$	1,965	$	—	$	1,965	$	—
Commodities	361		361		361		—		—
Fixed income	5,190		5,190		5,190		—		—
International	6,320		6,320		6,320		—		—
Large cap blend	8,513		8,513		8,513		—		—
Large cap growth	20,425		20,425		20,425		—		—
Large cap value	7,485		7,485		7,485		—		—
Mid cap blend	4,059		4,059		4,059		—		—
Real estate	389		389		389		—		—
Small cap blend	3,438		3,438		3,438		—		—
Deferred compensation plan2	$	58,145	$	58,145	$	56,180	$	1,965	$	—

1.The fair value of the money market is based on the NAV of the shares held by the plan at the end of the period. The money market fund includes short-term United States dollar denominated money market instruments and the NAV is determined by the custodian of the fund. The money market fund can be redeemed at its NAV at the measurement date as there are no significant restrictions on the ability to sell this investment.

2.The deferred compensation plan carrying amounts and total fair value amounts as of September 30, 2026 and December 31, 2025 are inclusive of $2.5 million and $2.2 million, respectively, of holdings expected to be paid to former employees within the next twelve months which were recorded under “Prepaid expenses and other current assets” in the Company’s Consolidated Balance Sheets.