| Summary of assets measured at fair value on a recurring basis |
The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets and liabilities that are measured at fair value on a recurring basis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Fair Value Measurements Using | | Fair Value Measurements Using | | thousands | Total | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs
(Level 3) | | Total | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | Investments in equity securities | $ | 1,263,521 | | | $ | 1,263,521 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Short-term investments | 27,761 | | | — | | | 27,761 | | | — | | | — | | | — | | | — | | | — | | | Investments in AFS fixed maturity securities: | | | | | | | | | | | | | | | | | U.S. Government | 3,137 | | | — | | | 3,137 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Corporate | 7,297 | | | — | | | 7,297 | | | — | | | — | | | — | | | — | | | — | | | Foreign Governments | 602 | | | — | | | 602 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Derivative assets | 18,948 | | | — | | | 18,740 | | | 208 | | | 3,113 | | | — | | | 3,113 | | | — | | | Derivative liabilities | — | | | — | | | — | | | — | | | 689 | | | — | | | 689 | | | — | |
|
| Summary of assets and liabilities not measured at fair value on a recurring basis |
The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | thousands | Fair Value Hierarchy | Carrying Amount | | Estimated Fair Value | | Carrying Amount | | Estimated Fair Value | | Assets: | | | | | | | | | | | | | | | | | | | Cash, cash equivalents, and restricted cash (a) | Level 1 | $ | 3,741,790 | | | $ | 3,741,790 | | | $ | 2,097,158 | | | $ | 2,097,158 | | | Accounts receivable, net (b) | Level 3 | 883,267 | | | 883,267 | | | 134,122 | | | 134,122 | | | | | | | | | | | | | | | | | | | | | Notes receivable, net (c) | Level 3 | 3,692 | | | 3,692 | | | 2,932 | | | 2,932 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Fixed-rate debt (d) | Level 2 | 4,093,705 | | | 3,802,750 | | | 3,923,855 | | | 3,794,729 | | | Variable-rate debt (d) | Level 2 | 1,656,629 | | | 1,656,629 | | | 1,220,359 | | | 1,220,359 | |
(a)Cash, cash equivalents, and restricted cash include demand deposits, money market mutual funds, and U.S. Treasury bills with original maturities of 90 days or less. (b)Accounts receivable, net is shown net of an allowance of $6.4 million at September 30, 2026, and $7.2 million at December 31, 2025. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (c)Notes receivable, net is shown net of an immaterial allowance at September 30, 2026, and December 31, 2025. (d)Excludes related unamortized financing costs.
|