INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

Below is a summary of the amortized cost and estimated market values of our marketable securities as of December 31, 2025 and 2024. The estimated market values provided are Level 2 valuations as defined by ASC 820.

	2025				2024
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Marketable securities:
Current	$	1,425	$	1,424	$	852	$	848
Due from one through five years		1,726		1,730		2,692		2,677
Due from six through ten years		1,734		1,694		2,837		2,749
Total	$	4,885	$	4,848	$	6,381	$	6,274

The unrealized gains and losses on marketable securities at December 31, 2025 and 2024 were as follows:

	2025				2024
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Marketable securities	$	9	$	(46)	$	5	$	(112)

During 2025, we sold a held-to-maturity debt security with a face value of $0.4 million prior to its maturity. The sale resulted in an immaterial realized loss, which was recorded within selling and administrative expenses in the Consolidated Statements of Earnings. The sale was prompted by a deterioration in the creditworthiness of the issuer and was made to minimize potential future losses. This transaction does not represent a change in our intent or ability to hold our remaining held-to-maturity debt securities until maturity.

At each reporting date, we review our investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, we consider all available evidence, including our overall financial condition, the severity and duration of the decline in fair value, and our intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, we record a reduction in the carrying value to the estimated fair value. We reviewed our portfolio of investments as of December 31, 2025 and 2024 and determined that no other-than-temporary market value impairment exists.