Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Contractual Maturities of Debt Securities

The following table summarizes the contractual maturities of debt securities held as of March 31, 2026 and December 31, 2025, which are classified within “Marketable securities, at fair value” and “Restricted marketable securities, at fair value” in the Consolidated Balance Sheets:

	Debt Securities — Available-for-Sale
Contractual maturity:	March 31, 2026		December 31, 2025
	(in thousands)
Marketable securities, at fair value
Maturing in one year or less	$	4,453	$	4,424
Maturing in second year through fifth year	9,228		10,850
Maturing in sixth year through tenth year	21,691		21,962
Maturing after ten years	7,070		5,538
Total marketable securities, at fair value	$	42,442	$	42,774
Restricted marketable securities, at fair value
Maturing in one year or less	5,331		4,635
Maturing in second year through fifth year	19,775		15,011
Maturing in sixth year through tenth year	9,758		9,653
Maturing after ten years	1,034		1,053
Total restricted marketable securities, at fair value	$	35,898	$	30,352
Total debt securities — available-for-sale	$	78,340	$	73,126

Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Debt Securities

The following table shows the amortized cost, unrealized gains and losses, and estimated fair value of the Company’s debt securities as of March 31, 2026 and December 31, 2025:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Credit Impairment Losses1
March 31, 2026	(in thousands)
Type of security:
Marketable securities
Municipal bonds — taxable	$	4,146	$	6	$	(87)	$	4,065	$	—
Municipal bonds — non-taxable	39,658		51		(1,332)		38,377		—
Total marketable securities	$	43,804	$	57	$	(1,419)	$	42,442	$	—
Restricted marketable securities
U.S. treasury bonds	$	13,688	$	72	$	(38)	$	13,722	$	—
U.S. government agency bonds	1,222		2		—		1,224		—
International fixed income bonds	731		—		—		731		—
Corporate bonds	10,699		90		(24)		10,765		—
Municipal bonds — taxable	9,260		201		(5)		9,456		—
Total restricted marketable securities	$	35,600	$	365	$	(67)	$	35,898	$	—
Total debt securities — available-for-sale	$	79,404	$	422	$	(1,486)	$	78,340	$	—
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 March 31, 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.

Schedule of Fair Value Measurements Information for Marketable Securities and Deferred Compensation Fund Investments

The following tables provide fair value measurement information for the Company’s financial assets, including marketable securities, restricted marketable securities and deferred compensation plan investments as of March 31, 2026 and December 31, 2025:

	As of March 31, 2026
					Fair Value Measurement Using:
(amounts in thousands)	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities
Municipal bonds — taxable	$	4,065	$	4,065	$	—	$	4,065	$	—
Municipal bonds — non-taxable	38,377		38,377		—		38,377		—
Total marketable securities	$	42,442	$	42,442	$	—	$	42,442	$	—
Restricted marketable securities
U.S. treasury bonds	$	13,722	$	13,722	$	—	$	13,722	$	—
U.S. government agency bonds	1,224		1,224		—		1,224		—
International fixed income bonds	731		731		—		731		—
Corporate bonds	10,765		10,765		—		10,765		—
Municipal bonds — taxable	9,456		9,456		—		9,456		—
Total restricted marketable securities	$	35,898	$	35,898	$	—	$	35,898	$	—
Deferred compensation plan
Money market1	$	1,830	$	1,830	$	—	$	1,830	$	—
Commodities	424		424		424		—		—
Fixed income	5,224		5,224		5,224		—		—
International	6,172		6,172		6,172		—		—
Large cap blend	8,794		8,794		8,794		—		—
Large cap growth	17,400		17,400		17,400		—		—
Large cap value	7,267		7,267		7,267		—		—
Mid cap blend	4,053		4,053		4,053		—		—
Real estate	391		391		391		—		—
Small cap blend	3,462		3,462		3,462		—		—
Total deferred compensation plan2	$	55,017	$	55,017	$	53,187	$	1,830	$	—

	As of December 31, 2025
					Fair Value Measurement Using:
(amounts in thousands)	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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 March 31, 2026 and December 31, 2025 are inclusive of $2.0 million and $2.2 million 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.