Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured to Fair Value on Recurring Basis

The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands).

	December 31,
Description	2025		2024
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)	$	19,188	$	18,089
Total Level 1 inputs	19,188		18,089
Values based on Level 2 inputs:
Deferred compensation plan assets (1)	155,949		128,670
Foreign currency forward contracts (2)	1,169		1,852
Interest rate swap contract (3)	—		3,095
Total Level 2 inputs	157,118		133,617
Total Assets	$	176,306	$	151,706
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)	$	178,331	$	148,564
Foreign currency forward contracts (2)	939		1,868
Total Level 2 inputs	179,270		150,432
Total Liabilities	$	179,270	$	150,432

(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $19.2 million and $18.1 million as of December 31, 2025 and 2024, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $155.9 million and $128.7 million at December 31, 2025 and 2024, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input.

(2)The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.

(3)Prior to September 30, 2025, the Company had an interest rate swap contract that hedged the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair value of the interest rate swap was based on mark-to-market valuations prepared by a third-party broker. Those valuations were based on observable interest rates from recently executed market transactions and other observable market data, which the Company considered to be Level 2 inputs. The Company independently corroborated the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The table below presents the carrying amounts (net of deferred financing costs and unamortized discounts) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.

 

	Carrying Amount				Fair Value
	December 31,				December 31,
Description	2025		2024		2025		2024
2028 Notes	$	796,563	$	795,296	$	798,080	$	780,544
2029 Notes	596,578		595,669		578,760		558,840
2030 Notes	795,024		794,089		759,224		732,200
2031 Notes	346,564		—		351,869		—
2035 Notes	445,411		—		450,657		—
Total	$	2,980,140	$	2,185,054	$	2,938,590	$	2,071,584