Fair Value Measurements and Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	6,435	$	140,125	$	—	$	146,560
Equity securities	—		12,518		—		12,518
Commingled fixed income securities	1,612		534		—		2,146
Government and related securities	2,334		13,410		—		15,744
Corporate debt securities	—		42,159		—		42,159
Mortgage-backed / asset-backed securities	—		98,464		—		98,464
Total assets	$	10,381	$	307,210	$	—	$	317,591

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Investment securities
Money market funds	$	13,366	$	188,484	$	—	$	201,850
Equity securities	—		15,341		—		15,341
Commingled fixed income securities	1,581		5,741		—		7,322
Government and related securities	11,489		18,999		—		30,488
Corporate debt securities	—		54,330		—		54,330
Mortgage-backed / asset-backed securities	—		119,901		—		119,901
Derivatives
Interest rate swap	—		8,425		—		8,425
Total assets	$	26,436	$	411,221	$	—	$	437,657

Summary of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:

	December 31, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	21,432	$	(5,688)	$	15,744
Corporate debt securities	50,367		(8,208)		42,159
Commingled fixed income securities	1,835		(223)		1,612
Mortgage-backed / asset-backed securities	123,289		(24,825)		98,464
Total	$	196,923	$	(38,944)	$	157,979

	December 31, 2023
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	35,048	$	(7,018)	$	28,030
Corporate debt securities	65,008		(10,678)		54,330
Commingled fixed income securities	1,788		(207)		1,581
Mortgage-backed / asset-backed securities	146,022		(26,121)		119,901
Total	$	247,866	$	(44,024)	$	203,842

Summary of Investment Securities in a Loss Position

Investment securities in a loss position were as follows:

	December 31, 2024				December 31, 2023
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	15,744	$	5,688	$	28,030	$	7,018
Corporate debt securities	39,845		8,206		51,948		10,466
Mortgage-backed / asset-backed securities	98,464		24,825		119,901		26,121
Total	$	154,053	$	38,719	$	199,879	$	43,605
Less than 12 continuous months
Corporate debt securities	$	2,314	$	2	$	2,382	$	212
Commingled fixed income securities	1,612		223		1,581		207
Total	$	3,926	$	225	$	3,963	$	419

Summary of Available-For-Sale Securities

At December 31, 2024, scheduled maturities of available-for-sale securities were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	4,146	$	3,926
After 1 year through 5 years	4,460		4,028
After 5 years through 10 years	51,237		44,200
After 10 years	137,080		105,825
Total	$	196,923	$	157,979

Summary of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The impact of these interest rate swaps was as follows:

	Years Ended December 31,
	Derivative Gain (Loss) Recognized in AOCL (Effective Portion)				Location of Gain (Loss) (Effective Portion)	Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument	2024		2023			2024		2023
Interest rate swaps	$	(8,425)	$	(6,858)	Interest expense	$	10,124	$	9,708

Summary of Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of our debt was as follows:

	December 31,
	2024		2023
Carrying value	$	1,919,708	$	2,146,032
Fair value	$	1,823,430	$	1,893,620