We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. 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.


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:

Money market funds	$	9,218	$	—	$	—	$	9,218
Mutual funds	13,986		—		—		13,986

Government securities	2,401		13,252		—		15,653
Corporate debt securities	—		43,769		—		43,769
Mortgage-backed securities	—		89,894		—		89,894
Asset-backed securities	—		20,218		—		20,218



Total assets	$	25,605	$	167,133	$	—	$	192,738
Liabilities:

Deferred compensation obligations	$	—	$	15,173	$	—	$	15,173

Total liabilities	$	—	$	15,173	$	—	$	15,173


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:

Money market funds	$	65,251	$	—	$	—	$	65,251

Mutual funds	14,664		—		—		14,664
Government securities	2,334		13,410		—		15,744
Corporate debt securities	—		42,159		—		42,159
Mortgage-backed securities	—		90,628		—		90,628
Asset-backed securities	—		7,836		—		7,836



Total assets	$	82,249	$	154,033	$	—	$	236,282
Liabilities:

Deferred compensation obligations	$	—	$	16,309	$	—	$	16,309

Total liabilities	$	—	$	16,309	$	—	$	16,309

The fair value table as of December 31, 2024 has been revised to exclude certain interest-bearing savings accounts that were previously reported within the money market funds line item that should not have been included in the fair value table based on the nature of these deposits, and to correct for certain other leveling disclosure errors. Additionally, the Held-to-Maturities Securities disclosure as of December 31, 2024 has been revised to exclude certain short-term savings products that do not meet the definition of securities and the investments in a loss position has been revised to correct for classification errors between the greater than 12 months and less than 12 months disclosure. These revisions impact our footnote disclosure only and had no impact on our consolidated financial statements for any interim or annual periods.

The valuation of investment securities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:

•Money Market Funds: Money market funds typically invest in securities issued by the U.S. government and its agencies and other highly liquid, low risk securities. The fair value of money market funds is based on the net asset value as reported daily by the underlying money market fund and serves as the basis for subscriptions and redemptions. Accordingly, money market funds are classified as Level 1.

•Mutual Funds: Comprised of mutual funds investing in equity securities of U.S. and foreign companies and a variety of fixed income securities. Mutual fund investments are primarily held in our deferred compensation plan (see Deferred Compensation Obligation below). The fair value of mutual funds is based on the net asset value as reported daily by the underlying mutual fund and serves as the basis for subscriptions and redemptions. Accordingly, mutual funds are classified as Level 1.

•Government Securities: Government securities consist primarily of municipal bonds and U.S. agency securities. Government securities are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when fair value is determined using quoted market prices for similar securities or benchmarking models which derive prices based on observable transactions for comparable securities.

•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. Accordingly, these securities are classified as Level 2.

•Mortgage-Backed Securities: Comprised of residential and commercial mortgage-backed securities issued by FHLMC (Federal Home Loan Mortgage Corporation; Freddie Mac), FNMA (Federal National Mortgage Association; Fannie Mae), GNMA (Governmental National Mortgage Association, also known as Ginnie Mae), and FHA (Federal Housing Administration). Fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data. Accordingly, these securities are classified as Level 2.

•Asset-Backed Securities: Asset-backed securities are classified as Level 2 as fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data.

•Deferred Compensation Obligation: we offer a deferred compensation plan that allows certain eligible employees to defer a portion of their variable compensation annually and invest their deferred compensation among a variety of investment options. The deferred compensation obligation represents the aggregate value of the participants' accounts at the end of the reporting period. The fair value of the deferred compensation obligation is determined based on the underlying asset values and is classified as Level 2. The deferred compensation obligation is reported in Accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheet.

Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the nine months ended September 30, 2025 or 2024.


	September 30, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government securities	$	21,364	$	2	$	(5,713)	$	15,653
Corporate debt securities	49,678		—		(5,909)		43,769
Mutual funds	1,873		—		(178)		1,695
Mortgage-backed securities	109,353		—		(19,459)		89,894
Asset-backed securities	19,945		273		—		20,218
Total	$	202,213	$	275	$	(31,259)	$	171,229


	December 31, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government securities	$	21,432	$	(5,688)	$	15,744
Corporate debt securities	50,367		(8,208)		42,159
Mutual funds	1,835		(223)		1,612
Mortgage-backed securities	114,941		(24,313)		90,628
Asset-backed securities	8,348		(512)		7,836
Total	$	196,923	$	(38,944)	$	157,979


	September 30, 2025				December 31, 2024
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government securities	$	13,374	$	5,713	$	15,744	$	5,688
Corporate debt securities	43,769		5,909		42,159		8,208
Mutual funds	1,695		178		1,612		223
Mortgage-backed securities	89,894		19,459		90,628		24,313
Asset-backed securities	—		—		7,836		512
Total	$	148,732	$	31,259	$	157,979	$	38,944

At September 30, 2025, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as we have the ability and intent to hold these securities until recovery of the unrealized losses and expect to receive the stated principal and interest at maturity.


	Amortized cost		Estimated fair value
Within 1 year	$	4,150	$	3,974
After 1 year through 5 years	25,222		22,983
After 5 years through 10 years	40,801		38,697
After 10 years	132,040		105,575
Total	$	202,213	$	171,229


	September 30, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Government securities	$	20,437	$	20,433	$	20,308	$	20,219


Other	2,408		2,155		2,480		2,242
Total	$	22,845	$	22,588	$	22,788	$	22,461

At September 30, 2024, we had outstanding interest rate swap agreements that effectively converted $200 million of variable rate debt to fixed rates. These swaps were designated as cash flow hedges. The swaps were recorded at fair value at the end of each reporting period with the change in fair value reflected in AOCL. For the three months ended September 30, 2024, the amount recognized in AOCL was a loss of $3 million and the amount reclassified from AOCL to earnings was a gain of $3 million. For the nine months ended September 30, 2024, the amount recognized in AOCL was a loss of $6 million and the amount reclassified from AOCL to earnings was a gain of $8 million. These interest rate swap agreements matured in December 2024.

Our financial instruments include cash equivalents, accounts receivables, finance receivables, accounts payable and debt. The carrying values of cash equivalents, accounts receivables, finance receivables and accounts payable approximate fair value. The inputs used to estimate fair value of cash equivalents, accounts receivables, finance receivables and accounts payable were Level 2.