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Employee compensation plans (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Restricted Stock Activity The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the 2014 OIP and 2024 OIP for the year ended December 31, 2025:
Number of Class
A Shares
Subject to
Restricted Stock  Awards
Weighted
Average Fair
Value Per Share
Weighted Average Remaining
Contractual
Life
Non-vested at beginning of year1,434,968 $35.42 1.6 years
Granted227,625 69.89 2.7 years
Vested(340,491)29.29 — 
Forfeited(56,795)47.74 — 
Non-vested at end of year1,265,307 $42.71 1.4 years
Share-Based Payment Arrangement, Stock Appreciation Right The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2025:
Grant DateNumber of
OARs
Outstanding
Strike PriceRemaining
Contractual
Life
Fair Value as of December 31, 2025
January 11, 2021526,499 $32.16 10 days$40.15 
January 7, 2022559,117 49.57 1 year24.67 
January 6, 2023472,630 45.33 2 years29.35 
January 5, 2024454,760 40.78 3 years34.30 
January 6, 2025629,270 64.48 4 years22.87 
Total OARs outstanding 2,642,276 
Total weighted average values$47.38 3.0 years$29.82 
Schedule of Share-Based Payment Award, Non-Options Equity Instrument, Valuation Assumptions
The fair value as of December 31, 2025 for each of the OARs was estimated using the Black-Scholes model with the following assumptions:
Grant Date
January 11, 2021January 7, 2022January 6, 2023January 5, 2024January 6, 2025
Expected term (1)
10 days1 year2 years3 years4 years
Expected volatility factor (2)
18.737 %32.074 %26.223 %26.100 %30.414 %
Risk-free interest rate (3)
3.644 %3.511 %3.482 %3.544 %3.655 %
(1) The expected term was determined based on the remaining life of the actual awards
(2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards
(3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at December 31, 2025