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INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Equity Investments without Readily Determinable Fair Values
Our strategic equity investments without readily determinable fair values primarily consist of our investment in MLSI, a transportation management systems company. MLSI has developed a cloud-based transportation management system using its SaaS technology, and we have obtained a license. Our investments are being accounted for under ASC 321 using the measurement alternative, and are recorded in other noncurrent assets on the consolidated balance sheets. We record changes in the values of our investments based on events that occur that would indicate the values have changed, in loss (gain) on investments in equity securities on the consolidated statements of income. As of December 31, 2025 and 2024, the value of our investment in MLSI was $109.9 million and $103.9 million, respectively, and the value of our other equity investments without readily determinable fair values was $400 thousand and $358 thousand, respectively.
The following table summarizes the activity related to our equity investments without readily determinable fair values during the periods presented (in thousands):
Years Ended December 31,
202520242023
Investment in equity securities$6,042 $6,042 $3,066 
Upward adjustments (1)
$— $8,099 $— 
(1) During 2024, investments by third parties resulted in the remeasurement of our investment in MLSI. Our updated investment value was based upon the prices paid by third parties.
As of December 31, 2025, cumulative upward adjustments on our equity securities without readily determinable fair values totaled $64.9 million.
Equity Investments with Readily Determinable Fair Values
We own a strategic minority equity investment in an autonomous technology company, which is being accounted for under ASC 321 and is recorded in other noncurrent assets on the consolidated balance sheets. As of December 31, 2025 and 2024, the
value of this investment was $0.1 million. For additional information regarding the fair value of this equity investment, see Note 6 – Fair Value.
The following table summarizes the activity related to our equity investments with readily determinable fair values during the periods presented (in thousands):
Years Ended December 31,
202520242023
Loss on investments in equity securities$68 $169 $278 
Equity Method Investment
In January 2023, we committed to make a $20.0 million investment in the Autotech Fund pursuant to a limited partnership agreement. The Autotech Fund is managed by Autotech Ventures, a venture capital firm focused on ground transportation technology. Our interest, which represents an ownership percentage of less than 20%, is being accounted for under ASC 323. As a limited partner, we make periodic capital contributions toward this total commitment amount. As of December 31, 2025 and 2024, the value of our investment in the Autotech Fund was $11.7 million and $6.7 million, respectively, and is recorded in other noncurrent assets on the consolidated balance sheets. The carrying amount of the Autotech Fund as of December 31, 2025 was updated using operating results through September 30, 2025, as this is the most recent information available to us at this time.
The following table summarizes the activity related to our equity method investment during the periods presented (in thousands):
Years Ended December 31,
202520242023
Capital contributions$4,360 $3,820 $3,385 
Loss (earnings) from equity method investment$(656)$(556)$1,046 
As of December 31, 2025, our cumulative capital contributions in the Autotech Fund were $11.6 million.