v3.26.1
Fair Values of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Fair Values of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Our valuation techniques require inputs that we categorize using the valuation hierarchy established in ASC 820-10, which categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:
Level 1 - Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.
Level 2 - Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Unobservable inputs for which there is little or no market data and for which we make our own assumptions about how market participants would price the assets and liabilities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying values of cash, cash equivalents and restricted cash, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting.
The estimated fair value of our outstanding debt balances as of March 31, 2026 and December 31, 2025 is set forth below (in thousands):
March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.95% Senior Notes Due 2028
$482,505 $474,644 $482,505 $477,694 
5.15% Senior Notes Due 2029
344,895 345,807 344,895 348,032 
7.15% Senior Notes Due 2033
400,000 429,978 400,000 428,615 
Total debt$1,227,400 $1,250,429 $1,227,400 $1,254,341 
The fair values of the 2028 Notes, the 2029 Notes and the 2033 Notes at March 31, 2026 and December 31, 2025 are based on quoted market prices, which are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting.
The implied market rates of interest used to determine the fair value of our outstanding debt balances as of March 31, 2026 and December 31, 2025 are set forth below:
March 31, 2026December 31, 2025
3.95% Senior Notes Due 2028
4.89 %4.46 %
5.15% Senior Notes Due 2029
5.07 %4.89 %
7.15% Senior Notes Due 2033
5.90 %5.99 %
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We apply the provisions of the fair value measurement standard to our non-recurring, non-financial measurements including business combinations, as well as impairment related to goodwill and other long-lived assets.