|
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis and the level they fall within the fair value hierarchy (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amounts Recorded at Fair Value |
|
Financial Statement Classification |
|
Fair Value Hierarchy |
|
Fair Value September 30, 2026 |
|
Fair Value December 31, 2025 |
Non-COLI assets held in Deferred Supplemental Compensation Plan(a)
|
|
Other assets |
|
Level 1 |
|
$ |
746 |
|
|
$ |
704 |
|
| Interest rate swaps - current |
|
Accrued expenses and other current liabilities |
|
Level 2 |
|
$ |
— |
|
|
$ |
553 |
|
| Interest rate swaps - long-term |
|
Other assets |
|
Level 2 |
|
$ |
4,458 |
|
|
$ |
1,235 |
|
| Earn-out obligations |
|
Earn-out obligations |
|
Level 3 |
|
$ |
27,367 |
|
|
$ |
— |
|
(a) Non-Company Owned Life Insurance ("COLI") assets held in the Company's deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. |
The following table presents the changes in the fair value of the earn-out obligation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earn-out Obligation |
| Balance as of December 31, 2025 |
|
|
$ |
— |
|
| Acquisition date fair value of earn-out obligation to PAG seller |
|
|
33,850 |
|
| Subsequent fair value adjustments |
|
|
(8,880) |
|
| Balance as of September 30, 2026 |
|
|
$ |
24,970 |
|
|
|
|
|
The following table presents the changes in the fair value of the earn-out receivable (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earn-out Receivable |
| Balance as of December 31, 2024 |
|
|
$ |
— |
|
| Sale date fair value of earn-out receivable |
|
|
29,200 |
|
| Subsequent fair value adjustments |
|
|
(29,200) |
|
| Balance as of September 30, 2025 |
|
|
$ |
— |
|
|
|
|
|
|