FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts and the estimated fair values of the Company's financial instruments as defined by ASC 820, "Fair Value Measurement" at December 31, 2025 and 2024 are as follows:
Carrying AmountFair Value Measurements
Level 1Level 2Level 3
December 31, 2025
Assets:
Money market funds (1)
$1,464 $1,464 $— $— 
Rabbi trust funds - current (2)
25 25 — — 
Rabbi trust funds - non-current (2)
12,773 12,773 — — 
December 31, 2024
Assets:
Money market funds (1)
$1,040 $1,040 $— $— 
Rabbi trust funds - non-current (2)
11,465 11,465 — — 
(1) Money market funds are categorized as cash equivalents.
(2) Rabbi trust funds - current and Rabbi trust funds - non-current are included in "Other current assets" and "Other non-current assets" on the consolidated balance sheets, respectively.
The Company's financial instruments also include accounts receivable, accounts payable, and accrued liabilities, which are carried at cost and approximate fair value due to the short-term maturity of these instruments. The carrying value of debt approximates fair value based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs.
In addition, non-current assets includes rabbi trust funds related to the Company's deferred compensation plan. The money market and rabbi trust funds are valued using level 1 inputs, as defined by ASC 820, "Fair Value Measurement."
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Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 16, 2024
2022Feb 24, 2023
2021Feb 24, 2022
2020Feb 19, 2021
2019Feb 21, 2020
2018Feb 28, 2019
2017Mar 1, 2018
2016Feb 28, 2017
2015Feb 29, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.