v3.25.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels:
•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
•Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or
•Level 3: unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value.
A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
Our debt is classified within Level 2 of the fair value hierarchy because these borrowings are not actively traded and have a variable interest rate structure based upon market rates. The carrying amount of our debt approximates the estimated fair value. See Note 11, "Debt", for additional information on our borrowings.
The following tables provide the assets carried at fair value and measured on a recurring basis:
  Fair Value Measurements at Reporting Date Using:
(in thousands)March 31,
2025		Quoted Prices in
Active Markets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Cash equivalents:
Money market funds$556,356 $556,356 $— $— 
Short-term investments:
Corporate debt securities$44,743 $— $44,743 $— 
Municipal bonds$20,442 $— $20,442 $— 
U.S. agency bonds$5,034 $— $5,034 $— 
Other short-term investments$185 $— $185 $— 
Deferred compensation plan investments$2,486 $2,486 $— $— 
Equity securities$777 $777 $— $— 
  Fair Value Measurements at Reporting Date Using:
(in thousands)December 31, 2024Quoted Prices in
Active Markets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets
Cash equivalents:
Money market funds$410,515 $410,515 $— $— 
Short-term investments:
Corporate debt securities$27,205 $— $27,205 $— 
Municipal bonds$18,382 $— $18,382 $— 
U.S. agency bonds$5,005 $— $5,005 $— 
Other short-term investments$182 $— $182 $— 
Deferred compensation plan investments$2,459 $2,459 $— $— 
Equity securities$785 $785 $— $— 

The cash equivalents in the preceding tables represent money market funds, valued at net asset value, with carrying values which approximate their fair values because of their short-term nature.
The short-term investments in the preceding tables represent available-for-sale debt securities and time deposits.
The deferred compensation plan investments in the preceding tables represent trading securities held in a rabbi trust for the benefit of non-employee directors. These securities consist of mutual funds traded in an active market with quoted prices. As a result, the plan assets are classified as Level 1 in the fair value hierarchy. The plan assets are recorded within other long-term assets on our condensed consolidated balance sheets.
The equity securities represent our investment in a publicly traded company. These securities are traded in an active market with quoted prices. As a result, the securities are classified as Level 1 in the fair value hierarchy. The securities are recorded within other long-term assets on our condensed consolidated balance sheets.