Financial Instruments and Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Financial Instruments Measured at Fair Value by Level on a Recurring Basis As of December 31, 2024, the Company held $41.5 million in money market deposit accounts, which were included in cash and cash equivalents and classified as Level 1 within the fair value hierarchy. The balance of such accounts was not material as of March 31, 2025. Non-Marketable Equity Securities Measured at Net Asset Value The Company held equity interests in certain private equity funds of $97.7 million and $77.3 million as of March 31, 2025 and December 31, 2024, respectively, which are measured using the net asset value practical expedient. Under the net asset value practical expedient, the Company records investments based on the proportionate share of the underlying funds’ net asset value as of the Company's reporting date. These investments are included in other assets in the Company’s condensed consolidated balance sheets. These funds vary in investment strategies and generally have an initial term of 7 to 10 years, which may be extended for 2 to 3 additional years with the applicable approval. These investments are subject to certain restrictions regarding transfers and withdrawals and generally cannot be redeemed with the funds. Distributions from the funds will be received as the underlying investments are liquidated. The Company’s maximum exposure to loss is limited to the carrying value of these investments of $97.7 million and the unfunded commitments of $3.0 million as of March 31, 2025. During the three months ended March 31, 2025, the Company made total capital contributions of $18.7 million related to these investments. The Company recognized immaterial unrealized gains related to these investments for the three months ended March 31, 2025 and 2024. Non-Marketable Equity Securities Measured at Fair Value on a Non-Recurring Basis The Company's non-marketable equity securities are investments in privately held companies without readily determinable fair values. The Company elected the measurement alternative to account for these investments. Under the measurement alternative, the carrying value of the non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. Any changes in carrying value are recorded within other income, net in the Company's condensed consolidated statement of operations. As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company's non-marketable equity securities were $68.1 million and $68.1 million, respectively, and were included in other assets in the Company’s condensed consolidated balance sheets. Since acquisition, the Company had recorded a cumulative impairment charge of $28.0 million related to these investments.
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