| Schedule of Fair Value Measurements of Financial Instruments |
The following tables present the level within the fair value hierarchy at which our financial instruments were measured: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value | | As of June 30, 2025 | (In Thousands) | | U.S. Treasury securities and obligations of U.S. government agencies | $ | 115,988 | | | $ | — | | | $ | — | | | $ | 115,988 | | | Municipal debt securities | — | | | 634,962 | | | — | | | 634,962 | | | Corporate debt securities | — | | | 2,019,333 | | | — | | | 2,019,333 | | | Asset-backed securities | — | | | 38,557 | | | — | | | 38,557 | | | | | | | | | | | Cash, cash equivalents and short-term investments | 204,290 | | | — | | | — | | | 204,290 | | | Total assets | $ | 320,278 | | | $ | 2,692,852 | | | $ | — | | | $ | 3,013,130 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Fair Value | | As of December 31, 2024 | (In Thousands) | | U.S. Treasury securities and obligations of U.S. government agencies | $ | 116,060 | | | $ | — | | | $ | — | | | $ | 116,060 | | | Municipal debt securities | — | | | 635,245 | | | — | | | 635,245 | | | Corporate debt securities | — | | | 1,847,640 | | | — | | | 1,847,640 | | | Asset-backed securities | — | | | 41,980 | | | — | | | 41,980 | | | | | | | | | | | Cash, cash equivalents and short-term investments | 136,924 | | | — | | | — | | | 136,924 | | | Total assets | $ | 252,984 | | | $ | 2,524,865 | | | $ | — | | | $ | 2,777,849 | | | | | | | | | | | | | | | | | |
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