v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets measured at fair value on a recurring basis were as follows:
 Total
Fair value measurement as of June 30, 2025
Level 1Level 2Level 3
(in thousands)
Cash equivalents:
Money market funds$188,574 $188,574 $— $— 
Total$188,574 $188,574 $— $— 
 Total
Fair value measurement as of December 31, 2024
Level 1Level 2Level 3
(in thousands)
Cash equivalents:
Money market funds$238,198 $238,198 $— $— 
Total$238,198 $238,198 $— $— 
The amounts reported in our unaudited Condensed Consolidated Balance Sheets as current assets or current liabilities, including Cash, Restricted cash, Accounts receivable, net, Other current assets, Accounts payable and Accrued expenses, each approximate their fair value due to the short-term maturities of the instruments.
The carrying amount of our debt approximates its fair value due to its variable interest rate. The fair value is determined using the Adjusted SOFR as of June 30, 2025 and December 31, 2024 plus an applicable spread, a Level 2 classification in the fair value hierarchy. Refer to Note 4 - Long-term Debt for the carrying amount of our debt.
Our accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of any level for the periods ended June 30, 2025 and December 31, 2024.