v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2026.
Financial instruments measured at fair value on a recurring basis:
As of March 31, 2026As of December 31, 2025
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$106,154 $106,154 $— $42,833 $42,833 $— 
US Government and agency obligations68,285 — 68,285 16,901 — 16,901 
Commercial paper8,083 — 8,083 14,712 — 14,712 
Municipal debt securities6,100 — 6,100 4,520 — 4,520 
Corporate debt securities1,557 — 1,557 5,713 — 5,713 
Total cash equivalents190,179 106,154 84,025 84,679 42,833 41,846 
Short-term     
Corporate debt securities328,623 — 328,623 337,988 — 337,988 
Commercial paper135,266 — 135,266 179,697 — 179,697 
US Government and agency obligations99,608 — 99,608 67,696 — 67,696 
Certificates of deposit28,006 — 28,006 27,960 — 27,960 
Municipal debt securities27,213 — 27,213 19,618 — 19,618 
Total short-term618,716 — 618,716 632,959 — 632,959 
Long-term      
Corporate debt securities30,054 — 30,054 30,127 — 30,127 
US Government and agency obligations1,338 — 1,338 2,696 — 2,696 
Total long-term31,392 — 31,392 32,823 — 32,823 
Total financial instruments$840,287 $106,154 $734,133 $750,461 $42,833 $707,628 

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.

Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:
As of March 31, 2026As of December 31, 2025
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Long-term debt$1,411,170 $1,349,621 $1,413,205 $1,424,251 3

Due to the short-term nature, carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.