v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value On a Recurring Basis
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 
Fair Value, Liabilities Measured on Recurring Basis
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