Financial assets measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 were as follows:


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	49,289	$	—	$	—	$	49,289
Total cash equivalents	49,289		—		—		49,289
Investment securities:
U.S. government obligations	—		574,464		—		574,464
Agency obligations	—		65,179		—		65,179
Corporate debt securities	—		510,632		—		510,632
Total investment securities	—		1,150,275		—		1,150,275
Other non-current assets:
Deferred compensation plan (1)	5,906		—		—		5,906
Total assets measured at fair value	$	55,195	$	1,150,275	$	—	$	1,205,470


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	70,731	$	—	$	—	$	70,731
Total cash equivalents	70,731		—		—		70,731
Investment securities:
U.S. government obligations	370,512		—		—		370,512
Agency obligations	—		43,969		—		43,969
Corporate debt securities	—		511,872		—		511,872
Total investment securities	370,512		555,841		—		926,353
Other non-current assets:
Deferred compensation plan (1)	3,249		—		—		3,249
Total assets measured at fair value	$	444,492	$	555,841	$	—	$	1,000,333

(1)Consists of mutual fund investments held in the Rabbi Trust related to our non-qualified deferred compensation plan.