v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.
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 1Level 2Level 3Total
Cash equivalents:
Money market funds$49,289 $— $— $49,289 
Total cash equivalents49,289 — — 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 1Level 2Level 3Total
Cash equivalents:
Money market funds$70,731 $— $— $70,731 
Total cash equivalents70,731 — — 70,731 
Investment securities:
U.S. government obligations370,512 — — 370,512 
Agency obligations— 43,969 — 43,969 
Corporate debt securities— 511,872 — 511,872 
Total investment securities370,512 555,841 — 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.