Financial Instruments and Fair Value Measurements |
6 Months Ended |
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Jun. 30, 2026 | |
| Fair Value Disclosures [Abstract] | |
| Financial Instruments and Fair Value Measurements | 9. Financial Instruments and Fair Value Measurements Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, debt, investments in debt securities. The carrying value of these financial instruments, excluding debt instruments and the Company’s investments in corporate debt and equity securities, approximates fair value because of the short-term nature of these instruments. The following three levels of inputs are used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Significant other observable inputs. Level 3 — Significant unobservable inputs. The fair value of debt securities at June 30, 2026 and December 31, 2025 was $27 million and $28 million, respectively. The fair value of debt securities held at amortized cost was calculated based on quoted market prices which would be classified as Level 1 in the fair value hierarchy above. At June 30, 2026, the Company's debt securities were held by a separate cell of an insurance company as part of an agreement to fund insurance coverage. These debt securities are classified as long-term investments on the condensed consolidated balance sheets as access to the investments is subject to contractual restrictions, regardless of the underlying investment maturity. The estimated fair value of the Convertible Senior Notes due 2031 at June 30, 2026 was approximately $607 million. The fair value was determined based on the quoted price of the Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy.
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