v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2026.
Financial instruments measured at fair value on a recurring basis:
As of June 30, 2026As of December 31, 2025
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents
Money market funds$238,036 $238,036 $— $42,833 $42,833 $— 
US Government and agency obligations29,331 — 29,331 16,901 — 16,901 
Commercial paper22,591 — 22,591 14,712 — 14,712 
Municipal debt securities9,280 — 9,280 4,520 — 4,520 
Corporate debt securities5,246 — 5,246 5,713 — 5,713 
Total cash equivalents304,484 238,036 66,448 84,679 42,833 41,846 
Short-term
Corporate debt securities264,679 — 264,679 337,988 — 337,988 
US Government and agency obligations122,912 — 122,912 67,696 — 67,696 
Commercial paper106,835 — 106,835 179,697 — 179,697 
Certificates of deposit23,033 — 23,033 27,960 — 27,960 
Municipal debt securities27,332 — 27,332 19,618 — 19,618 
Total short-term544,791 — 544,791 632,959 — 632,959 
Long-term
Corporate debt securities15,017 — 15,017 30,127 — 30,127 
US Government and agency obligations494 — 494 2,696 — 2,696 
Total long-term15,511 — 15,511 32,823 — 32,823 
Total financial instruments$864,786 $238,036 $626,750 $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 of its 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 June 30, 2026As of December 31, 2025
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Long-term debt$2,160,306 $2,113,432 $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.