v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 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 
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 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