| Fair Value of Financial Instruments |
9. Fair Value of Financial Instruments The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of September 30, 2026 and December 31, 2025:
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As of September 30, 2026 |
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(In thousands) |
|
Total |
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Quoted
Market
Prices in
Active Markets
(Level 1) |
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|
Significant
Other
Observable
Inputs
(Level 2) |
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|
Significant
Unobservable
Inputs
(Level 3) |
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Assets carried at fair value |
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Money market funds |
|
$ |
19,442 |
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|
$ |
19,442 |
|
|
$ |
— |
|
|
$ |
— |
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Time deposits |
|
|
18,200 |
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|
|
— |
|
|
|
18,200 |
|
|
|
— |
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U.S. Government bonds and notes |
|
|
156,615 |
|
|
|
— |
|
|
|
156,615 |
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|
|
— |
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Non-U.S. Government bonds and notes |
|
|
7,841 |
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|
|
— |
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|
|
7,841 |
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|
|
— |
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Corporate bonds, commercial paper and notes |
|
|
499,295 |
|
|
|
— |
|
|
|
499,295 |
|
|
|
— |
|
Total assets carried at fair value |
|
$ |
701,393 |
|
|
$ |
19,442 |
|
|
$ |
681,951 |
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|
$ |
— |
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As of December 31, 2025 |
|
(In thousands) |
|
Total |
|
|
Quoted
Market
Prices in
Active Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Assets carried at fair value |
|
|
|
|
|
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|
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Money market funds |
|
$ |
47,277 |
|
|
$ |
47,277 |
|
|
$ |
— |
|
|
$ |
— |
|
Time deposits |
|
|
15,540 |
|
|
|
— |
|
|
|
15,540 |
|
|
|
— |
|
U.S. Government bonds and notes |
|
|
178,297 |
|
|
|
— |
|
|
|
178,297 |
|
|
|
— |
|
Non-U.S. Government bonds and notes |
|
|
3,983 |
|
|
|
— |
|
|
|
3,983 |
|
|
|
— |
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Corporate bonds, commercial paper and notes |
|
|
448,901 |
|
|
|
— |
|
|
|
448,901 |
|
|
|
— |
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Total assets carried at fair value |
|
$ |
693,998 |
|
|
$ |
47,277 |
|
|
$ |
646,721 |
|
|
$ |
— |
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The Company monitors its investments for impairment and records appropriate reductions in carrying value when necessary. During the nine months ended September 30, 2026 and 2025, the Company recorded no allowance for credit losses on its investments. During the nine months ended September 30, 2026 and 2025, there were no transfers of financial instruments between categories of fair value.
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