Short-term Investments |
9 Months Ended |
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Sep. 30, 2026 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Short-term Investments | Short-term Investments As of September 30, 2026, the Company's short-term investments consisted of U.S. Treasury securities and certificates of deposit, each with an original maturity greater than three months and a remaining maturity of one year or less. These are presented within “Short-term investments” on the Consolidated Balance Sheets. The Company held no short-term investments as of December 31, 2025. The Company's U.S. Treasury securities are classified as available-for-sale and reported at fair value, based on quoted prices in active markets (Level 1), with unrealized gains and losses recorded, net of tax, in accumulated other comprehensive income (loss). As of September 30, 2026, their amortized cost and fair value were $2.91 billion and $2.90 billion, respectively, and gross unrealized gains and losses were not material. No allowance for credit losses was recognized because any unrealized losses are attributable to changes in interest rates rather than credit, the securities are backed by the full faith and credit of the U.S. government, and the Company does not intend to sell them, nor is it more likely than not to be required to sell them, before recovery of their amortized cost basis. There were no sales of these securities during the three months ended September 30, 2026. For the nine months then ended, sale proceeds were $99.4 million, and gross realized gains and losses were not material. Certificates of deposit are non-negotiable and carried at amortized cost, which was $500.0 million as of September 30, 2026. Because of their short remaining maturities, this approximates fair value, which would be classified within Level 2. No allowance for credit losses was recorded, as expected credit losses were not material given those maturities and the credit standing of the issuing institution. The certificates of deposit are held with a single U.S. financial institution, creating a concentration of credit risk. As of September 30, 2026, substantially all of the $500.0 million exceeds the $250,000 Federal Deposit Insurance Corporation (“FDIC”) limit per depositor per institution, and that uninsured amount is the Company's maximum exposure to loss. The deposits are not collateralized or subject to master netting arrangements. The Company monitors the institution's credit standing and has not experienced any losses on these balances.
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