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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Equity Securities Measured at Fair Value on a Non-Recurring Basis The total carrying value of the Company’s investments in equity securities without readily determinable fair values was $19.1 million and $21.9 million as of September 30, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets. These investments are carried at cost less impairment, if any. If an observable price change in orderly transactions for the identical or similar investment in the same issuer is identified, the investments are measured at fair value as of the date that the observable transaction occurred and categorized as Level 2 in the fair value hierarchy. The Company recorded a $2.8 million impairment associated with one equity security during the nine months ended September 30, 2025, which is included in other income (expense), net. There was no impairment during any of the other periods presented. As of both September 30, 2025 and December 31, 2024 cumulative gains were $0.8 million. Debt Securities The Company has a strategic investment in debt securities of a privately held entity, which mature in December 2026 unless converted earlier and is included in other assets on the consolidated balance sheets. During the nine months ended September 30, 2025, the Company recorded a $4.7 million provision for credit loss associated with this debt investment, which is included in selling, general and administrative expenses. No provision for credit loss was recorded during any of the other periods presented. The amortized cost basis of the debt securities was $5.0 million as of both September 30, 2025 and December 31, 2024. Refer to note 10 for the fair values.

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