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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 6. Fair Value of Financial Instruments

The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.

Cash and cash equivalents consist of the following:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

Cash and Cash Equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and overnight deposits

 

$

607,945

 

 

$

607,945

 

 

$

623,561

 

 

$

623,561

 

Corporate commercial paper

 

 

539,906

 

 

 

540,338

 

 

 

498,185

 

 

 

498,742

 

Time deposits and money market funds

 

 

42,316

 

 

 

42,316

 

 

 

26,574

 

 

 

26,574

 

Total cash and cash equivalents

 

$

1,190,167

 

 

$

1,190,599

 

 

$

1,148,320

 

 

$

1,148,877

 

The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).