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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Fair Value Measurements

(8) Fair Value Measurements

The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined the fair value of these assets based on the following three levels of inputs:

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Level 1

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Quoted prices in active markets for identical assets or liabilities.

Level 2

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Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.

Level 3

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Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own assumptions.

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As of September 30, 2025, and December 31, 2024, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands):

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Fair Value Measurements as of September 30, 2025

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Total

    

Level 1

    

Level 2

    

Level 3

Marketable Securities

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Bonds and bond funds

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$

467,865

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$

—

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$

467,865

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$

—

Commercial paper

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240,966

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—

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240,966

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—

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708,831

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—

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708,831

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Investments in Other Companies

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5,669

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5,669

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—

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—

Cash and Cash Equivalents

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44,528

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44,528

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—

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Total Assets Measured at Fair Value

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$

759,028

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$

50,197

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$

708,831

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$

—

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Fair Value Measurements as of December 31, 2024

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Total

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Level 1

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Level 2

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Level 3

Marketable Securities

    

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Bonds and bond funds

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$

462,333

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$

—

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$

462,333

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$

—

Commercial paper

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111,933

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—

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111,933

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—

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574,266

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—

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574,266

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Investments in Other Companies

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8,160

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—

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—

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8,160

Cash and Cash Equivalents

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227,362

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227,362

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—

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Total Assets Measured at Fair Value

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$

809,788

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$

227,362

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$

574,266

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$

8,160

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The Company’s “Marketable Securities” classified as Level 2 securities primarily utilize broker quotes in a non-active market for valuation of these securities.

During the three months ended September 30, 2025, the Company exercised its warrant to purchase 1,500,000 shares of common stock of Eve Holding, Inc. (“Eve”) through a cashless exercise and received shares of common stock of Eve. See Note 10 “Investments in Other Companies” for additional information regarding the Company’s investment in Eve. The warrant was classified as Level 3 within the fair value hierarchy as of June 30, 2025. The Company’s shares of Eve’s common stock are actively traded and are valued using quoted market prices and are classified as Level 1 within the fair value hierarchy as of September 30, 2025. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

As of September 30, 2025, and December 31, 2024, the Company classified $708.8 million and $574.3 million of marketable securities, respectively, as short-term because it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year. At the time of sale, any realized appreciation or depreciation, calculated by the specific identification method, is recognized in other income (expense), net. As of September 30, 2025, and December 31, 2024, the cost of the Company’s marketable securities was $708.4 million and $574.0 million, respectively.