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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.
Financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024 were as follows:
As of December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$70,731 $— $— $70,731 
Total cash equivalents70,731 — — 70,731 
Investment securities:
U.S. government obligations370,512 — — 370,512 
Agency obligations— 43,969 — 43,969 
Corporate debt securities— 511,872 — 511,872 
Total investment securities370,512 555,841 — 926,353 
Other non-current assets:
Deferred compensation plan (1)3,249 — — 3,249 
Total assets measured at fair value$444,492 $555,841 $— $1,000,333 
As of December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$249,116 $— $— $249,116 
Corporate debt securities— 5,314 — 5,314 
Total cash equivalents249,116 5,314 — 254,430 
Investment securities:
U.S. government obligations543,344 — — 543,344 
Agency obligations— 57,931 — 57,931 
Corporate debt securities— 488,249 — 488,249 
Total investment securities543,344 546,180 — 1,089,524 
Other non-current assets:
Deferred compensation plan (1)829 — — 829 
Total assets measured at fair value$793,289 $551,494 $— $1,344,783 
(1) Consists of mutual fund investments held in the Rabbi Trust related to the Company's non-qualified deferred compensation plan.
There were no transfers into or out of Level 3 during the years ended December 31, 2025 and 2024.