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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Instruments | 5. FINANCIAL INSTRUMENTS Investments consist of the following as of September 30, 2025 and December 31, 2024 (dollars in thousands):
|  | September 30, 2025 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available-for-sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  | $ | 297,963 |  |  | $ | 1,071 |  |  | $ | (59 | ) |  | $ | 298,975 |
Treasury and federal agencies |  |  | 188,485 |  |  |  | 444 |  |  |  | (61 | ) |  |  | 188,868 |
Total short-term investments (available-for-sale) |  | $ | 486,448 |  |  | $ | 1,515 |  |  | $ | (120 | ) |  | $ | 487,843 |
|  | December 31, 2024 |
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Cost |  |  | Gain |  |  | (Loss) |  |  | Fair Value |
Short-term investments (available-for-sale): |  |  |  |  |  |  |  |  |  |  |  |
Non-governmental debt securities |  | $ | 246,070 |  |  | $ | 466 |  |  | $ | (278 | ) |  | $ | 246,258 |
Treasury and federal agencies |  |  | 213,394 |  |  |  | 258 |  |  |  | (115 | ) |  |  | 213,537 |
Total short-term investments (available-for-sale) |  | $ | 459,464 |  |  | $ | 724 |  |  | $ | (393 | ) |  | $ | 459,795 |
In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year, which are recorded within accumulated other comprehensive income on our condensed consolidated balance sheets. Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities. There were no realized gains or losses from the sale of investments for the quarters and years to date ended September 30, 2025 and September 30, 2024. Fair Value Measurements FASB ASC Topic 820 – Fair Value Measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2025, we held investments that are required to be measured at fair value on a recurring basis. These investments (available-for-sale) consist of non-governmental debt securities and treasury and federal agencies securities. Available-for-sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at September 30, 2025 and December 31, 2024 were as follows (dollars in thousands):
|  | As of September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents - money market funds |  | $ | 30,178 |  |  | $ | - |  |  | $ | 30,178 |
Cash and cash equivalents - federal agency debt securities |  |  | - |  |  |  | 7,951 |  |  |  | 7,951 |
Short-term investments - non-governmental debt securities |  |  | - |  |  |  | 298,975 |  |  |  | 298,975 |
Short-term investments - treasury and federal agencies |  |  | - |  |  |  | 188,868 |  |  |  | 188,868 |
Totals |  | $ | 30,178 |  |  | $ | 495,794 |  |  | $ | 525,972 |
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Total |
Cash and cash equivalents - money market funds |  | $ | 30,189 |  |  | $ | - |  |  | $ | 30,189 |
Cash and cash equivalents - federal agency debt securities |  |  | - |  |  |  | 13,078 |  |  |  | 13,078 |
Short-term investments - non-governmental debt securities |  |  | - |  |  |  | 246,258 |  |  |  | 246,258 |
Short-term investments - treasury and federal agencies |  |  | - |  |  |  | 213,537 |  |  |  | 213,537 |
Totals |  | $ | 30,189 |  |  | $ | 472,873 |  |  | $ | 503,062 |
Equity Method Investment We make periodic operating maintenance payments to an equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2025 and 2024 were as follows (dollars in thousands):
| Maintenance Fee Payments |
For the quarter ended September 30, 2025 | $ | 471 |
For the quarter ended September 30, 2024 | $ | 429 |
For the year to date ended September 30, 2025 | $ | 1,351 |
For the year to date ended September 30, 2024 | $ | 1,296 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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