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Investments (Tables)
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment

Details of our investments are as follows (in thousands):

 

 

 

March 31, 2026

 

 

 

Cash and Cash

 

 

Long-Term

 

 

 

Equivalents

 

 

Investment

 

Measured at fair value:

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

Money market funds

 

$

360,758

 

 

$

 

Failed Auction Security

 

 

 

 

 

2,508

 

Total

 

 

360,758

 

 

 

2,508

 

 

 

 

 

 

 

 

Other measurement basis:

 

 

 

 

 

 

Cash on hand

 

 

43,487

 

 

 

 

Total

 

$

404,245

 

 

$

2,508

 

 

 

 

December 31, 2025

 

 

 

Cash and Cash

 

 

Long-Term

 

 

 

Equivalents

 

 

Investment

 

Measured at fair value:

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

Money market funds

 

$

367,340

 

 

$

 

Failed Auction Security

 

 

 

 

 

2,462

 

Total

 

 

367,340

 

 

 

2,462

 

 

 

 

 

 

 

 

Other measurement basis:

 

 

 

 

 

 

Cash on hand

 

 

35,465

 

 

 

 

Total

 

$

402,805

 

 

$

2,462

 

Summary of Available-for-Sale Securities

The following is a summary of the available-for-sale securities (in thousands):

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

March 31, 2026

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Failed Auction Security

 

$

3,000

 

 

 

 

 

 

492

 

 

$

2,508

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2025

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Failed Auction Security

 

$

3,000

 

 

 

 

 

 

538

 

 

$

2,462

 

Cost and Estimated Fair Value of Failed Auction Security by Contractual Maturities

The amortized cost and estimated fair value of the available-for-sale securities on March 31, 2026, by type and contractual maturities, are shown below (in thousands):

 

 

 

 

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

Failed Auction Security:

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in sixteen years

 

$

3,000

 

 

$

2,508