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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):
March 31, 2026December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents:
Cash$12,229 $— $— $12,229 $11,417 $— $— $11,417 
Cash equivalents233,412 — — 233,412 275,086 — — 275,086 
Total cash and cash equivalents$245,641 $— $— $245,641 $286,503 $— $— $286,503 
Cash equivalents consist primarily of money market deposit funds.
The carrying value of the Company’s long-term debt approximates fair value as the debt bears interest at variable SOFR rates at March 31, 2026 and December 31, 2025, which is observable at commonly quoted intervals for the full term of the loan, and therefore, is considered a Level 2 item in the fair value hierarchy.