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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

    Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities

Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable

Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions

The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, U.S. treasury bonds, corporate debt securities and certificates of deposit, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3.

For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset.

Financial instruments measured at fair value on a recurring basis:

As of December 31, 2024As of December 31, 2023
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
US Government and agency obligations$81,535 $— $81,535 $10,201 $— $10,201 
Money market funds41,494 41,494 — 33,613 33,613 — 
Commercial paper22,689 — 22,689 19,575 — 19,575 
Municipal debt securities10,299 — 10,299 7,848 — 7,848 
Corporate debt securities4,133 — 4,133 — — — 
Total cash equivalents160,150 41,494 118,656 71,237 33,613 37,624 
Short-term   
Corporate debt securities242,313 — 242,313 210,982 — 210,982 
Commercial paper149,807 — 149,807 237,870 — 237,870 
US Government and agency obligations94,295 — 94,295 208,648 — 208,648 
Certificates of deposit7,239 — 7,239 — — — 
Municipal debt securities1,580 — 1,580 13,914 — 13,914 
Total short-term495,234 — 495,234 671,414 — 671,414 
Long-term
Corporate debt securities39,931 — 39,931 43,869 — 43,869 
US Government and agency obligations10,452 — 10,452 12,135 — 12,135 
Municipal debt securities1,342 — 1,342 — — — 
Total long-term51,725 — 51,725 56,004 — 56,004 
Total financial instruments$707,109 $41,494 $665,615 $798,655 $33,613 $765,042 

There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2024 or 2023.
Long-term Debt

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs.The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.

Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs:

As of December 31, 2024As of December 31, 2023
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Non-publicly held debt$1,653,737 $1,667,275 $1,826,921 $1,815,351 3

Other

Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.