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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis:
| As of June 30, 2025 |  | As of December 31, 2024
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 45,979 |  |  | $ | 45,979 |  |  | $ | — |  |  | $ | 41,494 |  |  | $ | 41,494 |  |  | $ | — |
Commercial paper | 18,527 |  |  | — |  |  | 18,527 |  |  | 22,689 |  |  | — |  |  | 22,689 |
US Government and agency obligations | 17,992 |  |  | — |  |  | 17,992 |  |  | 81,535 |  |  | — |  |  | 81,535 |
Municipal debt securities | 11,103 |  |  | — |  |  | 11,103 |  |  | 10,299 |  |  | — |  |  | 10,299 |
Corporate debt securities | 411 |  |  | — |  |  | 411 |  |  | 4,133 |  |  | — |  |  | 4,133 |
Total cash equivalents | 94,012 |  |  | 45,979 |  |  | 48,033 |  |  | 160,150 |  |  | 41,494 |  |  | 118,656 |
Short-term |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 304,380 |  |  | — |  |  | 304,380 |  |  | 242,313 |  |  | — |  |  | 242,313 |
Commercial paper | 217,224 |  |  | — |  |  | 217,224 |  |  | 149,807 |  |  | — |  |  | 149,807 |
US Government and agency obligations | 99,939 |  |  | — |  |  | 99,939 |  |  | 94,295 |  |  | — |  |  | 94,295 |
Certificates of deposit | 7,380 |  |  | — |  |  | 7,380 |  |  | 7,239 |  |  | — |  |  | 7,239 |
Municipal debt securities | 4,023 |  |  | — |  |  | 4,023 |  |  | 1,580 |  |  | — |  |  | 1,580 |
Total short-term | 632,946 |  |  | — |  |  | 632,946 |  |  | 495,234 |  |  | — |  |  | 495,234 |
Long-term |  |  |  |  |  |  |  |  |  |  |
US Government and agency obligations | 5,257 |  |  | — |  |  | 5,257 |  |  | 10,452 |  |  | — |  |  | 10,452 |
Corporate debt securities | 4,674 |  |  | — |  |  | 4,674 |  |  | 39,931 |  |  | — |  |  | 39,931 |
Municipal debt securities | — |  |  | — |  |  | — |  |  | 1,342 |  |  | — |  |  | 1,342 |
Total long-term | 9,931 |  |  | — |  |  | 9,931 |  |  | 51,725 |  |  | — |  |  | 51,725 |
Total financial instruments | $ | 736,889 |  |  | $ | 45,979 |  |  | $ | 690,910 |  |  | $ | 707,109 |  |  | $ | 41,494 |  |  | $ | 665,615 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:
| As of June 30, 2025 |  | As of December 31, 2024 |  |
(in thousands) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value |  | Fair Value Level
Non-publicly held debt | $ | 1,558,116 |  |  | $ | 1,548,851 |  |  | $ | 1,653,737 |  |  | $ | 1,667,275 |  |  | 3

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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