Fair Value Measurements

6 Months Ended

Jun. 30, 2025

The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2025.

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

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all 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, 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

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