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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements 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 nine months ended September 30, 2025. Financial instruments measured at fair value on a recurring basis:
| As of September 30, 2025 |  | As of December 31, 2024
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 85,176 |  |  | $ | — |  |  | $ | 85,176 |  |  | $ | 22,689 |  |  | $ | — |  |  | $ | 22,689 |
Money market funds | 48,309 |  |  | 48,309 |  |  | — |  |  | 41,494 |  |  | 41,494 |  |  | — |
Municipal debt securities | 12,189 |  |  | — |  |  | 12,189 |  |  | 10,299 |  |  | — |  |  | 10,299 |
US Government and agency obligations | 12,127 |  |  | — |  |  | 12,127 |  |  | 81,535 |  |  | — |  |  | 81,535 |
Corporate debt securities | 3,013 |  |  | — |  |  | 3,013 |  |  | 4,133 |  |  | — |  |  | 4,133 |
Total cash equivalents | 160,814 |  |  | 48,309 |  |  | 112,505 |  |  | 160,150 |  |  | 41,494 |  |  | 118,656 |
Short-term |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 281,717 |  |  | — |  |  | 281,717 |  |  | 242,313 |  |  | — |  |  | 242,313 |
Commercial paper | 253,068 |  |  | — |  |  | 253,068 |  |  | 149,807 |  |  | — |  |  | 149,807 |
US Government and agency obligations | 65,752 |  |  | — |  |  | 65,752 |  |  | 94,295 |  |  | — |  |  | 94,295 |
Certificates of deposit | 27,839 |  |  | — |  |  | 27,839 |  |  | 7,239 |  |  | — |  |  | 7,239 |
Municipal debt securities | 12,119 |  |  | — |  |  | 12,119 |  |  | 1,580 |  |  | — |  |  | 1,580 |
Total short-term | 640,495 |  |  | — |  |  | 640,495 |  |  | 495,234 |  |  | — |  |  | 495,234 |
Long-term |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | 15,076 |  |  | — |  |  | 15,076 |  |  | 39,931 |  |  | — |  |  | 39,931 |
US Government and agency obligations | 14,355 |  |  | — |  |  | 14,355 |  |  | 10,452 |  |  | — |  |  | 10,452 |
Municipal debt securities | 5,109 |  |  | — |  |  | 5,109 |  |  | 1,342 |  |  | — |  |  | 1,342 |
Total long-term | 34,540 |  |  | — |  |  | 34,540 |  |  | 51,725 |  |  | — |  |  | 51,725 |
Total financial instruments | $ | 835,849 |  |  | $ | 48,309 |  |  | $ | 787,540 |  |  | $ | 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 September 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 | $ | 1,665,446 |  |  | $ | 1,658,344 |  |  | $ | 1,653,737 |  |  | $ | 1,667,275 |  |  | 3
Due to the short-term nature, carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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