Fair Value Measurements

9 Months Ended

Sep. 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 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.