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Fair value measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair value measurements | 3. Fair value measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | As of June 30, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 89,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,388 |
Pension plan assets |  |  | — |  |  |  | 12,511 |  |  |  | — |  |  |  | 12,511 |
Corporate debt securities |  |  | — |  |  |  | 293,761 |  |  |  | — |  |  |  | 293,761 |
U.S. Treasury securities |  |  | — |  |  |  | 237,239 |  |  |  | — |  |  |  | 237,239 |
Total assets measured at fair value |  | $ | 89,388 |  |  | $ | 543,511 |  |  | $ | — |  |  | $ | 632,899 |
|  | As of December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 129,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,279 |
Pension plan assets |  |  | — |  |  |  | 12,440 |  |  |  | — |  |  |  | 12,440 |
Corporate debt securities |  |  | — |  |  |  | 99,596 |  |  |  | — |  |  |  | 99,596 |
U.S. Treasury securities |  |  | — |  |  |  | 147,625 |  |  |  | — |  |  |  | 147,625 |
Total assets measured at fair value |  | $ | 129,279 |  |  | $ | 259,661 |  |  | $ | — |  |  | $ | 388,940 |
Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Columna Collective Foundation Group investment fund and is classified within Level 2 of the fair value hierarchy. Marketable securities consist of corporate debt securities and U.S. Treasury securities which are classified as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities based on historical data and other observable inputs. There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2026 and 2025.

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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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