v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Fair Value Measurements

(8) Fair Value Measurements

The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined the fair value of these assets based on the following three levels of inputs:

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Level 1

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Quoted prices in active markets for identical assets or liabilities.

Level 2

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Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.

Level 3

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Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own assumptions.

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As of March 31, 2026, and December 31, 2025, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands):

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Fair Value Measurements as of March 31, 2026

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Total

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Level 1

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Level 2

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Level 3

Marketable Securities

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Bonds and bond funds

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$

521,186

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$

—

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$

521,186

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$

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Commercial paper

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40,227

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—

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40,227

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—

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561,413

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561,413

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Investments in Other Companies

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2,643

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2,643

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—

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Cash and Cash Equivalents

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65,841

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65,841

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—

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Total Assets Measured at Fair Value

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$

629,897

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$

68,484

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$

561,413

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$

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Fair Value Measurements as of December 31, 2025

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Total

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Level 1

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Level 2

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Level 3

Marketable Securities

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Bonds and bond funds

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$

487,699

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$

—

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$

487,699

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$

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Commercial paper

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96,537

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—

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96,537

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—

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584,236

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—

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584,236

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Investments in Other Companies

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4,253

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4,253

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—

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Cash and Cash Equivalents

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122,673

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122,673

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—

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Total Assets Measured at Fair Value

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$

711,162

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$

126,926

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$

584,236

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$

—

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The Company’s “Marketable Securities” classified as Level 2 securities primarily utilize broker quotes in a non-active market for valuation of these securities.

The Company did not make any significant transfers of securities between Level 1, Level 2 and Level 3 during the three months ended March 31, 2026. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period.

As of March 31, 2026, and December 31, 2025, the Company classified $561.4 million and $584.2 million of marketable securities, respectively, as short-term because it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year. At the time of sale, any realized appreciation or depreciation, calculated by the specific identification method, is recognized in other expense, net. As of March 31, 2026, and December 31, 2025, the cost of the Company’s marketable securities was $561.9 million and $583.9 million, respectively.