Short-term Investment Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Short-term Investment Securities

Short-term Investment Securities

The Company's short-term investment securities, if any, are normally classified as available-for-sale and generally consist of U.S. Treasury and U.S. government agency securities with contractual maturities of twelve months or less. These securities are generally stated at fair value within current assets on the Company's consolidated balance sheet. Realized gains and losses on sales of investments, if any, are reflected in non-operating other (income) expense in the consolidated statements of operations. Unrealized gains and losses on investment securities are reflected as a component of accumulated other comprehensive income, ("AOCI").

In June 2025, the Company settled $120.5 million in short-term available-for-sale investment securities. Upon settlement, the proceeds were recorded within cash and cash equivalents on the Company's consolidated balance sheets. The settlement resulted in $0.1 million of realized losses, which were recognized in interest expense within the Company's consolidated statements of operations. As of December 31, 2025, the Company had no short-term available-for-sale investment securities outstanding.

As of December 31, 2024, the Company had $118.3 million in short-term available-for-sale investment securities. During the twelve months ended December 31, 2024, these investments earned interest income at a weighted-average fixed rate of approximately 4.9%. For the twelve months ended December 31, 2024, an unrealized gain of $169 thousand, net of deferred taxes, were recorded within AOCI related to these investment securities. For the twelve months ended December 31, 2024, the Company did not recognize any realized gains or losses related to these securities, as the Company did not transact any sales of these securities during this period. As of December 31, 2024, $201 thousand, net of tax remained in AOCI, related to these instruments.