Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Financial Instruments

Schedule of available-for-sale securities

	December 31, 2025								December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value
	(in thousands)
Cash, cash equivalents and restricted cash (2)	$	1,076,140	$	—	$	—	$	1,076,140	$	945,587	$	—	$	—	$	945,587
Municipal securities (1)		—		—		—		—		23,019		—		(330)		22,689
Total	$	1,076,140	$	—	$	—	$	1,076,140	$	968,606	$	—	$	(330)	$	968,276
Classified as:
Cash, cash equivalents and restricted cash (2)							$	1,076,140							$	945,587
Short-term investments								—								22,689
Total							$	1,076,140							$	968,276

(1) Per the Company’s investment policy, all debt securities are classified as short-term investments irrespective of holding period.

(2) Cash equivalents includes liquid demand deposits and money market funds.