Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Financial Instruments

Schedule of available-for-sale securities

	March 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)	$	973,768	$	—	$	—	$	973,768	$	945,587	$	—	$	—	$	945,587
Municipal securities (1)		18,009		—		(177)		17,832		23,019		—		(330)		22,689
Total	$	991,777	$	—	$	(177)	$	991,600	$	968,606	$	—	$	(330)	$	968,276
Classified as:
Cash, cash equivalents and restricted cash (2)								973,768								945,587
Short-term investments								17,832								22,689
Total							$	991,600							$	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.

Schedule of debt securities available-for-sale in unrealized loss position

		Total
		Fair Value		Unrealized Loss
	(in thousands)
Municipal securities			17,832		(177)
Total		$	17,832	$	(177)