Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	7,329	$	72,374	$	—	$	79,703
Equity securities	—		11,607		—		11,607
Commingled fixed income securities	1,646		494		—		2,140
Government and related securities	2,359		13,119		—		15,478
Corporate debt securities	—		42,912		—		42,912
Mortgage-backed / asset-backed securities	—		91,689		—		91,689
Total assets	$	11,334	$	232,195	$	—	$	243,529

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	6,435	$	140,125	$	—	$	146,560
Equity securities	—		12,518		—		12,518
Commingled fixed income securities	1,612		534		—		2,146
Government and related securities	2,334		13,410		—		15,744
Corporate debt securities	—		42,159		—		42,159
Mortgage-backed / asset-backed securities	—		98,464		—		98,464
Total assets	$	10,381	$	307,210	$	—	$	317,591

Schedule of Available-for-sale Securities Reconciliation

Available-for-sale securities consisted of the following:

	March 31, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Government and related securities	$	21,411	$	4	$	(5,937)	$	15,478
Corporate debt securities	50,170		—		(7,258)		42,912
Commingled fixed income securities	1,847		—		(201)		1,646
Mortgage-backed / asset-backed securities	113,307		—		(21,618)		91,689
Total	$	186,735	$	4	$	(35,014)	$	151,725

	December 31, 2024
	Amortized cost		Gross unrealized losses		Estimated fair value
Government and related securities	$	21,432	$	(5,688)	$	15,744
Corporate debt securities	50,367		(8,208)		42,159
Commingled fixed income securities	1,835		(223)		1,612
Mortgage-backed / asset-backed securities	123,289		(24,825)		98,464
Total	$	196,923	$	(38,944)	$	157,979

Schedule of Unrealized Holding Losses

Investment securities in a loss position were as follows:

	March 31, 2025				December 31, 2024
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Government and related securities	$	15,478	$	5,937	$	15,744	$	5,688
Corporate debt securities	42,912		7,258		39,845		8,206
Commingled fixed income securities	1,646		201		—		—
Mortgage-backed / asset-backed securities	91,576		21,617		98,464		24,825
Total	$	151,612	$	35,013	$	154,053	$	38,719
Less than 12 continuous months
Corporate debt securities	$	—	$	—	$	2,314	$	2
Commingled fixed income securities	—		—		1,612		223
Mortgage-backed / asset-backed securities	113		1		—		—
Total	$	113	$	1	$	3,926	$	225

Schedule of Available-for-sale Securities

Scheduled maturities of available-for-sale securities at March 31, 2025 were as follows:

	Amortized cost		Estimated fair value
Within 1 year	$	4,181	$	3,985
After 1 year through 5 years	9,521		8,469
After 5 years through 10 years	37,620		32,636
After 10 years	135,413		106,635
Total	$	186,735	$	151,725

Schedule of Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of debt was as follows:

	March 31, 2025		December 31, 2024
Carrying value	$	1,913,152	$	1,919,708
Fair value	$	1,820,224	$	1,823,430