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Investment in Other Affiliates
12 Months Ended
Dec. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investment in Other Affiliates Investment in Other Affiliates
The Company has certain strategic investments in nonmarketable securities of other companies. The Company had $54.4 million and $71.9 million of such investments as of December 31, 2024 and 2023, respectively. These investments are recorded as a component of other long-term assets in the consolidated balance sheets.
The Company impairs an investment and recognizes a loss if and when events or circumstances indicate there has been impairment in the investment that is other-than-temporary. The Company evaluates investments in nonmarketable securities for impairment utilizing level 3 fair value inputs. During 2024, the Company recorded a $20.0 million impairment associated with a strategic investment. The impairment was recorded within other expense (income), net in the consolidated statements of income.