Quarterly report [Sections 13 or 15(d)]

Fair Value Measures

v3.25.2
Fair Value Measures
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 12 — FAIR VALUE MEASURES

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2 —
inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3 —
unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of June 30, 2025
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 1,056  $ —  $ —  $ 1,056 
U.S. government treasury bills
 —  149,404  —  149,404 
Time deposits (1)
—  30,678  —  30,678 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
 —  149,117  —  149,117 
Other short-term investments:
Money market funds 260  —  —  260 
Mutual fund shares 1,846  —  —  1,846 
Prepaid expenses and other current assets:
Derivative financial instruments —  5,875  —  5,875 
Other non-current assets:
Money market funds 2,620  —  —  2,620 
Mutual fund shares 29,727  —  —  29,727 
Derivative financial instruments —  844  —  844 
Total assets measured at fair value $ 35,509  $ 335,918  $ —  $ 371,427 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 12,242  $ —  $ 12,242 
Other long-term liabilities:
Derivative financial instruments —  12,371  —  12,371 
Total liabilities measured at fair value $ —  $ 24,613  $ —  $ 24,613 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of December 31, 2024
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 160,743  $ —  $ —  $ 160,743 
U.S. government treasury bills
 —  84,622  —  84,622 
Time deposits (1)
—  22,306  —  22,306 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills —  281,499  —  281,499 
Other short-term investments:
Money market funds 384  —  —  384 
Mutual fund shares 1,725  —  —  1,725 
Prepaid expenses and other current assets:
Derivative financial instruments —  24,629  —  24,629 
Other non-current assets:
Money market funds 1,263  —  —  1,263 
Mutual fund shares 29,225  —  —  29,225 
Derivative financial instruments —  9,137  —  9,137 
Total assets measured at fair value $ 193,340  $ 422,193  $ —  $ 615,533 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,725  $ —  $ 1,725 
Other long-term liabilities:
Derivative financial instruments —  13  —  13 
Total liabilities measured at fair value $ —  $ 1,738  $ —  $ 1,738 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of June 30, 2024
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 20,204  $ —  $ —  $ 20,204 
U.S. Government treasury bills —  34,813  —  34,813 
Time deposits (1)
—  47,781  —  47,781 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills —  367,031  —  367,031 
Other short-term investments:
Money market funds 343  —  —  343 
Mutual fund shares 1,902  —  —  1,902 
Prepaid expenses and other current assets:
Derivative financial instruments —  16,734  —  16,734 
Other non-current assets:
Money market funds 1,502  —  —  1,502 
Mutual fund shares 26,343  —  —  26,343 
Derivative financial instruments —  6,492  —  6,492 
Total assets measured at fair value $ 50,294  $ 472,851  $ —  $ 523,145 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 2,099  $ —  $ 2,099 
Other long-term liabilities:
Derivative financial instruments —  65  —  65 
Total liabilities measured at fair value $ —  $ 2,164  $ —  $ 2,164