Quarterly report [Sections 13 or 15(d)]

Fair Value Measures (Tables)

v3.25.2
Fair Value Measures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
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 
(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.