Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measures (Tables)

v3.25.4
Fair Value Measures (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2025
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 76,680  $ —  $ —  $ 76,680 
U.S. government treasury bills
 —  50,050  —  50,050 
Commercial paper
 —  24,856  —  24,856 
Time deposits (1)
—  10,456  —  10,456 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
 —  321,766  —  321,766 
Commercial paper
 —  24,676  —  24,676 
Other short-term investments:
Money market funds 292  —  —  292 
Mutual fund shares 2,032  —  —  2,032 
Prepaid expenses and other current assets:
Derivative financial instruments —  7,039  —  7,039 
Other non-current assets:
Money market funds 3,656  —  —  3,656 
Mutual fund shares 31,923  —  —  31,923 
Derivative financial instruments —  2,788  —  2,788 
Total assets measured at fair value $ 114,583  $ 441,631  $ —  $ 556,214 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 9,795  $ —  $ 9,795 
Other long-term liabilities:
Derivative financial instruments —  5,732  —  5,732 
Total liabilities measured at fair value $ —  $ 15,527  $ —  $ 15,527 
(1) Time deposits are carried at amortized cost on the Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
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 Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.