Quarterly report [Sections 13 or 15(d)]

Fair Value Measures

v3.26.1
Fair Value Measures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measures
NOTE 13 — 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 March 31, 2026
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 2,379  $ —  $ —  $ 2,379 
U.S. government treasury bills
 —  5,000  —  5,000 
Time deposits (1)
—  27,570  —  27,570 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
 —  199,248  —  199,248 
Commercial paper
 —  14,894  —  14,894 
Other short-term investments:
Money market funds 241  —  —  241 
Mutual fund shares 1,630  —  —  1,630 
Prepaid expenses and other current assets:
Derivative financial instruments —  10,662  —  10,662 
Other non-current assets:
Money market funds 3,422  —  —  3,422 
Mutual fund shares 31,410  —  —  31,410 
Derivative financial instruments —  8,444  —  8,444 
Total assets measured at fair value $ 39,082  $ 265,818  $ —  $ 304,900 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 6,903  $ —  $ 6,903 
Other long-term liabilities:
Derivative financial instruments —  3,771  —  3,771 
Total liabilities measured at fair value $ —  $ 10,674  $ —  $ 10,674 
(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.
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 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.