| 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:
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As of December 31, 2024 |
| (in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Assets: |
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| Cash equivalents: |
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| Money market funds |
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$ |
160,743 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
160,743 |
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U.S. government treasury bills |
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— |
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|
84,622 |
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— |
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|
84,622 |
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Time deposits (1)
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— |
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|
22,306 |
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— |
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|
22,306 |
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| Short-term investments: |
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Available-for-sale short-term investments: (2)
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U.S. government treasury bills |
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— |
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281,499 |
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— |
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281,499 |
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| Other short-term investments: |
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| Money market funds |
|
384 |
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— |
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— |
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|
384 |
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| Mutual fund shares |
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1,725 |
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— |
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— |
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|
1,725 |
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| Prepaid expenses and other current assets: |
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| Derivative financial instruments |
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— |
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24,629 |
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— |
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24,629 |
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| Other non-current assets: |
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| Money market funds |
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1,263 |
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— |
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— |
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|
1,263 |
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| Mutual fund shares |
|
29,225 |
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— |
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— |
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|
29,225 |
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| Derivative financial instruments |
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— |
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|
9,137 |
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— |
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|
9,137 |
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| Total assets measured at fair value |
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$ |
193,340 |
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|
$ |
422,193 |
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|
$ |
— |
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|
$ |
615,533 |
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| Liabilities: |
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| Accrued liabilities: |
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| Derivative financial instruments |
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$ |
— |
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|
$ |
1,725 |
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|
$ |
— |
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|
$ |
1,725 |
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| Other long-term liabilities: |
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| Derivative financial instruments |
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— |
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|
13 |
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— |
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|
13 |
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| Total liabilities measured at fair value |
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$ |
— |
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$ |
1,738 |
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$ |
— |
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$ |
1,738 |
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(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.
Assets and liabilities measured at fair value on a recurring basis are as follows:
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As of December 31, 2023 |
| (in thousands) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
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|
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|
|
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| Cash equivalents: |
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| Money market funds |
|
$ |
75,758 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
75,758 |
|
U.S. government treasury bills |
|
— |
|
|
9,977 |
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|
— |
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|
9,977 |
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Time deposits (1)
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— |
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|
40,876 |
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— |
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|
40,876 |
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| Short-term investments: |
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|
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Available-for-sale short-term investments: (2)
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U.S. government treasury bills |
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— |
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|
412,987 |
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— |
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|
412,987 |
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| Other short-term investments: |
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| Money market funds |
|
314 |
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— |
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— |
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|
314 |
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| Mutual fund shares |
|
884 |
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— |
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— |
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|
884 |
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| Prepaid expenses and other current assets: |
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|
|
|
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|
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| Derivative financial instruments |
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— |
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10,200 |
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— |
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|
10,200 |
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| Other non-current assets: |
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| Money market funds |
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1,796 |
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|
— |
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— |
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|
1,796 |
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| Mutual fund shares |
|
24,808 |
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|
— |
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|
— |
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|
24,808 |
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| Derivative financial instruments |
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— |
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|
961 |
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|
— |
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|
961 |
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| Total assets measured at fair value |
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$ |
103,560 |
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$ |
475,001 |
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|
$ |
— |
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|
$ |
578,561 |
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| Liabilities: |
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|
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| Accrued liabilities: |
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|
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|
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| Derivative financial instruments |
|
$ |
— |
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|
$ |
6,390 |
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|
$ |
— |
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$ |
6,390 |
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| Other long-term liabilities: |
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| Derivative financial instruments |
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— |
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|
2,629 |
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— |
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|
2,629 |
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| Total liabilities measured at fair value |
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$ |
— |
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$ |
9,019 |
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|
$ |
— |
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$ |
9,019 |
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(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.
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