Quarterly report [Sections 13 or 15(d)]

Fair Value Measures (Tables)

v3.25.1
Fair Value Measures (Tables)
 3 Months Ended
Mar. 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 March 31, 2025
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 364  $ —  $ —  $ 364 
U.S. government treasury bills
 —  10,158  —  10,158 
Time deposits (1)
—  39,841  —  39,841 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
 —  333,007  —  333,007 
Other short-term investments:
Money market funds 247  —  —  247 
Mutual fund shares 1,822  —  —  1,822 
Prepaid expenses and other current assets:
Derivative financial instruments —  17,259  —  17,259 
Other non-current assets:
Money market funds 1,801  —  —  1,801 
Mutual fund shares 27,925  —  —  27,925 
Derivative financial instruments —  4,929  —  4,929 
Total assets measured at fair value $ 32,159  $ 405,194  $ —  $ 437,353 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,377  $ —  $ 1,377 
Other long-term liabilities:
Derivative financial instruments —  1,748  —  1,748 
Total liabilities measured at fair value $ —  $ 3,125  $ —  $ 3,125 
(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 March 31, 2024
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents:
Money market funds $ 57,144  $ —  $ —  $ 57,144 
U.S. Government treasury bills —  74,828  —  74,828 
Time deposits (1)
—  40,699  —  40,699 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills —  366,982  —  366,982 
Other short-term investments:
Money market funds 343  —  —  343 
Mutual fund shares 1,945  —  —  1,945 
Prepaid expenses and other current assets:
Derivative financial instruments —  14,842  —  14,842 
Other non-current assets:
Money market funds 1,532  —  —  1,532 
Mutual fund shares 25,449  —  —  25,449 
Derivative financial instruments —  5,423  —  5,423 
Total assets measured at fair value $ 86,413  $ 502,774  $ —  $ 589,187 
Liabilities:
Accrued liabilities:
Derivative financial instruments $ —  $ 1,918  $ —  $ 1,918 
Other long-term liabilities:
Derivative financial instruments —  155  —  155 
Total liabilities measured at fair value $ —  $ 2,073  $ —  $ 2,073 
(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.