The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	June 30, 2025
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	204,171	$	—	$	204,171
Commercial paper	—		41,811		41,811
U.S. treasury securities	—		5,744		5,744

Marketable securities:
U.S. treasury securities	—		769,579		769,579
Corporate notes and bonds	—		482,201		482,201
U.S. agency obligations	—		272,540		272,540
Commercial paper	—		109,873		109,873
Time deposits	—		10,839		10,839
Derivative instruments:
Foreign currency forward contracts	—		11,813		11,813
Total assets	$	204,171	$	1,704,400	$	1,908,571
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	—	$	1,583	$	1,583
Total liabilities	$	—	$	1,583	$	1,583


	December 31, 2024
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	326,576	$	—	$	326,576
U.S. treasury securities	—		11,489		11,489
Marketable securities:
U.S. treasury securities	—		667,651		667,651
Corporate notes and bonds	—		515,613		515,613
U.S. agency obligations	—		253,935		253,935
Commercial paper	—		80,378		80,378
Time deposits	—		7,006		7,006
Derivative instruments:
Foreign currency forward contracts	—		1,062		1,062
Total assets	$	326,576	$	1,537,134	$	1,863,710
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	—	$	5,914	$	5,914
Total liabilities	$	—	$	5,914	$	5,914