v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The following tables provide the financial assets measured at fair value on a recurring basis:
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
June 30, 2025		Aggregate
Fair Value
Level 1Level 2Level 3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$715,048 $— $— $— $715,048 $— $— $715,048 
Commercial paper12,305 — — — — 12,305 — 12,305 
U.S. Treasury bills22,748 — — — 22,748 — — 22,748 
Total included in cash
    and cash equivalents		750,101 — — — 737,796 12,305 — 750,101 
Marketable securities:
Debt securities:
U.S. Treasury securities285,864 1,066 — — 286,930 — — 286,930 
Corporate debt securities and commercial paper1,275,992 8,253 (180)(14)— 1,284,051 — 1,284,051 
Total debt securities1,561,856 9,319 (180)(14)286,930 1,284,051 — 1,570,981 
Equity securities2,390 — — — 2,390 — — 2,390 
Total marketable
   securities		1,564,246 9,319 (180)(14)289,320 1,284,051 — 1,573,371 
Total financial assets$2,314,347 $9,319 $(180)$(14)$1,027,116 $1,296,356 $— $2,323,472 
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
December 31, 2024		Aggregate
Fair Value
Level 1Level 2Level  3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$207,323 $— $— $— $207,323 $— $— $207,323 
Commercial paper15,059 — — — 15,059 15,059 
U.S. Treasury bills2,748 — — — 2,748 — — 2,748 
Total included in cash
    and cash equivalents		225,130 — — — 210,071 15,059 — 225,130 
Marketable securities:
Debt securities:
U.S. Treasury securities379,846 1,243 (296)(55)380,738 — — 380,738 
Non-U.S. government
   securities		2,909 27 — — 2,936 — — 2,936 
Corporate debt securities and
   commercial paper		1,571,944 6,415 (1,594)(557)16,890 1,559,318 — 1,576,208 
Total debt securities1,954,699 7,685 (1,890)(612)400,564 1,559,318 — 1,959,882 
Equity securities3,220 — — — 3,220 — — 3,220 
Total marketable
   securities		1,957,919 7,685 (1,890)(612)403,784 1,559,318 — 1,963,102 
Total financial assets$2,183,049 $7,685 $(1,890)$(612)$613,855 $1,574,377 $— $2,188,232 
Debt Securities
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury securities, non-U.S government securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support current operations, it has classified all available for sale securities as short-term.
Interest earned on debt securities was $17.9 million and $36.8 million in the three and six months ended June 30, 2025, respectively, and $23.5 million and $50.6 million in the three and six months ended June 30, 2024, respectively. The interest is recorded as other (expenses) income, net, in the accompanying unaudited condensed consolidated statements of operations.
The following table summarizes the contractual maturities of debt securities:
As of June 30,As of December 31,
20252024
Amortized
Cost		Aggregate
Fair Value		Amortized
Cost		Aggregate
Fair Value
Financial Assets:(In thousands)
Less than one year$601,214 $602,947 $684,294 $685,091 
One to three years960,642 968,034 1,270,405 1,274,791 
Total$1,561,856 $1,570,981 $1,954,699 $1,959,882 
Strategic Investments
As of June 30, 2025 and December 31, 2024, the Company held strategic investments with a carrying value of $22.2 million and $23.5 million, respectively, recorded as other long-term assets in the accompanying unaudited condensed consolidated balance sheets. There were no significant impairments or adjustments recorded in the three and six months ended June 30, 2025 and 2024 related to these securities.
Financial Liabilities
The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of June 30, 2025 and December 31, 2024, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.
The Company’s financial liabilities that are not measured at fair value on a recurring basis are its Senior Notes due 2029 (“2029 Notes”) and its Senior Notes due 2031 (“2031 Notes”). As of June 30, 2025, the fair values of the 2029 Notes and 2031 Notes were $481.7 million and $473.7 million, respectively. As of December 31, 2024, the fair values of the 2029 Notes and 2031 Notes were $464.9 million and $453.9 million, respectively.