v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2025
Level 1Level 2Total
Assets:
Cash equivalents:
Money market funds$261,532 $— $261,532 
U.S. treasury securities— 25,790 25,790 
Marketable securities:
U.S. treasury securities— 714,635 714,635 
Corporate notes and bonds— 495,973 495,973 
U.S. agency obligations— 314,842 314,842 
Commercial paper— 170,926 170,926 
Time deposits— 10,386 10,386 
Derivative instruments:
Foreign currency forward contracts— 6,198 6,198 
Total assets$261,532 $1,738,750 $2,000,282 
Liabilities:
Derivative instruments:
Foreign currency forward contracts$— $2,580 $2,580 
Total liabilities$— $2,580 $2,580 
December 31, 2024
Level 1Level 2Total
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 
The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, time deposits, and foreign currency forward contracts within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. There were no transfers of financial instruments between valuation levels during the years ended December 31, 2025, 2024, and 2023.
As of December 31, 2025 and 2024, the total estimated fair value of the Company’s 0% convertible senior notes due 2027 was $1,070.0 million and $988.7 million, respectively. The fair value was determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 8, Convertible Senior Notes, for further information on the Company’s convertible senior notes.