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 1		Level 2		Total
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 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