v3.26.1
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
 3 Months Ended
Mar. 31, 2026
Short-Term Investments And Fair Value Measurement [Abstract]  
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale (“AFS”). The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.
The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of March 31, 2026 and December 31, 2025:

 As of March 31, 2026
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$3,871,956 $— $— $3,871,956 $3,864,916 $— $6,957 $83 
Level 1 securities:
Money market funds7,754,592 — — 7,754,592 7,754,531 — — 61 
Level 2 securities:
Time deposits
669,003 — — 669,003 640,325 28,678 — — 
$12,295,551 $— $— $12,295,551 $12,259,772 $28,678 $6,957 $144 

 As of December 31, 2025
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and Cash EquivalentsShort-term InvestmentsOther Current AssetsNon-current Assets
 (in thousands)
Cash$5,214,163 $— $— $5,214,163 $5,208,710 $— $5,369 $84 
Level 1 securities:
Money market funds3,259,240 — — 3,259,240 3,259,180 — — 60 
Level 2 securities:
Time deposits
594,469 — — 594,469 565,791 28,678 — — 
$9,067,872 $— $— $9,067,872 $9,033,681 $28,678 $5,369 $144 
Other current assets and non-current assets primarily consist of restricted cash for deposits related to self-insurance. The fair value of AFS securities, cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.
See Note 7 Debt and Note 8 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.