| Assets and Liabilities Measured and Carried at Fair Value |
The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:
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Fair Value Measurement as of June 30, 2026 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
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Assets |
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Money market funds |
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$ |
196,171 |
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$ |
196,171 |
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$ |
— |
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$ |
— |
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Government and government agency bonds |
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|
270,368 |
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— |
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270,368 |
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— |
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Corporate bonds |
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|
97,464 |
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— |
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97,464 |
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|
— |
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Strategic investments |
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6,348 |
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|
1,917 |
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— |
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|
4,431 |
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Commercial paper |
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|
2,563 |
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— |
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2,563 |
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— |
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Certificates of deposit |
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|
2,898 |
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— |
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2,898 |
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— |
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Deferred compensation plan assets |
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1,224 |
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|
1,224 |
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— |
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— |
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Total assets |
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$ |
577,036 |
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$ |
199,312 |
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$ |
373,293 |
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$ |
4,431 |
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Fair Value Measurement as of December 31, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
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Assets |
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Money market funds |
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$ |
474,914 |
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$ |
474,914 |
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$ |
— |
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$ |
— |
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Government and government agency bonds |
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|
179,765 |
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— |
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|
179,765 |
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|
— |
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Corporate bonds |
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42,583 |
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— |
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|
42,583 |
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— |
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Strategic investments |
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|
9,520 |
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|
4,089 |
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— |
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|
5,431 |
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Commercial paper |
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|
3,614 |
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|
— |
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|
3,614 |
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|
— |
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Certificates of deposit |
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|
3,368 |
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— |
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|
3,368 |
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|
— |
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Deferred compensation plan assets |
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|
883 |
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|
883 |
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— |
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— |
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Total assets |
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$ |
714,647 |
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$ |
479,886 |
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$ |
229,330 |
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$ |
5,431 |
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| Summary of Carrying Value and Fair Value of the Company's Convertible Notes |
The following table summarizes the Company's debt instruments by indenture for the periods indicated:
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As of
June 30, 2026 |
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As of
December 31, 2025 |
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(in thousands) |
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Net carrying value of the 2027 Notes |
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$ |
157,806 |
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$ |
157,478 |
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Net carrying value of the 2030 Notes |
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|
689,817 |
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|
|
671,496 |
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Total carrying value of debt instruments |
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$ |
847,623 |
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$ |
828,974 |
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Fair value of 2027 Notes |
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$ |
149,918 |
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$ |
143,076 |
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Fair value of 2030 Notes |
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|
760,332 |
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|
|
721,791 |
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Total fair value of debt instruments |
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$ |
910,250 |
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$ |
864,867 |
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