v3.26.1
Fair Value Measures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are as follows:

As of June 30, 2026
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$47,064 $— $— $47,064 
U.S. government treasury bills
— 124,508 — 124,508 
Commercial paper
— 34,428 — 34,428 
Time deposits (1)
— 26,036 — 26,036 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
— 89,610 — 89,610 
Other short-term investments:
Money market funds244 — — 244 
Mutual fund shares2,442 — — 2,442 
Prepaid expenses and other current assets:
Derivative financial instruments— 13,853 — 13,853 
Other non-current assets:
Money market funds 3,576 — — 3,576 
Mutual fund shares 34,226 — — 34,226 
Derivative financial instruments— 9,783 — 9,783 
Total assets measured at fair value$87,552 $298,218 $— $385,770 
Liabilities:
Accrued liabilities:
Derivative financial instruments$— $7,552 $— $7,552 
Other long-term liabilities:
Derivative financial instruments— 3,115 — 3,115 
Total liabilities measured at fair value$— $10,667 $— $10,667 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.
As of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$76,680 $— $— $76,680 
U.S. government treasury bills
— 50,050 — 50,050 
Commercial paper— 24,856 — 24,856 
Time deposits (1)
— 10,456 — 10,456 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills — 321,766 — 321,766 
Commercial paper— 24,676 — 24,676 
Other short-term investments:
Money market funds292 — — 292 
Mutual fund shares2,032 — — 2,032 
Prepaid expenses and other current assets:
Derivative financial instruments— 7,039 — 7,039 
Other non-current assets:
Money market funds 3,656 — — 3,656 
Mutual fund shares 31,923 — — 31,923 
Derivative financial instruments— 2,788 — 2,788 
Total assets measured at fair value$114,583 $441,631 $— $556,214 
Liabilities:
Accrued liabilities:
Derivative financial instruments$— $9,795 $— $9,795 
Other long-term liabilities:
Derivative financial instruments— 5,732 — 5,732 
Total liabilities measured at fair value$— $15,527 $— $15,527 
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value.
(2) Available-for-sale short-term investments have remaining maturities of less than one year.