v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The following tables provide the financial assets measured at fair value on a recurring basis:
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Fair Value Hierarchy as of
June 30, 2026		Aggregate
Fair Value
Level 1Level 2Level 3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$571,680 $— $— $571,680 $— $— $571,680 
Commercial paper21,579 — — — 21,579 — 21,579 
U.S. Treasury bills3,000 — — 3,000 — — 3,000 
Total included in cash
    and cash equivalents		596,259 — — 574,680 21,579 — 596,259 
Marketable securities:
Debt securities:
U.S. Treasury securities190,136 135 (710)189,561 — — 189,561 
Corporate debt securities and commercial paper1,638,200 1,683 (5,605)— 1,634,278 — 1,634,278 
Total debt securities1,828,336 1,818 (6,315)189,561 1,634,278 — 1,823,839 
Equity securities9,230 — — 9,230 — — 9,230 
Total marketable
   securities		1,837,566 1,818 (6,315)198,791 1,634,278 — 1,833,069 
Total financial assets$2,433,825 $1,818 $(6,315)$773,471 $1,655,857 $— $2,429,328 
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
December 31, 2025		Aggregate
Fair Value
Level 1Level 2Level  3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$454,505 $— $— $— $454,505 $— $— $454,505 
Commercial paper37,517 — — — 37,517 37,517 
Total included in cash
    and cash equivalents		492,022 — — — 454,505 37,517 — 492,022 
Marketable securities:
Debt securities:
U.S. Treasury securities249,396 1,190 (9)— 250,577 — — 250,577 
Corporate debt securities and
   commercial paper		1,523,935 9,360 (84)(1)— 1,533,210 — 1,533,210 
Total debt securities1,773,331 10,550 (93)(1)250,577 1,533,210 — 1,783,787 
Equity securities4,220 — — — 4,220 — — 4,220 
Total marketable
   securities		1,777,551 10,550 (93)(1)254,797 1,533,210 — 1,788,007 
Total financial assets$2,269,573 $10,550 $(93)$(1)$709,302 $1,570,727 $— $2,280,029 
Debt Securities
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support current operations, it has classified all available for sale securities as short-term.
Interest earned on debt securities was $17.8 million and $35.3 million in the three and six months ended June 30, 2026, respectively, and $17.9 million and $36.8 million in the three and six months ended June 30, 2025, respectively. The interest is recorded as other income, net, in the accompanying unaudited condensed consolidated statements of operations.
The following table summarizes the contractual maturities of debt securities:
As of June 30,As of December 31,
20262025
Amortized
Cost		Aggregate
Fair Value		Amortized
Cost		Aggregate
Fair Value
Financial Assets:(In thousands)
Less than one year$737,062 $738,146 $588,022 $590,997 
One to three years1,091,274 1,085,693 1,185,309 1,192,790 
Total$1,828,336 $1,823,839 $1,773,331 $1,783,787 
Strategic Investments
As of June 30, 2026, and December 31, 2025, the Company held strategic investments with a carrying value of $24.2 million and $24.5 million, respectively, recorded as other long-term assets in the accompanying unaudited condensed consolidated balance sheets. There were no significant impairments or adjustments recorded in the three and six months ended June 30, 2026 and 2025 related to these securities.
Financial Liabilities
The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of June 30, 2026, and December 31, 2025, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.
The Company’s financial liabilities that are not measured at fair value on a recurring basis are its Senior Notes due 2029 (“2029 Notes”) and its Senior Notes due 2031 (“2031 Notes”). As of June 30, 2026, the fair values of the 2029 Notes and 2031 Notes were $487.6 million and $477.1 million, respectively. As of December 31, 2025, the fair values of the 2029 Notes and 2031 Notes were $489.7 million and $483.9 million, respectively.