v3.26.1
Investments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Available-for-sale marketable securities held as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

Gross UnrealizedClassification on Balance Sheet
Amortized CostGains
Losses
Aggregate
Fair Value		Short-Term
Marketable
Securities		Long-Term
Marketable
Securities
As of June 30, 2026
Time deposits
$37,577 $— $— $37,577 $37,577 $— 
Commercial paper997,441 — (1,779)995,662 971,744 23,918 
Corporate bonds1,677,190 275 (5,374)1,672,091 858,452 813,639 
U.S. government agency obligations394,641 — (567)394,074 — 394,074 
$3,106,849 $275 $(7,720)$3,099,404 $1,867,773 $1,231,631 
As of December 31, 2025
Time deposits$31,035 $— $— $31,035 $31,035 $— 
Corporate bonds920,142 3,921 (127)923,936 217,139 706,797 
$951,177 $3,921 $(127)$954,971 $248,174 $706,797 

The Company holds money market funds and mutual funds, which are classified as equity securities. These securities are not included in the available-for-sale securities table above, but are included in marketable securities in the interim condensed consolidated balance sheets.

Unrealized gains and unrealized losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the interim condensed consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the interim condensed consolidated statements of income. As of June 30, 2026, the Company did not hold any available-for-sale marketable securities in a continuous unrealized loss position for more than 12 months.

Contractual maturities of the Company’s available-for-sale marketable securities held as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

June 30,
2026		December 31,
2025
Due in 1 year or less$1,867,773 $248,174 
Due after 1 year through 5 years1,231,631 706,797 
$3,099,404 $954,971 
Fair Value Measurements

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

Total Fair ValueFair Value Measurements at
Reporting Date Using
Level 1Level 2
As of June 30, 2026
Cash Equivalents and Marketable Securities:
Money market funds$1,016,873 $1,016,873 $— 
Time deposits127,152 — 127,152 
Commercial paper995,662 — 995,662 
Corporate bonds1,672,091 — 1,672,091 
U.S. government agency obligations394,074 — 394,074 
Mutual funds32,078 32,078 — 
$4,237,930 $1,048,951 $3,188,979 
As of December 31, 2025
Cash Equivalents and Marketable Securities:
Money market funds$409,326 $409,326 $— 
Time deposits103,038 — 103,038 
Commercial paper34,962 — 34,962 
Corporate bonds923,936 — 923,936 
Mutual funds28,981 28,981 — 
$1,500,243 $438,307 $1,061,936 

As of June 30, 2026 and December 31, 2025, the fair value of the Company's financial assets were determined utilizing a Level 1 or Level 2 valuation. Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market).

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about the assumptions market participants would use to estimate the fair value of a financial instrument.