The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, by level within the fair value hierarchy (in thousands):


	Level 1		Level 2		Total

Assets measured at fair value
Cash and cash equivalents:
Money market funds	$	727,056	$	—	$	727,056














Derivative financial instruments	—		17,506		17,506






Total assets measured at fair value	$	727,056	$	17,506	$	744,562

Liabilities measured at fair value
Derivative financial instruments	$	—	$	17,005	$	17,005



Total liabilities measured at fair value	$	—	$	17,005	$	17,005

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, by level within the fair value hierarchy (in thousands):


	Level 1		Level 2		Total
Assets measured at fair value
Cash and cash equivalents:
Money market funds	$	1,774,138	$	—	$	1,774,138
Corporate debt securities	—		382		382
Marketable securities:
U.S. treasury securities	—		176,661		176,661
Agency securities	—		3,216		3,216
Certificates of deposit and time deposits	—		10,000		10,000
Commercial paper	—		19,697		19,697
Corporate debt securities	—		214,694		214,694
Derivative financial instruments	—		23,234		23,234
Total assets measured at fair value	$	1,774,138	$	447,884	$	2,222,022

Liabilities measured at fair value
Derivative financial instruments	$	—	$	2,445	$	2,445
Total liabilities measured at fair value	$	—	$	2,445	$	2,445