| Fair value of financial assets and liabilities |
The fair value of financial assets and liabilities was determined using the following levels of inputs as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of September 30, 2026 | | | Total | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | Assets | | | Cash equivalents: | | | | | | | | | Money market funds | $ | 561,694 | | | $ | 561,694 | | | $ | — | | | $ | — | | | Marketable securities: | | | | | | | | | Marketable equity securities | 10,530 | | | 10,530 | | | — | | | — | | | Mortgage-backed and asset-backed securities | 80,663 | | | — | | | 80,663 | | | — | | | | | | | | | | Securities held in NQDC trust | 131,956 | | | 131,956 | | | — | | | — | | | | | | | | | | | Total Assets | $ | 784,843 | | | $ | 704,180 | | | $ | 80,663 | | | $ | — | | | | | | | | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | Liabilities | | | Foreign currency exchange contracts | $ | 7,284 | | | $ | — | | | $ | 7,284 | | | $ | — | | | Total Liabilities | $ | 7,284 | | | $ | — | | | $ | 7,284 | | | $ | — | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2025 | | | Total | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | Assets | | | Cash equivalents: | | | | | | | | | Money market funds | $ | 2,100,210 | | | $ | 2,100,210 | | | $ | — | | | $ | — | | | Marketable securities: | | | | | | | | | Marketable equity securities | 83,244 | | | 83,244 | | | — | | | — | | | Mortgage-backed and asset-backed securities | 70,970 | | | — | | | 70,970 | | | — | | | Securities held in NQDC trust | 117,732 | | | 117,732 | | | — | | | — | | | | | | | | | | | Total Assets | $ | 2,372,156 | | | $ | 2,301,186 | | | $ | 70,970 | | | $ | — | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | (In thousands) | | Liabilities | | | Foreign currency exchange contracts | $ | 25,999 | | | $ | — | | | $ | 25,999 | | | $ | — | | | Total Liabilities | $ | 25,999 | | | $ | — | | | $ | 25,999 | | | $ | — | |
|