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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
March 31, 2025		Aggregate
Fair Value
Level 1Level 2Level 3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$216,560 $— $— $— $216,560 $— $— $216,560 
Commercial paper6,752 — — — — 6,752 — 6,752 
U.S. Treasury bills22,995 — — — 22,995 — — 22,995 
Total included in cash
    and cash equivalents		246,307 — — — 239,555 6,752 — 246,307 
Marketable securities:
Debt securities:
U.S. Treasury securities370,611 1,653 (8)(31)372,225 — — 372,225 
Non-U.S. government
   securities
2,909 30 — — 2,939 — — 2,939 
Corporate debt securities and commercial paper1,594,751 9,337 (560)(179)21,049 1,582,300 — 1,603,349 
Total debt securities1,968,271 11,020 (568)(210)396,213 1,582,300 — 1,978,513 
Equity securities2,470 — — — 2,470 — — 2,470 
Total marketable
   securities		1,970,741 11,020 (568)(210)398,683 1,582,300 — 1,980,983 
Total financial assets$2,217,048 $11,020 $(568)$(210)$638,238 $1,589,052 $— $2,227,290 
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, 2024		Aggregate
Fair Value
Level 1Level 2Level  3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$207,323 $— $— $— $207,323 $— $— $207,323 
Commercial paper15,059 — — — 15,059 15,059 
U.S. Treasury bills2,748 — — — 2,748 — — 2,748 
Total included in cash
    and cash equivalents		225,130 — — — 210,071 15,059 — 225,130 
Marketable securities:
Debt securities:
U.S. Treasury securities379,846 1,243 (296)(55)380,738 — — 380,738 
Non-U.S. government
   securities		2,909 27 — — 2,936 — — 2,936 
Corporate debt securities and
   commercial paper		1,571,944 6,415 (1,594)(557)16,890 1,559,318 — 1,576,208 
Total debt securities1,954,699 7,685 (1,890)(612)400,564 1,559,318 — 1,959,882 
Equity securities3,220 — — — 3,220 — — 3,220 
Total marketable
   securities		1,957,919 7,685 (1,890)(612)403,784 1,559,318 — 1,963,102 
Total financial assets$2,183,049 $7,685 $(1,890)$(612)$613,855 $1,574,377 $— $2,188,232 
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, non-U.S government 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 $18.9 million and $27.2 million in the three months ended March 31, 2025 and 2024, respectively. The interest is recorded as other income, net, in the accompanying condensed consolidated statements of operations.
The following table summarizes the contractual maturities of debt securities:
As of March 31,As of December 31,
20252024
Amortized
Cost		Aggregate
Fair Value		Amortized
Cost		Aggregate
Fair Value
Financial Assets:(In thousands)
Less than one year$783,522 $785,570 $684,294 $685,091 
One to three years1,184,749 1,192,943 1,270,405 1,274,791 
Total$1,968,271 $1,978,513 $1,954,699 $1,959,882 
Strategic Investments
As of March 31, 2025 and December 31, 2024, the Company held strategic investments with a carrying value of $22.2 million and $23.5 million, respectively, recorded as other long-term assets in the accompanying condensed consolidated balance sheets. There were no significant impairments or adjustments recorded in the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025, the fair values of the 2029 Notes and 2031 Notes were $465.5 million and $451.4 million, respectively. As of December 31, 2024, the fair values of the 2029 Notes and 2031 Notes were $464.9 million and $453.9 million, respectively.