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Fair Value Measurements | 12 Months Ended
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Dec. 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 December 31, 2025 |  | Aggregate Fair Value
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  | (In thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 454,505 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 454,505 |  |  | $ | — |  |  | $ | — |  |  | $ | 454,505 |
Commercial paper |  | 37,517 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 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 securities |  | 249,396 |  |  | 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 securities |  | 1,773,331 |  |  | 10,550 |  |  | (93) |  |  | (1) |  |  | 250,577 |  |  | 1,533,210 |  |  | — |  |  | 1,783,787 |
Equity securities |  | 4,220 |  |  | — |  |  | — |  |  | — |  |  | 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 |
|  | 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 1 |  | Level 2 |  | Level 3
Financial Assets: |  | (In thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 207,323 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 207,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 207,323 |
Commercial paper |  | 15,059 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,059 |  |  | — |  |  | 15,059 |
U.S. Treasury bills |  | 2,748 |  |  | — |  |  | — |  |  | — |  |  | 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 securities |  | 379,846 |  |  | 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 securities |  | 1,954,699 |  |  | 7,685 |  |  | (1,890) |  |  | (612) |  |  | 400,564 |  |  | 1,559,318 |  |  | — |  |  | 1,959,882 |
Equity securities |  | 3,220 |  |  | — |  |  | — |  |  | — |  |  | 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 its current operations, it has classified all available for sale securities as short-term. Interest earned on marketable securities was $70.6 million, $90.2 million and $77.7 million in the years ended December 31, 2025, 2024 and 2023, respectively. The interest is recorded as other income, net, in the accompanying consolidated statements of operations. The following table summarizes the contractual maturities of marketable securities:
|  | As of December 31,
|  | 2025 |  | 2024
|  | Amortized Cost |  | Aggregate Fair Value |  | Amortized Cost |  | Aggregate Fair Value
Financial Assets: |  | (In thousands)
Less than one year |  | $ | 588,022 |  |  | $ | 590,997 |  |  | $ | 684,294 |  |  | $ | 685,091 |
One to three years |  | 1,185,309 |  |  | 1,192,790 |  |  | 1,270,405 |  |  | 1,274,791 |
Total |  | $ | 1,773,331 |  |  | $ | 1,783,787 |  |  | $ | 1,954,699 |  |  | $ | 1,959,882 |
Strategic Investments As of December 31, 2025 and 2024, the Company held strategic investments with an aggregate carrying value of $24.5 million and $23.5 million, respectively, recorded as other long-term assets in the accompanying consolidated balance sheets. There were no significant impairments or adjustments recorded in the years ended December 31, 2025 and 2024 related to these securities. In the year ended December 31, 2023, the Company remeasured to fair value one of its strategic investments acquired in 2021 due to an assessed impairment. The fair value measurement of the strategic investment is classified as Level 2 in the fair value hierarchy and the primary input used in the fair value measurement was the publicly available stock price of the issuer’s unrestricted security of the same class. The impairment loss of $46.2 million is recorded in other expenses, net, in the accompanying consolidated statement of operations for the year ended December 31, 2023. 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 December 31, 2025 and 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 2029 Notes and its 2031 Notes. As of December 31, 2025, the fair value of the 2029 Notes and 2031 Notes were $489.7 million and $483.9 million, respectively. As of December 31, 2024, the fair value of the 2029 Notes and 2031 Notes were $464.9 million and $453.9 million, respectively. These fair values are classified as Level 2 in the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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