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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Available-for-sale marketable securities held as of June 30, 2025 and December 31, 2024 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, 2025
Time deposits
$24,607 $— $— $24,607 $24,607 $— 
Corporate bonds644,095 1,780 (70)645,805 79,160 566,645 
$668,702 $1,780 $(70)$670,412 $103,767 $566,645 
As of December 31, 2024
Time deposits$11,330 $— $— $11,330 $11,330 $— 
Corporate bonds1,003,915 1,369 (307)1,004,977 808,800 196,177 
U.S. government agency obligations303,816 567 (36)304,347 249,318 55,029 
$1,319,061 $1,936 $(343)$1,320,654 $1,069,448 $251,206 

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, 2025, the Company did not hold any available-for-sale marketable securities in a continuous unrealized loss position for more than 12 months.
Fair Value Measurements

The fair value measurements within the fair value hierarchy of the Company’s financial assets as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

Total Fair ValueFair Value Measurements at
Reporting Date Using
 Level 1Level 2
As of June 30, 2025
Cash Equivalents and Marketable Securities:
Money market funds$343,248 $343,248 $— 
Time deposits85,478 — 85,478 
Corporate bonds645,805 — 645,805 
Mutual funds27,637 27,637 — 
$1,102,168 $370,885 $731,283 
As of December 31, 2024
Cash Equivalents and Marketable Securities:
Money market funds$163,722 $163,722 $— 
Time deposits64,202 — 64,202 
Corporate bonds1,004,977 — 1,004,977 
U.S. government agency obligations304,347 — 304,347 
Mutual funds26,580 26,580 — 
$1,563,828 $190,302 $1,373,526 

As of June 30, 2025 and December 31, 2024, 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). The Company did not have any transfers of assets or liabilities between Level 1 or Level 2 of the fair value measurement hierarchy during the six months ended June 30, 2025.

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.

Contractual maturities of the Company’s available-for-sale marketable securities held as of June 30, 2025 and December 31, 2024 were as follows (in thousands):

June 30,
2025		December 31,
2024
Due in 1 year or less$103,767 $1,069,448 
Due after 1 year through 5 years566,645 251,206 
$670,412 $1,320,654