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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

			June 30, 2025
			Level 1						Level 2						Level 3						Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds			$	206,472					$	—					$	—					$	206,472
Certificates of deposit			—						162,392						—						162,392
Commercial paper			—						369,687						—						369,687
Corporate bonds			—						160,168						—						160,168
U.S. government and agency securities			—						226,515						—						226,515
Total unrestricted cash equivalents and short-term investments			206,472						918,762						—						1,125,234
Restricted cash equivalents and investments
Money market funds			18,310						—						—						18,310
Certificates of deposit			—						222,303						—						222,303
Commercial paper			—						949,412						—						949,412
Corporate bonds			—						24,403						—						24,403
U.S. government and agency securities			—						500,238						—						500,238
Total restricted cash equivalents and investments			18,310						1,696,356						—						1,714,666
Total financial assets			$	224,782					$	2,615,118					$	—					$	2,839,900

_______________

(1)$381.9 million of cash and $285.0 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

			December 31, 2024
			Level 1						Level 2						Level 3						Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds			$	189,839					$	—					$	—					$	189,839
Certificates of deposit			—						171,358						—						171,358
Commercial paper			—						762,546						—						762,546
Corporate bonds			—						70,231						—						70,231
U.S. government and agency securities			—						353,274						—						353,274
Total unrestricted cash equivalents and short-term investments			189,839						1,357,409						—						1,547,248
Restricted cash equivalents and investments(2)
Money market funds			42,699						—						—						42,699
Certificates of deposit			—						189,596						—						189,596
Commercial paper			—						782,556						—						782,556
Corporate bonds			—						59,266						—						59,266
U.S. government and agency securities			—						465,857						—						465,857
Total restricted cash equivalents and investments			42,699						1,497,275						—						1,539,974
Total financial assets			$	232,538					$	2,854,684					$	—					$	3,087,222

_______________

(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- References

No definition available.

+ Details

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