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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 5. Fair Value Measurements The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The Company’s assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. The Company does not have any assets or liabilities classified as Level 3. Fair Value Measurement of Financial Assets and Liabilities on a Recurring Basis The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and indicates the fair value hierarchy of the valuation (in thousands):
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Time deposits(i) | $ | 270,459 |  |  | $ | 270,459 |  |  | $ | — |  |  | $ | — |
Money market funds(ii) | 494,315 |  |  | 494,315 |  |  | — |  |  | — |
Commercial paper(i) | 50,510 |  |  | — |  |  | 50,510 |  |  | — |
Corporate debt securities(iii)(iv) | 27,280 |  |  | — |  |  | 27,280 |  |  | — |
U.S. government and U.S. government agency securities(iii)(iv) | 35,833 |  |  | — |  |  | 35,833 |  |  | — |
Total cash equivalents and investments | 878,397 |  |  | 764,774 |  |  | 113,623 |  |  | — |
Foreign currency derivatives (v) | 791 |  |  | — |  |  | 791 |  |  | — |
Cross currency swap contracts(v) | 5,167 |  |  | — |  |  | 5,167 |  |  | — |
Total assets | $ | 884,355 |  |  | $ | 764,774 |  |  | $ | 119,581 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives(vi) | $ | 402 |  |  | $ | — |  |  | $ | 402 |  |  | $ | — |
Cross currency swap contracts(vi) | 31,777 |  |  | — |  |  | 31,777 |  |  | — |
Total liabilities | $ | 32,179 |  |  | $ | — |  |  | $ | 32,179 |  |  | $ | — |
__________ (i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets. (ii)Included in cash equivalents on the condensed consolidated balance sheets. (iii)Included in short-term investments on the condensed consolidated balance sheets. (iv)Included in other assets on the condensed consolidated balance sheets. (v)Included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. (vi)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets. There were no transfers between Level 1, Level 2 and Level 3 categories during the three and six months ended June 30, 2025. The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and indicates the fair value hierarchy of the valuation (in thousands):
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Time deposits(i) | $ | 371,882 |  |  | $ | 371,882 |  |  | $ | — |  |  | $ | — |
Money market funds(ii) | 476,147 |  |  | 476,147 |  |  | — |  |  | — |
Commercial paper(i) | 48,185 |  |  | — |  |  | 48,185 |  |  | — |
Corporate debt securities(iii) | 31,593 |  |  | — |  |  | 31,593 |  |  | — |
U.S. government and U.S. government agency securities(iii)(iv) | 31,655 |  |  | — |  |  | 31,655 |  |  | — |
Total cash equivalents and investments | 959,462 |  |  | 848,029 |  |  | 111,433 |  |  | — |
Cross currency swap contracts(iv) | 16,147 |  |  | — |  |  | 16,147 |  |  | — |
Total assets | $ | 975,609 |  |  | $ | 848,029 |  |  | $ | 127,580 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Foreign currency derivatives(v) | 2,205 |  |  | — |  |  | 2,205 |  |  | — |
Total liabilities | $ | 2,205 |  |  | $ | — |  |  | $ | 2,205 |  |  | $ | — |
(i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets. (ii)Included in cash equivalents on the condensed consolidated balance sheets. (iii)Included in short-term investments on the condensed consolidated balance sheets. (iv)Included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. (v)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.

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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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