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Fair Value Measurements
 6 Months Ended
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.