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Fair Value Measures (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows:
|  | As of March 31, 2025
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 364 |  |  | $ | — |  |  | $ | — |  |  | $ | 364 |
U.S. government treasury bills |  | — |  |  | 10,158 |  |  | — |  |  | 10,158 |
Time deposits (1) |  | — |  |  | 39,841 |  |  | — |  |  | 39,841 |
Short-term investments: |  |  |  |  |  |  |  |
Available-for-sale short-term investments: (2) |  |  |  |  |  |  |  |
U.S. government treasury bills |  | — |  |  | 333,007 |  |  | — |  |  | 333,007 |
Other short-term investments: |  |  |  |  |  |  |  |
Money market funds |  | 247 |  |  | — |  |  | — |  |  | 247 |
Mutual fund shares |  | 1,822 |  |  | — |  |  | — |  |  | 1,822 |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 17,259 |  |  | — |  |  | 17,259 |
Other non-current assets: |  |  |  |  |  |  |  |
Money market funds |  | 1,801 |  |  | — |  |  | — |  |  | 1,801 |
Mutual fund shares |  | 27,925 |  |  | — |  |  | — |  |  | 27,925 |
Derivative financial instruments |  | — |  |  | 4,929 |  |  | — |  |  | 4,929 |
Total assets measured at fair value |  | $ | 32,159 |  |  | $ | 405,194 |  |  | $ | — |  |  | $ | 437,353 |
Liabilities: |  |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | — |  |  | $ | 1,377 |  |  | $ | — |  |  | $ | 1,377 |
Other long-term liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 1,748 |  |  | — |  |  | 1,748 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | 3,125 |  |  | $ | — |  |  | $ | 3,125 |
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value. (2) Available-for-sale short-term investments have remaining maturities of less than one year. Assets and liabilities measured at fair value on a recurring basis are as follows:
|  | As of December 31, 2024
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 160,743 |  |  | $ | — |  |  | $ | — |  |  | $ | 160,743 |
U.S. government treasury bills |  | — |  |  | 84,622 |  |  | — |  |  | 84,622 |
Time deposits (1) |  | — |  |  | 22,306 |  |  | — |  |  | 22,306 |
Short-term investments: |  |  |  |  |  |  |  |
Available-for-sale short-term investments: (2) |  |  |  |  |  |  |  |
U.S. government treasury bills |  | — |  |  | 281,499 |  |  | — |  |  | 281,499 |
Other short-term investments: |  |  |  |  |  |  |  |
Money market funds |  | 384 |  |  | — |  |  | — |  |  | 384 |
Mutual fund shares |  | 1,725 |  |  | — |  |  | — |  |  | 1,725 |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 24,629 |  |  | — |  |  | 24,629 |
Other non-current assets: |  |  |  |  |  |  |  |
Money market funds |  | 1,263 |  |  | — |  |  | — |  |  | 1,263 |
Mutual fund shares |  | 29,225 |  |  | — |  |  | — |  |  | 29,225 |
Derivative financial instruments |  | — |  |  | 9,137 |  |  | — |  |  | 9,137 |
Total assets measured at fair value |  | $ | 193,340 |  |  | $ | 422,193 |  |  | $ | — |  |  | $ | 615,533 |
Liabilities: |  |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | — |  |  | $ | 1,725 |  |  | $ | — |  |  | $ | 1,725 |
Other long-term liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 13 |  |  | — |  |  | 13 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | 1,738 |  |  | $ | — |  |  | $ | 1,738 |
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value. (2) Available-for-sale short-term investments have remaining maturities of less than one year. Assets and liabilities measured at fair value on a recurring basis are as follows:
|  | As of March 31, 2024
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 57,144 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,144 |
U.S. Government treasury bills |  | — |  |  | 74,828 |  |  | — |  |  | 74,828 |
Time deposits (1) |  | — |  |  | 40,699 |  |  | — |  |  | 40,699 |
Short-term investments: |  |  |  |  |  |  |  |
Available-for-sale short-term investments: (2) |  |  |  |  |  |  |  |
U.S. Government treasury bills |  | — |  |  | 366,982 |  |  | — |  |  | 366,982 |
Other short-term investments: |  |  |  |  |  |  |  |
Money market funds |  | 343 |  |  | — |  |  | — |  |  | 343 |
Mutual fund shares |  | 1,945 |  |  | — |  |  | — |  |  | 1,945 |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 14,842 |  |  | — |  |  | 14,842 |
Other non-current assets: |  |  |  |  |  |  |  |
Money market funds |  | 1,532 |  |  | — |  |  | — |  |  | 1,532 |
Mutual fund shares |  | 25,449 |  |  | — |  |  | — |  |  | 25,449 |
Derivative financial instruments |  | — |  |  | 5,423 |  |  | — |  |  | 5,423 |
Total assets measured at fair value |  | $ | 86,413 |  |  | $ | 502,774 |  |  | $ | — |  |  | $ | 589,187 |
Liabilities: |  |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | — |  |  | $ | 1,918 |  |  | $ | — |  |  | $ | 1,918 |
Other long-term liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 155 |  |  | — |  |  | 155 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | 2,073 |  |  | $ | — |  |  | $ | 2,073 |
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheets, which reasonably approximates fair value. (2) Available-for-sale short-term investments have remaining maturities of less than one year.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
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