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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 We measure certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: •Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or 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 value of the asset or liability. We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following table presents our financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories:
| As of June 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Description: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
U.S. government agencies | $ | 338,422 |  |  | $ | — |  |  | $ | — |  |  | $ | 338,422 |
Foreign currency forward contracts designated as cash flow hedges (prepaid expenses and other current assets) | — |  |  | 3,442 |  |  | — |  |  | 3,442 |
Total assets | $ | 338,422 |  |  | $ | 3,442 |  |  | $ | — |  |  | $ | 341,864 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration (other current liabilities and other long-term liabilities) | — |  |  | — |  |  | 12,789 |  |  | 12,789 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 12,789 |  |  | $ | 12,789 |
| As of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Description: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
U.S. government agencies | $ | 224,299 |  |  | $ | — |  |  | $ | — |  |  | $ | 224,299 |
Foreign currency forward contracts designated as cash flow hedges (prepaid expenses and other current assets and other assets) | — |  |  | 96 |  |  | — |  |  | 96 |
Total assets | $ | 224,299 |  |  | $ | 96 |  |  | $ | — |  |  | $ | 224,395 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration (other current liabilities and other long-term liabilities) | $ | — |  |  | $ | — |  |  | $ | 12,422 |  |  | $ | 12,422 |
Foreign currency forward contracts designated as cash flow hedges (other current liabilities) | — |  |  | 1,415 |  |  | — |  |  | 1,415 |
Total liabilities | $ | — |  |  | $ | 1,415 |  |  | $ | 12,422 |  |  | $ | 13,837 |
Cash and cash equivalents are excluded from the table above as carrying amounts reported in our unaudited condensed consolidated balance sheet equal or approximate fair value. As of June 30, 2025, the fair value of our 0.25% and 1.25% convertible senior notes due 2027 and 2029, as further described in Note 10, Debt, was $556.5 million and $265.1 million, respectively, based upon quoted market prices. We consider the fair value of the Notes (as defined in Note 10, Debt) to be a Level 2 measurement due to limited trading activity of the Notes. As of June 30, 2025, the fair value of our contingent consideration, as further described in Note 3, Business Combinations, was $12.8 million and is classified as a Level 3 measurement based on inputs not observable in the market.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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