Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2024

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 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 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, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	75,758	$	—	$	—	$	75,758
U.S. government treasury bills	—		9,977		—		9,977
Time deposits (1)	—		40,876		—		40,876
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills	—		412,987		—		412,987
Other short-term investments:
Money market funds	314		—		—		314
Mutual fund shares	884		—		—		884
Prepaid expenses and other current assets:
Derivative financial instruments	—		10,200		—		10,200
Other non-current assets:
Money market funds	1,796		—		—		1,796
Mutual fund shares	24,808		—		—		24,808
Derivative financial instruments	—		961		—		961
Total assets measured at fair value	$	103,560	$	475,001	$	—	$	578,561
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	6,390	$	—	$	6,390
Other long-term liabilities:
Derivative financial instruments	—		2,629		—		2,629
Total liabilities measured at fair value	$	—	$	9,019	$	—	$	9,019

(1) Time deposits are carried at amortized cost on the Consolidated Balance Sheets, which reasonably approximates fair value.

(2) Available-for-sale short-term investments have remaining maturities of less than one year.