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Fair Value Measures (Tables)
 3 Months Ended
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 1Level 2Level 3Total
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 funds247 — — 247 
Mutual fund shares1,822 — — 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 1Level 2Level 3Total
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 funds384 — — 384 
Mutual fund shares1,725 — — 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 1Level 2Level 3Total
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 funds343 — — 343 
Mutual fund shares1,945 — — 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.