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Fair Value Measures (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$1,056 $— $— $1,056 
U.S. government treasury bills
— 149,404 — 149,404 
Time deposits (1)
— 30,678 — 30,678 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills
— 149,117 — 149,117 
Other short-term investments:
Money market funds260 — — 260 
Mutual fund shares1,846 — — 1,846 
Prepaid expenses and other current assets:
Derivative financial instruments— 5,875 — 5,875 
Other non-current assets:
Money market funds 2,620 — — 2,620 
Mutual fund shares 29,727 — — 29,727 
Derivative financial instruments— 844 — 844 
Total assets measured at fair value$35,509 $335,918 $— $371,427 
Liabilities:
Accrued liabilities:
Derivative financial instruments$— $12,242 $— $12,242 
Other long-term liabilities:
Derivative financial instruments— 12,371 — 12,371 
Total liabilities measured at fair value$— $24,613 $— $24,613 
(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 June 30, 2024
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$20,204 $— $— $20,204 
U.S. Government treasury bills— 34,813 — 34,813 
Time deposits (1)
— 47,781 — 47,781 
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills— 367,031 — 367,031 
Other short-term investments:
Money market funds343 — — 343 
Mutual fund shares1,902 — — 1,902 
Prepaid expenses and other current assets:
Derivative financial instruments— 16,734 — 16,734 
Other non-current assets:
Money market funds 1,502 — — 1,502 
Mutual fund shares 26,343 — — 26,343 
Derivative financial instruments— 6,492 — 6,492 
Total assets measured at fair value$50,294 $472,851 $— $523,145 
Liabilities:
Accrued liabilities:
Derivative financial instruments$— $2,099 $— $2,099 
Other long-term liabilities:
Derivative financial instruments— 65 — 65 
Total liabilities measured at fair value$— $2,164 $— $2,164 
(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.