Fair Value Measures (Tables)

9 Months Ended

Sep. 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 September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	5,207	$	—	$	—	$	5,207
U.S. government treasury bills	—		9,988		—		9,988
Time deposits (1)	—		19,440		—		19,440
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills	—		4,996		—		4,996
Other short-term investments:
Money market funds	262		—		—		262
Mutual fund shares	1,937		—		—		1,937
Prepaid expenses and other current assets:
Derivative financial instruments	—		6,899		—		6,899
Other non-current assets:
Money market funds	3,535		—		—		3,535
Mutual fund shares	31,107		—		—		31,107
Derivative financial instruments	—		1,388		—		1,388
Total assets measured at fair value	$	42,048	$	42,711	$	—	$	84,759
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	10,589	$	—	$	10,589
Other long-term liabilities:
Derivative financial instruments	—		6,117		—		6,117
Total liabilities measured at fair value	$	—	$	16,706	$	—	$	16,706

(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.

	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.

	As of September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	50,149	$	—	$	—	$	50,149
Time deposits (1)	—		33,422		—		33,422
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills	—		64,975		—		64,975
Other short-term investments:
Money market funds	253		—		—		253
Mutual fund shares	2,016		—		—		2,016
Prepaid expenses and other current assets:
Derivative financial instruments	—		4,754		—		4,754
Other non-current assets:
Money market funds	1,122		—		—		1,122
Mutual fund shares	29,014		—		—		29,014
Derivative financial instruments	—		817		—		817
Total assets measured at fair value	$	82,554	$	103,968	$	—	$	186,522
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	5,098	$	—	$	5,098
Other long-term liabilities:
Derivative financial instruments	—		1,264		—		1,264
Total liabilities measured at fair value	$	—	$	6,362	$	—	$	6,362

(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.