Fair Value Measures (Tables)

12 Months Ended

Dec. 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 December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	76,680	$	—	$	—	$	76,680
U.S. government treasury bills	—		50,050		—		50,050
Commercial paper	—		24,856		—		24,856
Time deposits (1)	—		10,456		—		10,456
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills	—		321,766		—		321,766
Commercial paper	—		24,676		—		24,676
Other short-term investments:
Money market funds	292		—		—		292
Mutual fund shares	2,032		—		—		2,032
Prepaid expenses and other current assets:
Derivative financial instruments	—		7,039		—		7,039
Other non-current assets:
Money market funds	3,656		—		—		3,656
Mutual fund shares	31,923		—		—		31,923
Derivative financial instruments	—		2,788		—		2,788
Total assets measured at fair value	$	114,583	$	441,631	$	—	$	556,214
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	9,795	$	—	$	9,795
Other long-term liabilities:
Derivative financial instruments	—		5,732		—		5,732
Total liabilities measured at fair value	$	—	$	15,527	$	—	$	15,527

(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.

	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.