Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	2,379	$	—	$	—	$	2,379
U.S. government treasury bills	—		5,000		—		5,000
Time deposits (1)	—		27,570		—		27,570
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. government treasury bills	—		199,248		—		199,248
Commercial paper	—		14,894		—		14,894
Other short-term investments:
Money market funds	241		—		—		241
Mutual fund shares	1,630		—		—		1,630
Prepaid expenses and other current assets:
Derivative financial instruments	—		10,662		—		10,662
Other non-current assets:
Money market funds	3,422		—		—		3,422
Mutual fund shares	31,410		—		—		31,410
Derivative financial instruments	—		8,444		—		8,444
Total assets measured at fair value	$	39,082	$	265,818	$	—	$	304,900
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	6,903	$	—	$	6,903
Other long-term liabilities:
Derivative financial instruments	—		3,771		—		3,771
Total liabilities measured at fair value	$	—	$	10,674	$	—	$	10,674

(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, 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 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.