Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

6 Months Ended

Jun. 30, 2025

Short-Term Investments And Fair Value Measurement [Abstract]

Cash, Cash Equivalents, Restricted Cash, and Short-term Investments

The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale (“AFS”). The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price.

The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of June 30, 2025 and December 31, 2024:


	As of June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-term Investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	4,955,802	$	—	$	—	$	4,955,802	$	4,952,694	$	—	$	3,024	$	84
Level 1 securities:
Money market funds	2,887,056		—		—		2,887,056		2,886,996		—		—		60
Level 2 securities:
Time Deposits(1)	550,830		—		—		550,830		337,715		213,115		—		—

	$	8,393,688	$	—	$	—	$	8,393,688	$	8,177,405	$	213,115	$	3,024	$	144


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and Cash Equivalents		Short-term Investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	4,866,753	$	—	$	—	$	4,866,753	$	4,864,207	$	—	$	2,472	$	74
Level 1 securities:
Money market funds	2,676,314		—		—		2,676,314		2,676,256		—		—		58
Level 2 securities:
Time Deposits(1)	301,374		—		—		301,374		264,270		37,104		—		—
Government securities	1,738,642		3,260		—		1,741,902		—		1,741,902		—		—
	$	9,583,083	$	3,260	$	—	$	9,586,343	$	7,804,733	$	1,779,006	$	2,472	$	132

(1) The majority of the Company's time deposits are international deposits, which mature within one year.

Other current assets and non-current assets primarily consist of restricted cash for deposits related to self-insurance. The fair value of available-for-sale securities, cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.

See Note 6 Debt and Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.