The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. 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, 2024 and December 31, 2023:


	As of June 30, 2024
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	6,005,440	$	—	$	1,973	$	77	$	6,007,490
Level 1 securities:
Money market funds	356,346		—		—		56		356,402
Level 2 securities:
Time Deposits (1)	263,153		30,973		—		—		294,126

	$	6,624,939	$	30,973	$	1,973	$	133	$	6,658,018


	As of December 31, 2023
	Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets		Total
	(in thousands)
Cash	$	5,986,629	$	—	$	1,466	$	81	$	5,988,176
Level 1 securities:
Money market funds	925,652		—		—		55		925,707
Level 2 securities:
Time Deposits (1)	204,632		20,973		—		—		225,605

	$	7,116,913	$	20,973	$	1,466	$	136	$	7,139,488

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

Other current assets include restricted cash for deposits related to self-insurance. Non-current assets include restricted cash related to letter of credit agreements. The fair value of 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.