| Fair value of assets and liabilities measured on a recurring basis |
At March 31, 2025 and December 31, 2024, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | March 31,
2025 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 245,734 | | | $ | 245,734 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 2,761 | | | 2,761 | | | — | | | — | | | Marketable securities: | | | | | | | | | | Time deposits | | 44,199 | | | 44,199 | | | — | | | — | | | U.S. debt | | 8,920 | | | — | | | 8,920 | | | — | | | Restricted marketable securities | | 210,555 | | | — | | | 210,555 | | | — | | | Derivative assets | | 1,195 | | | — | | | 1,195 | | | — | | | Total assets | | $ | 513,364 | | | $ | 292,694 | | | $ | 220,670 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 16,585 | | | $ | — | | | $ | 16,585 | | | $ | — | | | Contingent consideration | | 6,500 | | | — | | | — | | | 6,500 | | | Total liabilities | | $ | 23,085 | | | $ | — | | | $ | 16,585 | | | $ | 6,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | December 31,
2024 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 526,580 | | | $ | 526,580 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 4,972 | | | 4,972 | | | — | | | — | | | Marketable securities: | | | | | | | | | | Time deposits | | 162,836 | | | 162,836 | | | — | | | — | | | U.S. debt | | 8,747 | | | — | | | 8,747 | | | — | | | Restricted marketable securities | | 199,136 | | | — | | | 199,136 | | | — | | | Derivative assets | | 13,452 | | | — | | | 13,452 | | | — | | | Total assets | | $ | 915,723 | | | $ | 694,388 | | | $ | 221,335 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 18,619 | | | $ | — | | | $ | 18,619 | | | $ | — | | | Contingent consideration | | 6,500 | | | — | | | — | | | 6,500 | | | Total liabilities | | $ | 25,119 | | | $ | — | | | $ | 18,619 | | | $ | 6,500 | |
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| Carrying value and fair value of financial instruments not measured at fair value |
At March 31, 2025 and December 31, 2024, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Assets: | | | | | | | | | | Government grants receivable – noncurrent | | $ | 430,277 | | | $ | 400,445 | | | $ | 157,570 | | | $ | 123,743 | | | Liabilities: | | | | | | | | | | Long-term debt, including current maturities (1) | | $ | 419,101 | | | $ | 403,083 | | | $ | 464,550 | | | $ | 441,016 | |
—————————— (1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.
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