| Fair value of assets and liabilities measured on a recurring basis |
At June 30, 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 |
| | June 30,
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 | | $ | 39,241 | | | $ | 39,241 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 3,480 | | | 3,480 | | | — | | | — | | | Marketable securities: | | | | | | | | | | Time deposits | | 20,025 | | | 20,025 | | | — | | | — | | | U.S. debt | | 9,073 | | | — | | | 9,073 | | | — | | | Restricted marketable securities | | 213,737 | | | — | | | 213,737 | | | — | | | Derivative assets | | 2,904 | | | — | | | 2,904 | | | — | | | Total assets | | $ | 288,460 | | | $ | 62,746 | | | $ | 225,714 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 16,740 | | | $ | — | | | $ | 16,740 | | | $ | — | | | Contingent consideration | | 3,600 | | | — | | | — | | | 3,600 | | | Total liabilities | | $ | 20,340 | | | $ | — | | | $ | 16,740 | | | $ | 3,600 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 June 30, 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Assets: | | | | | | | | | | Government grants receivable – noncurrent | | $ | 238,850 | | | $ | 213,789 | | | $ | 157,570 | | | $ | 123,743 | | | Liabilities: | | | | | | | | | | Long-term debt, including current maturities (1) | | $ | 419,101 | | | $ | 397,901 | | | $ | 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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