| | | | | | | | | | | | December 31, | | December 31, | Pledged assets | | Pledged to secure | | 2024 | | 2025 | | | | | | (in thousands) | Restricted cash and time deposit (1) | | Short-term secured borrowings | | $ | 503,700 | | 568,200 | Restricted time deposits (1) | | For customs duties | | | 31 | | — | Land (2) | | Long-term unsecured borrowings | | | 27,500 | | 27,500 | Building and improvements (2) | | Long-term unsecured borrowings | | | 32,464 | | 29,238 | | | | | $ | 563,695 | | 624,938 |
Note (1): The pledged assets are booked as restricted deposits and classified as current or noncurrent by its liquidity. Note (2): Guarantee and collateral for long-term unsecured borrowings.
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