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8. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair value of assets and liabilities measured on a recurring basis

At September 30, 2024 and December 31, 2023, 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
						September 30, 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						$	402,381					$	402,381					$	—					$	—
Restricted cash equivalents:
Money market funds						4,463						4,463						—						—
Marketable securities:
U.S. debt						8,822						—						8,822						—
Time deposits						255,869						255,869						—						—
Restricted marketable securities						211,130						—						211,130						—
Derivative assets						2,228						—						2,228						—
Total assets						$	884,893					$	662,713					$	222,180					$	—
Liabilities:
Derivative liabilities						$	3,071					$	—					$	3,071					$	—

												Fair Value Measurements at Reporting Date Using
						December 31, 2023						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						$	1,105,684					$	1,105,684					$	—					$	—
Restricted cash equivalents:
Money market funds						6,192						6,192						—						—
Marketable securities:
Foreign debt						34,895						—						34,895						—
U.S. debt						44,089						—						44,089						—
Time deposits						76,511						76,511						—						—
Restricted marketable securities						198,310						—						198,310						—
Derivative assets						1,778						—						1,778						—
Total assets						$	1,467,459					$	1,188,387					$	279,072					$	—
Liabilities:
Derivative liabilities						$	1,744					$	—					$	1,744					$	—

Carrying value and fair value of financial instruments not measured at fair value

At September 30, 2024 and December 31, 2023, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):

						September 30, 2024												December 31, 2023
						Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Government grants receivable - noncurrent						$	871,745					$	835,068					$	152,208					$	107,111
Liabilities:
Long-term debt, including current maturities (1)						$	464,550					$	448,862					$	500,000					$	453,015

——————————

(1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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