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Note 12. Fair Value Measurements (Notes) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 12. Fair Value Measurements The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis: •Cash Equivalents and Restricted Cash Equivalents. At December 31, 2024 and 2023, our cash equivalents and restricted cash equivalents consisted of money market funds. We value our cash equivalents and restricted cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1. •Marketable Securities and Restricted Marketable Securities. At December 31, 2024 and 2023, our marketable securities consisted of foreign debt, U.S. debt, and time deposits, and our restricted marketable securities consisted of foreign and U.S. government obligations, supranational debt, and U.S. debt. We value our marketable securities and restricted marketable securities using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements. •Derivative Assets and Liabilities. At December 31, 2024 and 2023, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and commodity swap contracts involving major commodity prices. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including credit risk, foreign exchange rates, forward and spot prices for currencies, and forward prices for commodities. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively. •Contingent Consideration. At December 31, 2024 and 2023, our contingent consideration consisted of balances associated with a prior business acquisition. See Note 3. “Business Acquisitions” to our consolidated financial statements for further discussion of this acquisition. We project future cash outflows associated with certain payout outcomes and discount the amounts to a present value using significant unobservable inputs, including various probabilities and assumptions regarding the timing, nature, and extent of technical milestones achieved. We classify the valuation technique that uses these inputs as Level 3. At December 31, 2024 and 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
|  | 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 (1) |  | 6,500 |  |  | — |  |  | — |  |  | 6,500 |
Total liabilities |  | $ | 25,119 |  |  | $ | — |  |  | $ | 18,619 |  |  | $ | 6,500 |
—————————— (1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements.
|  |  |  | 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: |  |  |  |  |  |  |  |
Time deposits |  | 76,511 |  |  | 76,511 |  |  | — |  |  | — |
U.S. debt |  | 44,089 |  |  | — |  |  | 44,089 |  |  | — |
Foreign debt |  | 34,895 |  |  | — |  |  | 34,895 |  |  | — |
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 |  |  | $ | — |
Contingent consideration (1) |  | 18,500 |  |  | — |  |  | — |  |  | 18,500 |
Total liabilities |  | $ | 20,244 |  |  | $ | — |  |  | $ | 1,744 |  |  | $ | 18,500 |
—————————— (1)See Note 14. “Commitments and Contingencies” to our consolidated financial statements for discussion of our contingent consideration arrangements. Fair Value of Financial Instruments At December 31, 2024 and 2023, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):
|  | December 31, 2024 |  | December 31, 2023
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Government grants receivable - noncurrent |  | $ | 157,570 |  |  | $ | 123,743 |  |  | $ | 152,208 |  |  | $ | 107,111 |
Liabilities: |  |  |  |  |  |  |  |
Long-term debt, including current maturities (1) |  | $ | 464,550 |  |  | $ | 441,016 |  |  | $ | 500,000 |  |  | $ | 453,015 |
—————————— (1)Excludes unamortized issuance costs and debt arrangements with an original maturity of less than one year. The carrying values in our consolidated balance sheets of our trade accounts receivable, restricted cash, current government grants receivable, accounts payable, accrued expenses, and debt arrangements with an original maturity of less than one year approximated their fair values due to their nature and relatively short maturities; therefore, we excluded them from the foregoing table. The fair value measurements for our noncurrent government grants receivable and long-term debt are considered Level 2 measurements under the fair value hierarchy. Credit Risk We have certain financial instruments that subject us to credit risk. These consist primarily of cash, cash equivalents, marketable securities, accounts receivable, restricted cash, restricted cash equivalents, restricted marketable securities, foreign exchange forward contracts, and commodity swap contracts. We are exposed to credit losses in the event of nonperformance by the counterparties to our financial instruments. We place these instruments with various high-quality financial institutions and limit the amount of credit risk from any one counterparty. We monitor the credit standing of our counterparty financial institutions. Our net sales are primarily concentrated among a limited number of customers. We monitor the financial condition of our customers and perform credit evaluations whenever considered necessary. We typically require some form of payment security from our customers, including, but not limited to, advance payments, parent guarantees, letters of credit, bank guarantees, or surety bonds.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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