v3.25.4

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):

						Fair Value Measured at Reporting Date Using
December 31, 2025						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
Money market funds						$	2,386,583					$	—					$	—					$	2,386,583
Liabilities
Derivatives:
Embedded EPP derivatives						$	—					$	—					$	5,607					$	5,607

						Fair Value Measured at Reporting Date Using
December 31, 2024						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
Money market funds						$	749,358					$	—					$	—					$	749,358
Liabilities
Derivatives:
Embedded EPP derivatives						$	—					$	—					$	5,070					$	5,070

Schedule of Change in Level 3 Financial Liabilities

The changes in the Level 3 financial liabilities during the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):

			Embedded EPP Derivative Liability
Liabilities at December 31, 2023			$	4,376
Changes in fair value			694
Liabilities at December 31, 2024			5,070
Changes in fair value			537
Liabilities at December 31, 2025			$	5,607

Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments

The following table presents the estimated fair values and carrying values of debt instruments (in thousands):

						December 31, 2025												December 31, 2024
						Net Carrying Value						Fair Value						Net Carrying Value						Fair Value
Debt instruments
Recourse:
0% Convertible Senior Notes due November 2030						$	2,442,091					$	2,140,536					$	—					$	—
3.0% Green Convertible Senior Notes due June 20291						73,473						313,740						391,239						532,789
3.0% Green Convertible Senior Notes due June 20281						98,162						456,764						619,111						872,344
2.5% Green Convertible Senior Notes due August 2025						—						—						114,385						163,875
Non-recourse:
4.6% Term Loan due October 2026						2,769						3,009						2,705						2,856
4.6% Term Loan due April 2026						$	1,384					$	1,550					$	1,352					$	1,482

1 The increase in fair value primarily reflects the rise in the Company’s stock price.

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.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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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).

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