XML 32 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following table summarizes, by major security type, our available-for-sale securities and derivative contracts that were measured at fair value on a recurring basis and were categorized using the fair value hierarchy (in thousands):
December 31, 2024December 31, 2023
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Total
Estimated
Fair Value		Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Total
Estimated
Fair Value
Assets:
Available-for-sale securities:
Money market funds$1,253,970 $— $1,253,970 $768,586 $— $768,586 
Time deposits— 790,000 790,000 — 420,000 420,000 
Foreign exchange forward contracts— 2,250 2,250 — 18,035 18,035 
Interest rate contracts— 991 991 — 3,784 3,784 
Totals$1,253,970 $793,241 $2,047,211 $768,586 $441,819 $1,210,405 
Liabilities:
Foreign exchange forward contracts$— $10,198 $10,198 $— $681 $681 
Interest rate contracts— — — — 3,410 3,410 
Totals$— $10,198 $10,198 $— $4,091 $4,091 
As of December 31, 2024 and 2023, our available-for-sale securities included money market funds and time deposits and their carrying values were approximately equal to their fair values. Money market funds were measured using quoted prices in active markets, which represent Level 1 inputs and time deposits were measured at fair value using Level 2 inputs. Level 2 inputs are obtained from various third party data providers and represent quoted prices for similar assets in active markets, or these inputs were derived from observable market data, or if not directly observable, were derived from or corroborated by other observable market data.
Our derivative assets and liabilities include interest rate and foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk as well as an evaluation of our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the fair value hierarchy.
There were no transfers between the different levels of the fair value hierarchy in 2024 or in 2023.
As of December 31, 2024 and 2023, the carrying amount of investments measured using the measurement alternative for equity investments without a readily determinable fair value was $4.3 million and $4.7 million, respectively. The carrying amount, which is recorded within other non-current assets, is based on the latest observable transaction price.
As of December 31, 2024, the estimated fair values of the 2026 Notes, the 2030 Notes, the Secured Notes and the Tranche B-2 Dollar Term Loans were $1.0 billion, $1.1 billion, $1.4 billion and $2.7 billion, respectively. The fair values of each of these debt facilities was estimated using quoted market prices obtained from brokers (Level 2).