Note 11. Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair value of assets and liabilities measured on recurring basis

At December 31, 2025 and 2024, 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, 2025		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	$	197,195	$	197,195	$	—	$	—
Restricted cash equivalents:
Money market funds	6,900		6,900		—		—
Marketable securities:
Time deposits	42,562		42,562		—		—
U.S. debt	9,287		—		9,287		—
Restricted marketable securities	217,172		—		217,172		—
Derivative assets	4,001		—		4,001		—
Total assets	$	477,117	$	246,657	$	230,460	$	—
Liabilities:
Derivative liabilities	$	2,357	$	—	$	2,357	$	—
Contingent consideration	2,200		—		—		2,200
Total liabilities	$	4,557	$	—	$	2,357	$	2,200


			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	6,500		—		—		6,500
Total liabilities	$	25,119	$	—	$	18,619	$	6,500

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

At December 31, 2025 and 2024, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Government grants receivable – noncurrent	$	125,607	$	104,391	$	157,570	$	123,743
Liabilities:
Long-term debt, including current maturities (1)	$	373,651	$	382,318	$	464,550	$	441,016

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