10. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair value of assets and liabilities measured on a recurring basis

At September 30, 2023 and December 31, 2022, 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, 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	$	458,274	$	458,274	$	—	$	—
Restricted cash equivalents:
Money market funds	5,756		5,756		—		—
Marketable securities:
Foreign debt	34,716		—		34,716		—
U.S. debt	43,701		—		43,701		—
U.S. Treasury securities	99,713		99,713		—		—
Time deposits	151,386		151,386		—		—
Restricted marketable securities	183,700		—		183,700		—
Derivative assets	1,836		—		1,836		—
Total assets	$	979,082	$	715,129	$	263,953	$	—
Liabilities:
Derivative liabilities	$	2,959	$	—	$	2,959	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2022		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	$	4,324	$	4,324	$	—	$	—
Restricted cash equivalents:
Money market funds	6,284		6,284		—		—
Marketable securities:
Foreign debt	59,777		—		59,777		—

U.S. debt	56,463		—		56,463		—
Time deposits	980,472		980,472		—		—
Restricted marketable securities	182,070		—		182,070		—
Derivative assets	2,035		—		2,035		—
Total assets	$	1,291,425	$	991,080	$	300,345	$	—
Liabilities:
Derivative liabilities	$	6,812	$	—	$	6,812	$	—

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

At September 30, 2023 and December 31, 2022, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands):


	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Government grants receivable - noncurrent	$	582,202	$	541,753	$	—	$	—
Accounts receivable unbilled, net - noncurrent	4,691		4,062		11,498		10,304
Accounts receivable trade, net - noncurrent	—		—		1,500		1,339

Liabilities:
Long-term debt (1)	$	500,000	$	450,040	$	185,000	$	160,986

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(1)Excludes unamortized issuance costs.