| Fair Value of Assets and Liabilities Measured on Recurring Basis |
In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents, other current assets, other long-term assets, other current liabilities and other long-term liabilities:
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Fair Value Measurements
at December 31, 2024 |
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Fair Value Measurements
at December 31, 2023 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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(in thousands) |
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| Assets: |
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| Cash equivalents |
$ |
734,814 |
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$ |
— |
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$ |
— |
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$ |
734,814 |
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$ |
580,126 |
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$ |
— |
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$ |
— |
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$ |
580,126 |
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Interest rate swaps |
— |
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|
29,251 |
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— |
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29,251 |
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— |
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39,232 |
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— |
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39,232 |
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Forward currency contracts |
— |
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9,462 |
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— |
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9,462 |
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— |
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156 |
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— |
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156 |
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| Investments in nonconsolidated affiliates |
122 |
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— |
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— |
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122 |
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|
865 |
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— |
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— |
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865 |
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| Total |
$ |
734,936 |
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$ |
38,713 |
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$ |
— |
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$ |
773,649 |
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$ |
580,991 |
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$ |
39,388 |
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$ |
— |
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$ |
620,379 |
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| Liabilities: |
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Equity awards |
$ |
— |
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$ |
— |
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$ |
6,300 |
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$ |
6,300 |
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$ |
— |
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$ |
— |
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$ |
5,938 |
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$ |
5,938 |
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Forward currency contracts |
— |
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|
380 |
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— |
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380 |
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— |
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6,468 |
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— |
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6,468 |
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Put option |
— |
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— |
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— |
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— |
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— |
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— |
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2,980 |
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2,980 |
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Contingent consideration |
— |
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— |
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48,311 |
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48,311 |
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— |
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— |
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106,265 |
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106,265 |
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| Total |
$ |
— |
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$ |
380 |
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$ |
54,611 |
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$ |
54,991 |
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$ |
— |
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$ |
6,468 |
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$ |
115,183 |
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$ |
121,651 |
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| Fair Value of Debt |
The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes at December 31, 2024 and 2023:
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Estimated Fair Value at: |
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December 31, 2024 |
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December 31, 2023 |
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Level 2 |
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(in thousands) |
| 6.5% Senior Secured Notes due 2027 |
$ |
1,213,896 |
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$ |
1,222,608 |
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| 3.75% Senior Secured Notes due 2028 |
$ |
472,635 |
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$ |
469,515 |
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4.875% Senior Notes due 2024 (1)
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$ |
— |
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$ |
570,412 |
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| 5.625% Senior Notes due 2026 |
$ |
299,529 |
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$ |
297,606 |
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| 4.75% Senior Notes due 2027 |
$ |
919,049 |
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$ |
913,653 |
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2.0% Convertible Senior Notes due 2025 (2)
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$ |
103,032 |
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$ |
423,668 |
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| 3.125% Convertible Senior Notes due 2029 |
$ |
1,365,560 |
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$ |
1,136,160 |
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2.875% Convertible Senior Notes due 2030 (2)
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$ |
1,105,852 |
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$ |
— |
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___________________
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(1) |
In November 2024, we repaid $575.0 million principal amount outstanding on our 4.875% senior notes. |
(2) |
In December 2024, we issued $1.1 billion principal amount of 2.875% convertible senior notes due 2030 and repurchased $316.0 million aggregate principal amount of the 2.0% convertible senior notes due 2025.
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