| 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, 2025 |
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Fair Value Measurements
at December 31, 2024 |
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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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| Short-term investments |
$ |
76,550 |
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$ |
— |
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$ |
— |
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$ |
76,550 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Crypto assets (1)
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6,249 |
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— |
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— |
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6,249 |
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— |
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— |
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— |
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— |
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Interest rate swaps |
— |
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9,672 |
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— |
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9,672 |
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— |
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29,251 |
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— |
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29,251 |
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Forward currency contracts |
— |
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1,629 |
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— |
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1,629 |
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— |
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9,462 |
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— |
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9,462 |
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| Investments in nonconsolidated affiliates |
— |
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— |
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— |
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— |
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122 |
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— |
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— |
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122 |
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| Total |
$ |
82,799 |
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$ |
11,301 |
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$ |
— |
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$ |
94,100 |
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$ |
122 |
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$ |
38,713 |
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$ |
— |
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$ |
38,835 |
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| Liabilities: |
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Equity awards |
$ |
— |
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$ |
— |
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$ |
6,335 |
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$ |
6,335 |
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$ |
— |
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$ |
— |
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$ |
6,300 |
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$ |
6,300 |
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Forward currency contracts |
— |
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4,864 |
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— |
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4,864 |
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— |
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380 |
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— |
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380 |
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Contingent consideration |
— |
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— |
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299,682 |
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299,682 |
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— |
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— |
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48,311 |
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48,311 |
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| Total |
$ |
— |
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$ |
4,864 |
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$ |
306,017 |
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$ |
310,881 |
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$ |
— |
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$ |
380 |
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$ |
54,611 |
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$ |
54,991 |
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___________________
(1) Refer to Note 1 – Basis of Presentation and Other Information — Accounting Standards Updates for further discussion on the adoption of ASU 2023-08.
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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, 2025 and 2024:
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Estimated Fair Value at: |
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December 31, 2025 |
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December 31, 2024 |
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Level 2 |
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(in thousands) |
| 6.5% Senior Secured Notes due 2027 |
$ |
1,211,148 |
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$ |
1,213,896 |
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| 3.75% Senior Secured Notes due 2028 |
$ |
492,740 |
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$ |
472,635 |
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5.625% Senior Notes due 2026 (1)
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$ |
— |
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$ |
299,529 |
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| 4.75% Senior Notes due 2027 |
$ |
952,765 |
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$ |
919,049 |
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2.0% Convertible Senior Notes due 2025 (2)
|
$ |
— |
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$ |
103,032 |
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| 3.125% Convertible Senior Notes due 2029 |
$ |
1,456,399 |
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$ |
1,365,560 |
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| 2.875% Convertible Senior Notes due 2030 |
$ |
1,161,182 |
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$ |
1,105,852 |
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2.875% Convertible Senior Notes due 2031 (1)
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$ |
1,379,560 |
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$ |
— |
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| ___________________ |
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(1) |
In October 2025, we issued $1.4 billion principal amount of 2.875% convertible senior notes due 2031 and repurchased $300.0 million aggregate principal amount of the 5.625% convertible senior notes due 2026.
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(2) |
In March 2025, we repurchased the remaining aggregate principal amount. Refer to Note 4 – Long-Term Debt for further discussion. |
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