## Table

|  |  |  | Fair Value Measurements at Reporting Date Using |  |
|---|---|---|---|---|
|  | December 31, 2019 | 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 . | $7,322 | $7,322 | $ — | $ — |
| Marketable securities: |  |  |  |  |
| Foreign debt | 387,820 | — | 387,820 | — |
| Foreign government obligations | 22,011 | — | 22,011 | — |
| U.S. debt . | 66,134 | — | 66,134 | — |
| Time deposits . | 335,541 | 335,541 | — | — |
| Restricted investments . | 223,785 | — | 223,785 | — |
| Derivative assets . | 1,338 | — | 1,338 | — |
| Total assets . | $ 1,043,951 | $ 342,863 | $ 701,088 | $ — |
| Liabilities: |  |  |  |  |
| Derivative liabilities | $ 10,021 | $ — | $ 10,021 | $ — |



## Text

11. Fair Value Measurements


The following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:


Cash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1.


Marketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties’ credit standing in these fair value measurements.


Derivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties’ and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively.


At December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):