Virgin Galactic Holdings, Inc Fair Value Disclosure
December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Money market | $ | 168,028 | $ | — | $ | — | $ | 168,028 | |||||||||||||||
| U.S. treasuries | 9,898 | — | — | 9,898 | |||||||||||||||||||
| Corporate bonds | — | 152,415 | — | 152,415 | |||||||||||||||||||
| Total assets at fair value | $ | 177,926 | $ | 152,415 | $ | — | $ | 330,341 | |||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Money market | $ | 202,653 | $ | — | $ | — | $ | 202,653 | |||||||||||||||
U.S. treasuries | 34,731 | — | — | 34,731 | |||||||||||||||||||
| Corporate bonds | — | 411,170 | — | 411,170 | |||||||||||||||||||
| Total assets at fair value | $ | 237,384 | $ | 411,170 | $ | — | $ | 648,554 | |||||||||||||||
December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| 2028 Notes | $ | — | $ | 173,184 | $ | — | $ | 173,184 | |||||||||||||||
| 2027 Notes | — | 57,592 | — | 57,592 | |||||||||||||||||||
| Total liabilities at fair value | $ | — | $ | 230,776 | $ | — | $ | 230,776 | |||||||||||||||
December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| 2027 Notes | $ | — | $ | 186,252 | $ | — | $ | 186,252 | |||||||||||||||
| Total liabilities at fair value | $ | — | $ | 186,252 | $ | — | $ | 186,252 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Feb 14, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.