XML 70 R51.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
FAIR VALUE MEASUREMENTS [Abstract] |
Fair Value of Investments | The significant unobservable input used to determine the fair value of investments carried at fair value or measurement alternative under the market adjusted Option Pricing Model Backsolve is as follows:
| As of December 31, 2022 |  | As of December 31, 2023 |
Unobservable input(1) | Weighted average(2) |  | Range |  | Weighted average(2) |  | Range |
Market adjustment | (20%) |  | (90%) to 7% |  | (54%) |  | (54%) |
| (1) | Significant increase (decrease) in the input would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment.
| (2) | Input was weighted based on the fair value of the investments included in the range.
Fair Values of Assets and Liabilities | Assets and liabilities measured or reported at fair value on a recurring basis are summarized below:
|  | As of December 31, 2022 |
|  | Quoted prices in active markets for identical assets (Level 1) $ |  |  | Significant other observable inputs (Level 2) $ |  |  | Unobservable inputs (Level 3) $ |  |  | Total $ |
Held-to-maturity investments |  |  | 621,346 |  |  |  | – |  |  |  | 490 |  |  |  | 621,836 |
Available-for-sale investments |  |  | 562,051 |  |  |  | – |  |  |  | 35,126 |  |  |  | 597,177 |
Equity securities |  |  | 2,008 |  |  |  | 548 |  |  |  | – |  |  |  | 2,556 |
Investments carried at fair value |  |  | – |  |  |  | – |  |  |  | 178,233 |  |  |  | 178,233 |
Other assets |  |  | – |  |  |  | – |  |  |  | 9,668 |  |  |  | 9,668 |
Derivative assets(1) |  |  | – |  |  |  | 3 |  |  |  | – |  |  |  | 3 |
Derivative liabilities(2) |  |  | – |  |  |  | (2,277 | ) |  |  | – |  |  |  | (2,277 | )
Share appreciation rights |  |  | (5,420 | ) |  |  | – |  |  |  | – |  |  |  | (5,420 | )
2023 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (82,666 | ) |  |  | (82,666 | )
2024 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (190,646 | ) |  |  | (190,646 | )
2025 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,148,639 | ) |  |  | (1,148,639 | )
2026 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,454,421 | ) |  |  | (1,454,421 | )
|  |  | 1,179,985 |  |  |  | (1,726 | ) |  |  | (2,652,855 | ) |  |  | (1,474,596 | )
|  | As of December 31, 2023 |
|  | Quoted prices in active markets for identical assets (Level 1) $ |  |  | Significant other observable inputs (Level 2) $ |  |  | Unobservable inputs (Level 3) $ |  |  | Total $ |
Held-to-maturity investments |  |  | 1,780,898 |  |  |  | – |  |  |  | 407 |  |  |  | 1,781,305 |
Available-for-sale investments |  |  | 4,177,564 |  |  |  | – |  |  |  | 20,442 |  |  |  | 4,198,006 |
Equity securities |  |  | 23,495 |  |  |  | 87 |  |  |  | – |  |  |  | 23,582 |
Other assets |  |  | – |  |  |  | – |  |  |  | 9,465 |  |  |  | 9,465 |
Derivative assets(1) |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | 13 |
Derivative liabilities(2) |  |  | – |  |  |  | (2,818 | ) |  |  | – |  |  |  | (2,818 | )
Share appreciation rights |  |  | (5,522 | ) |  |  | – |  |  |  | – |  |  |  | (5,522 | )
2024 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (168,410 | ) |  |  | (168,410 | )
2025 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,179,739 | ) |  |  | (1,179,739 | )
2026 Convertible Notes |  |  | – |  |  |  | – |  |  |  | (1,556,532 | ) |  |  | (1,556,532 | )
|  |  | 5,976,435 |  |  |  | (2,718 | ) |  |  | (2,874,367 | ) |  |  | 3,099,350 |
| (1) | Included in prepaid expenses and other assets in the consolidated balance sheets and not designated as hedges.
| (2) | Included in accrued expenses and other payables in the consolidated balance sheets and not designated as hedges.
Reconciliations of Assets and Liabilities Categorized within Level 3 | Reconciliations of assets and liabilities measured at fair value on a recurring basis and are categorized within Level 3 of the fair value hierarchy are as follows:
|  | $ |
Available-for-sale investments |  |  |  |
Balance as of January 1, 2021 |  |  | 21,357 |
Additions |  |  | 35,298 |
Conversion into ordinary shares of investees |  |  | (21,340 | )
Net unrealized loss included in other comprehensive income |  |  | (958 | )
Translation gain included in other comprehensive income |  |  | 19 |
Balance as of December 31, 2021 |  |  | 34,376 |
Additions |  |  | 3,198 |
Settlement |  |  | (1,266 | )
Net unrealized loss included in other comprehensive income |  |  | (1,193 | )
Translation gain included in other comprehensive income |  |  | 11 |
Balance as of December 31, 2022 |  |  | 35,126 |
Settlement |  |  | (278 | )
Impairment |  |  | (3,873 | )
Conversion into ordinary shares of investee |  |  | (9,945 | )
Net unrealized loss included in other comprehensive income |  |  | (588 | )
Balance as of December 31, 2023 |  |  | 20,442 |
Investments carried at fair value |  |  |
Balance as of January 1, 2021 |  |  | – |
Additions |  |  | 151,227 |
Net investment gain included in earnings |  |  | 27,071 |
Balance as of December 31, 2021 |  |  | 178,298 |
Additions |  |  | 74,482 |
Net investment loss included in earnings |  |  | (74,547 | )
Balance as of December 31, 2022 |  |  | 178,233 |
Transfer out of Level 3 due to change in status(1) |  |  | (178,233 | )
Balance as of December 31, 2023 |  |  | – |
| (1) | See note 2(l) for more information.
|  | $ |
Other assets |  |  |  |
Balance as of January 1, 2021 |  |  | 19,024 |
Additions |  |  | 186 |
Disposals |  |  | (3,513 | )
Write-down included in earnings |  |  | (3,627 | )
Translation loss included in other comprehensive income |  |  | (359 | )
Balance as of December 31, 2021 |  |  | 11,711 |
Additions |  |  | 56 |
Disposals |  |  | (679 | )
Write-down included in earnings |  |  | (476 | )
Translation loss included in other comprehensive income |  |  | (944 | )
Balance as of December 31, 2022 |  |  | 9,668 |
Additions |  |  | 122 |
Disposals |  |  | (464 | )
Write-down included in earnings |  |  | 40 |
Translation gain included in other comprehensive income |  |  | 99 |
Balance as of December 31, 2023 |  |  | 9,465 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration