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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.

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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.

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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).

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-Name Accounting Standards Codification
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-Paragraph 2
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