XML 29 R14.htm IDEA: XBRL DOCUMENT
v3.22.4

Strategic Investments | 12 Months Ended
--- | ---
Dec. 31, 2022
Strategic Investments |
Strategic Investments | Note 8 – Strategic Investments Strategic investments include investments in a number of non-public technology-driven companies. We account for strategic investments under the ASC Topic 321 measurement alternative for equity securities without readily determinable fair values, as there are no quoted market prices for the investments. The investments are measured at cost less impairment, adjusted for observable price changes and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ​ In conjunction with certain of our strategic investments, we have the ability to commit additional capital over time through warrants and call options; for some investments, the exercisability and exercise prices are conditional on the achievement of certain performance metrics. ​ ​ The following tables provide a roll-forward of the balance of strategic investments (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 | ​ | Year Ended December 31, 2021
​ |  | Strategic investments |  | Warrants |  | ​ | Call options |  | Total |  | Strategic investments |  | Warrants |  | ​ | Total
Balance, beginning of period | ​ | $ | 80,775 | ​ | $ | 2,745 | ​ | $ | — | ​ | $ | 83,520 | ​ | $ | 9,500 | ​ | $ | 2,211 | ​ | $ | 11,711
Investments | ​ | ​ | 56,914 | ​ | ​ | 459 | ​ | ​ | 17,233 | ​ | ​ | 74,606 | ​ | ​ | 45,500 | ​ | ​ | — | ​ | ​ | 45,500
Observable price changes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Realized gains | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,312 | ​ | ​ | — | ​ | ​ | 12,312
Unrealized gains | ​ | ​ | 44,376 | ​ | ​ | 28,539 | ​ | ​ | — | ​ | ​ | 72,915 | ​ | ​ | 28,009 | ​ | ​ | 534 | ​ | ​ | 28,543
Unrealized losses | ​ | ​ | (1,108) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,108) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Exercises | ​ | ​ | 96,719 | ​ | ​ | (30,089) | ​ | ​ | — | ​ | ​ | 66,630 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Sales | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,546) | ​ | ​ | — | ​ | ​ | (14,546)
Balance, end of period | ​ | $ | 277,676 | ​ | $ | 1,654 | ​ | $ | 17,233 | ​ | $ | 296,563 | ​ | $ | 80,775 | ​ | $ | 2,745 | ​ | $ | 83,520
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Inception to date
​ |  | Strategic investments |  | Warrants |  | ​ | Call options |  | Total
Investments | ​ | $ | 109,482 | ​ | $ | 3,047 | ​ | $ | 17,233 | ​ | $ | 129,762
Observable price changes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Realized gains | ​ | ​ | 12,312 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,312
Unrealized gains | ​ | ​ | 74,817 | ​ | ​ | 29,073 | ​ | ​ | — | ​ | ​ | 103,890
Unrealized losses | ​ | ​ | (1,108) | ​ | ​ | (377) | ​ | ​ | — | ​ | ​ | (1,485)
Exercises | ​ | ​ | 96,719 | ​ | ​ | (30,089) | ​ | ​ | — | ​ | ​ | 66,630
Sales | ​ | ​ | (14,546) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,546)
Balance, end of period | ​ | $ | 277,676 | ​ | $ | 1,654 | ​ | $ | 17,233 | ​ | $ | 296,563
​ As part of our strategy, we continuously evaluate opportunities for strategic investments that align with our mission. During the year ended December 31, 2022 our investment areas included real-time crime center software, drones and related software, biometric sensors, and weapon detection solutions. In the year ended December 31, 2022, we exercised warrants in one of our strategic investees for a total exercise price of $6.6 million, resulting in an unrealized gain of $60.1 million that was recognized in earnings for the year ended December 31, 2022. The estimated fair value of the investments were calculated using valuation techniques that included both observable and unobservable inputs. This estimated fair value reflects a value that was lower than the issue per share of the new equity issued by the strategic investees because of different characteristics of the newly issued equity instruments compared to our existing investments. The valuation techniques included both Level 2 and Level 3 inputs as defined by ASC Topic 820.

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

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration