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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall | The following table presents the Company’s fair value measurements as of December 31, 2023 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands) |  | Fair value at December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash |  |  |  |  |  |  |  |
Cash and money market |  | $ | 530,100 |  |  | $ | 530,100 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 72,243 |  |  | — |  |  | 72,243 |  |  | — |
Restricted cash (1) |  | 4,297 |  |  | 4,297 |  |  | — |  |  | — |
U.S. government agency securities |  | 3,035 |  |  | — |  |  | 3,035 |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 56,716 |  |  | $ | — |  |  | $ | 56,716 |  |  | $ | — |
Corporate bonds |  | 55,828 |  |  | — |  |  | 55,828 |  |  | — |
Asset backed securities |  | 34,897 |  |  | — |  |  | 34,897 |  |  | — |
Commercial paper |  | 20,984 |  |  | — |  |  | 20,984 |  |  | — |
Equity securities |  | 3,841 |  |  | 3,841 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 7,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,650 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (288,657) |  |  | $ | — |  |  | $ | — |  |  | $ | (288,657) |
Total |  | $ | 500,934 |  |  | $ | 538,238 |  |  | $ | 243,703 |  |  | $ | (281,007) |
The following table presents the Company’s fair value measurements as of December 31, 2022 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands) |  | Fair Value at December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash |  |  |  |  |  |  |  |
Cash and money market |  | $ | 178,168 |  |  | $ | 178,168 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 63,021 |  |  | — |  |  | 63,021 |  |  | — |
U.S. government agency securities |  | 1,304 |  |  | — |  |  | 1,304 |  |  | — |
Restricted cash (1) |  | 297 |  |  | 297 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 225,223 |  |  | $ | — |  |  | $ | 225,223 |  |  | $ | — |
Corporate bonds |  | 114,671 |  |  | — |  |  | 114,671 |  |  | — |
Asset backed securities |  | 44,521 |  |  | — |  |  | 44,521 |  |  | — |
Equity securities (2) |  | 5,149 |  |  | 5,149 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 10,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,065 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (306,927) |  |  | $ | — |  |  | $ | — |  |  | $ | (306,927) |
Total |  | $ | 335,492 |  |  | $ | 183,614 |  |  | $ | 448,740 |  |  | $ | (296,862) |
_________________________________ (1)Restricted cash primarily represents cash held by a third-party financial institution as part of a cash collateral agreement related to the Company's credit card program. The restrictions will lapse upon the termination of the agreements or the removal of the cash collateral requirement by the third-parties. (2)Inclusive of the American Depository Shares of MDxHealth received as part of the sale of the Company’s GPS test, which are restricted to a holding period of six months after the date of the sale of August 2, 2022. The shares had a fair value of $4.6 million as of December 31, 2022.
Schedule of fair value of contingent consideration | The following table provides a reconciliation of the beginning and ending balances of contingent consideration:
(In thousands) |  | Contingent Consideration
Balance, January 1, 2022 (1) |  | $ | 359,021 |
Purchase price contingent consideration (2) |  | 4,600 |
Changes in fair value |  | (56,617) |
Payments |  | (77) |
Balance, December 31, 2022 |  | 306,927 |
Changes in fair value |  | (18,044) |
Payments |  | (226) |
Balance, December 31, 2023 |  | $ | 288,657 |
_________________________________ (1) The change in fair value of the contingent consideration liability during the year ended December 31, 2021 was not significant. (2) The increase in contingent consideration liability is due to the contingent consideration associated with the acquisition of OmicEra. Refer to Note 18 for further information.
Other Investments Not Readily Marketable | Non-Marketable Equity Investments Non-marketable equity securities without readily determinable fair values, which are classified as a component of other long-term assets, net, had the following aggregate carrying amounts and downward and upward adjustments as of and for the years ended December 31, 2023 and 2022:
|  | Year ended December 31,
(In thousands) |  | 2023 |  | 2022
Upward adjustments (1) |  | $ | 4,314 |  |  | $ | 779 |
Downward adjustments and impairments (2) |  | (4,250) |  |  | (10,821) |
Aggregate carrying value |  | 45,968 |  |  | 39,842 |
_________________________________ (1) Cumulative upward adjustments on non-marketable equity securities held as of December 31, 2023 was $5.1 million. The upward adjustments recorded were due to increases in the valuation of the underlying investee as determined by the value of the follow-on rounds of investment by other third-party investors. There were no upward adjustments recorded during the year ended December 31, 2021. (2) Cumulative downward adjustments and impairments on non-marketable equity securities held as of December 31, 2023 was $15.1 million. The adjustments recorded were due to adverse changes in the market and the investees’ ability to continue as a going concern. There were no downward adjustments recorded during the year ended December 31, 2021.
Securities Owned Not Readily Marketable | The Company has elected the fair value option under the income approach to measure certain Level 3 non-marketable securities. The following table provides a reconciliation of the beginning and ending balances of non-marketable securities valued using the fair value option:
(In thousands) |  | Non-Marketable Securities
Beginning balance, January 1, 2022 |  | $ | 3,090 |
Purchase of non-marketable securities |  | 10,000 |
Change in fair value |  | 1,038 |
Conversion of non-marketable securities |  | (4,063) |
Balance, December 31, 2022 |  | 10,065 |
Purchases of non-marketable securities |  | 6,957 |
Changes in fair value |  | 1,127 |
Settlement of non-marketable securities |  | (10,499) |
Ending balance, December 31, 2023 |  | $ | 7,650 |

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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