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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

			March 31, 2021																		December 31, 2020
			(In thousands)
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents:
Money market funds			$	1,463,750					$	—					$	—					$	654,699					$	—					$	—
Other assets
Investment in debt security			—						—						26,437						—						—						—
Total assets measured at fair value			$	1,463,750					$	—					$	26,437					$	654,699					$	—					$	—
Liabilities:
Accrued liabilities
Contingent consideration			$	—					$	—					$	3,540					$	—					$	—					$	—
Warranty obligations
Current			—						—						10,163						—						—						8,267
Non-current			—						—						23,156						—						—						20,469
Total warranty obligations measured at fair value			—						—						33,319						—						—						28,736
Total liabilities measured at fair value			$	—					$	—					$	36,859					$	—					$	—					$	28,736

Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The following table reflects the activity for the Company’s contingent consideration liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2021 (in thousands):

									Three Months Ended March 31,
															2021
															(In thousands)
Balance at acquisition (January 25, 2021)															$	3,500
Fair value adjustments included in other income (expense), net															40
Balance at end of period															$	3,540

The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated.

									Three Months Ended March 31,
															2021						2020
															(In thousands)
Balance at beginning of period															$	28,736					$	19,806
Accruals for warranties issued during period															3,894						1,524
Changes in estimates															2,583						615
Settlements															(1,915)						(1,993)
Increase due to accretion expense															943						774
Other															(922)						(301)
Balance at end of period															$	33,319					$	20,425

Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Assets Designated as Level 3

These assumption include implied yield and change in estimated term of investment being held-to-maturity.

									Three Months Ended March 31,
															2021
															(In thousands)
Initial investment (January 2021)															$	25,000
Fair value adjustments included in other income (expenses), net															1,437
Balance at end of period															$	26,437

Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3

As of March 31, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 are as follows:

Percent Used (Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

March 31, 2021

December 31, 2020

Warranty obligations for microinverters sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

15%

15%

Credit-adjusted risk-free rate

13%

13%

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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