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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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

The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:

			March 31, 2022																		December 31, 2021
			(In thousands)
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents:
Money market funds			$	193,627					$	—					$	—					$	35,789					$	—					$	—
Certificate of deposit			—						—						—						—						6,000						—
Commercial paper			—						—						—						—						26,997						—
Corporate notes and bonds			—						—						—						—						760						—
Marketable securities:
Certificate of deposit			—						5,999						—						—						9,999						—
Commercial paper			—						163,864						—						—						188,853						—
Corporate notes and bonds			—						161,999						—						—						197,612						—
U.S. Government agencies			—						479,759						—						—						485,873						—
U.S. Treasuries			—						—						—						—						14,998						—
Other assets
Investments in debt securities			—						—						39,926						—						—						41,042
Total assets measured at fair value			$	193,627					$	811,621					$	39,926					$	35,789					$	931,092					$	41,042
Liabilities:
Accrued liabilities
Contingent consideration			$	—					$	—					$	—					$	—					$	—					$	3,710
Warranty obligations
Current			—						—						19,412						—						—						14,612
Non-current			—						—						42,174						—						—						36,395
Total warranty obligations measured at fair value			—						—						61,586						—						—						51,007
Total liabilities measured at fair value			$	—					$	—					$	61,586					$	—					$	—					$	54,717

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

The changes in the balance in investments in debt securities during the period are as follows:

			Three Months Ended March 31,
			2022						2021
			(In thousands)
Balance at beginning of period			$	41,042					$	—
Investment			—						25,000
Fair value adjustments included in other (expense) income, net			(1,116)						1,437
Balance at end of period			$	39,926					$	26,437

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, 2022:

			Three Months Ended March 31,
			2022						2021
			(In thousands)
Balance at beginning of period			$	3,710					$	—
Addition			—						3,500
Fair value adjustments included in other income (expense), net			15						40
Paid			(3,725)						—
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,
															2022						2021
															(In thousands)
Balance at beginning of period															$	51,007					$	28,736
Accruals for warranties issued during period															8,770						3,894
Changes in estimates															3,899						2,583
Settlements															(4,056)						(1,915)
Increase due to accretion expense															1,515						943
Other															451						(922)
Balance at end of period															$	61,586					$	33,319

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

As of March 31, 2022 and December 31, 2021, 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, 2022

December 31, 2021

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

16%

15%

Credit-adjusted risk-free rate

12%

12%

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- Definition

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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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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