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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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:

			September 30, 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			$	182,559					$	—					$	—					$	35,789					$	—					$	—
Certificates of deposit			—						—						—						—						6,000						—
Commercial paper			—						15,231						—						—						26,997						—
Corporate notes and bonds			—						2,924						—						—						760						—
U.S. Treasuries			—						45,878						—						—						—						—
Marketable securities:
Certificates of deposit			—						20,904						—						—						9,999						—
Commercial paper			—						104,321						—						—						188,853						—
Corporate notes and bonds			—						165,012						—						—						197,612						—
U.S. Government agencies			—						553,035						—						—						485,873						—
U.S. Treasuries			—						236,441						—						—						14,998						—
Other assets
Investments in debt securities			—						—						41,432						—						—						41,042
Total assets measured at fair value			$	182,559					$	1,143,746					$	41,432					$	35,789					$	931,092					$	41,042
Liabilities:
Accrued liabilities
Contingent consideration			$	—					$	—					$	—					$	—					$	—					$	3,710
Warranty obligations
Current			—						—						28,120						—						—						14,612
Non-current			—						—						55,434						—						—						36,395
Total warranty obligations measured at fair value			—						—						83,554						—						—						51,007
Total liabilities measured at fair value			$	—					$	—					$	83,554					$	—					$	—					$	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 September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
			(In thousands)
Balance at beginning of period			$	40,913					$	47,369					$	41,042					$	—
Investment			—						13,000						—						58,000
Fair value adjustments included in other (expense) income, net			519						784						390						3,153
Balance at end of period			$	41,432					$	61,153					$	41,432					$	61,153

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 and nine months ended September 30, 2022:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
			(In thousands)
Balance at beginning of period			$	—					$	3,596					$	3,710					$	—
Addition			—						—						—						3,500
Fair value adjustments included in other income (expense), net			—						57						15						153
Paid			—						—						(3,725)						—
Balance at end of period			$	—					$	3,653					$	—					$	3,653

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 designated as Level 3 for the periods indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
			(In thousands)
Balance at beginning of period			$	73,923					$	38,037					$	51,007					$	28,736
Accruals for warranties issued during period			12,472						4,780						32,362						11,993
Changes in estimates			1,141						1,980						19,732						7,318
Settlements			(5,548)						(2,838)						(14,272)						(6,663)
Increase due to accretion expense			2,952						1,260						6,295						3,307
Other			(1,385)						2,081						(11,570)						609
Balance at end of period			$	83,554					$	45,300					$	83,554					$	45,300

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

As of September 30, 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, of which the monetary impact for change in discount rate is captured in “Other” in the table above:

Percent Used (Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

September 30, 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

16%

12%

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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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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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