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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023																		December 31, 2022
			(In thousands)
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents:
Money market funds			$	120,657					$	—					$	—					$	165,407					$	—					$	—
Commercial paper			—						1,522						—						—						50,764						—
Corporate notes and bonds			—						2,000						—						—						—						—
U.S. Treasuries			—						16,395						—						—						4,094						—
Marketable securities:
Certificates of deposit			—						50,639						—						—						31,757						—
Commercial paper			—						125,947						—						—						97,907						—
Corporate notes and bonds			—						290,394						—						—						165,576						—
U.S. Treasuries			—						332,262						—						—						297,131						—
U.S. Government agency securities			—						693,110						—						—						547,228						—
Other assets
Investments in debt securities			—						—						58,521						—						—						56,777
Total assets measured at fair value			$	120,657					$	1,512,269					$	58,521					$	165,407					$	1,194,457					$	56,777
Liabilities:
Warranty obligations
Current			$	—					$	—					$	29,490					$	—					$	—					$	30,740
Non-current			—						—						90,018						—						—						75,749
Total warranty obligations measured at fair value			—						—						119,508						—						—						106,489
Total liabilities measured at fair value			$	—					$	—					$	119,508					$	—					$	—					$	106,489

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 were as follows:

									Three Months Ended March 31,
															2023						2022
												(In thousands)
Balance at beginning of period															$	56,777					$	41,042
Fair value adjustments included in other income (expense), net															1,744						(1,116)
Balance at end of period															$	58,521					$	39,926

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 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 March 31,
															2023						2022
															(In thousands)
Balance at beginning of period															$	106,489					$	51,007
Accruals for warranties issued during period															16,025						8,770
Changes in estimates															1,245						3,899
Settlements															(7,834)						(4,056)
Increase due to accretion expense															3,545						1,515
Other															38						451
Balance at end of period															$	119,508					$	61,586

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

As of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were 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

March 31, 2023

December 31, 2022

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

16%

Credit-adjusted risk-free rate

13%

13%

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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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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-Publisher FASB
-Name Accounting Standards Codification
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