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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024																		December 31, 2023
			(In thousands)
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents:
Money market funds			$	113,904					$	—					$	—					$	132,037					$	—					$	—
Certificates of deposit			—												—						—						750						—
Commercial paper			—						—						—						—						1,694						—
Corporate notes and bonds			—						—						—						—						462						—
Marketable securities:
Certificates of deposit			—						45,478						—						—						55,162						—
Commercial paper			—						73,573						—						—						69,743						—
Corporate notes and bonds			—						424,171						—						—						405,634						—
U.S. Treasuries			—						169,951						—						—						327,891						—
U.S. Government agency securities			—						662,768						—						—						547,856						—
Other assets
Investments in debt securities			—						—						80,797						—						—						79,855
Total assets measured at fair value			$	113,904					$	1,375,941					$	80,797					$	132,037					$	1,409,192					$	79,855
Liabilities:
Warranty obligations
Current			$	—					$	—					$	23,486					$	—					$	—					$	28,667
Non-current			—						—						127,064						—						—						133,126
Total warranty obligations measured at fair value			—						—						150,550						—						—						161,793
Total liabilities measured at fair value			$	—					$	—					$	150,550					$	—					$	—					$	161,793

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,
															2024						2023
															(In thousands)
Balance at beginning of period															$	79,855					$	56,777
Fair value adjustments included in other income, net															942						1,744
Balance at end of period															$	80,797					$	58,521

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,
															2024						2023
															(In thousands)
Balance at beginning of period															$	161,793					$	106,489
Accruals for warranties issued during period															6,082						16,025
Changes in estimates															(12,018)						1,245
Settlements															(6,540)						(7,834)
Increase due to accretion expense															2,905						3,545
Other															(1,672)						38
Balance at end of period															$	150,550					$	119,508

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

As of March 31, 2024 and December 31, 2023, 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 “Change in discount rate” in the table above:

Percent Used (Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

March 31, 2024

December 31, 2023

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17%

17%

Credit-adjusted risk-free rate

7%

7%

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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 assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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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).

+ References

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-Topic 820
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-Name Accounting Standards Codification
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