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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Summary 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, 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 | $ | 94,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,037 |  |  | $ | — |  |  | $ | — |
Certificates of deposit | — |  |  |  |  | — |  |  | — |  |  | 750 |  |  | — |
Commercial paper | — |  |  | 23,914 |  |  | — |  |  | — |  |  | 1,694 |  |  | — |
Corporate notes and bonds |  |  | — |  |  | — |  |  | — |  |  | 462 |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | — |  |  | 26,375 |  |  | — |  |  | — |  |  | 55,162 |  |  | — |
Commercial paper | — |  |  | 53,325 |  |  | — |  |  | — |  |  | 69,743 |  |  | — |
Corporate notes and bonds | — |  |  | 459,647 |  |  | — |  |  | — |  |  | 405,634 |  |  | — |
U.S. Treasuries | — |  |  | 222,585 |  |  | — |  |  | — |  |  | 327,891 |  |  | — |
U.S. Government agency securities | — |  |  | 748,367 |  |  | — |  |  | — |  |  | 547,856 |  |  | — |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Investments in debt securities | — |  |  | — |  |  | 61,137 |  |  | — |  |  | — |  |  | 79,855 |
Total assets measured at fair value | $ | 94,245 |  |  | $ | 1,534,213 |  |  | $ | 61,137 |  |  | $ | 132,037 |  |  | $ | 1,409,192 |  |  | $ | 79,855 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Warranty obligations: |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | 26,087 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,667 |
Non-current | — |  |  | — |  |  | 130,633 |  |  | — |  |  | — |  |  | 133,126 |
Total warranty obligations measured at fair value | — |  |  | — |  |  | 156,720 |  |  | — |  |  | — |  |  | 161,793 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 156,720 |  |  | $ | — |  |  | $ | — |  |  | $ | 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 September 30, |  | Nine Months Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (In thousands)
Balance at beginning of period | $ | 78,866 |  |  | $ | 60,275 |  |  | $ | 79,855 |  |  | $ | 56,777 |  |  |
Investment | — |  |  | 15,000 |  |  | — |  |  | 15,000 |  |  |
Fair value adjustments included in other income, net | (741) |  |  | 1,910 |  |  | (1,730) |  |  | 5,408 |  |  |
Impairment | (16,988) |  |  | — |  |  | (16,988) |  |  | — |  |  |
Balance at end of period | $ | 61,137 |  |  | $ | 77,185 |  |  | $ | 61,137 |  |  | $ | 77,185 |  |  |
Summary 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (In thousands)
Balance at beginning of period | $ | 150,193 |  |  | $ | 150,540 |  |  | $ | 161,793 |  |  | $ | 106,489 |  |  |
Accruals for warranties issued during period | 7,752 |  |  | 12,485 |  |  | 20,251 |  |  | 44,854 |  |  |
Changes in estimates | 2,161 |  |  | (2,561) |  |  | (12,307) |  |  | (14,241) |  |  |
Settlements | (4,707) |  |  | (5,514) |  |  | (17,043) |  |  | (19,527) |  |  |
Increase due to accretion expense | 2,649 |  |  | 3,157 |  |  | 8,244 |  |  | 10,609 |  |  |
Change in discount rate | — |  |  | 2,811 |  |  | 759 |  |  | 34,608 |  |  |
Other | (1,328) |  |  | (2,028) |  |  | (4,977) |  |  | (3,902) |  |  |
Balance at end of period | $ | 156,720 |  |  | $ | 158,890 |  |  | $ | 156,720 |  |  | $ | 158,890 |  |  |
Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3 | As of September 30, 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 |  | September 30, 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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