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FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT
3. FAIR VALUE MEASUREMENT

The following tables summarize our assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands): 
 
Fair Value Measurements at March 31, 2024
 TotalLevel 1Level 2Level 3
Assets:    
Cash equivalents—Money market funds$199,279 $199,279 $— $— 
Equity securities, at fair value32,328 — — 32,328 
Available-for-sale debt securities (1)10,608 — — 10,608 
Trading securities held in a "rabbi trust" (1)519 519 — — 
Total assets$242,734 $199,798 $— $42,936 
Liabilities:    
Deferred compensation accrual "rabbi trust" (2)$537 $537 $— $— 
Total liabilities$537 $537 $— $— 
 
 
Fair Value Measurements at December 31, 2023
 TotalLevel 1Level 2Level 3
Assets:    
Cash equivalents—Money market funds$246,425 $246,425 $— $— 
Equity securities, at fair value41,046 — — 41,046 
Available-for-sale debt securities (1)10,484 — — 10,484 
Trading securities held in a "rabbi trust" (1)496 496 — — 
Total assets$298,451 $246,921 $— $51,530 
Liabilities:    
Deferred compensation accrual "rabbi trust" (2)$513 $513 $— $— 
Total liabilities$513 $513 $— $— 
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(1)    Included in Prepaids and other current assets and Other long-term assets, net in the consolidated balance sheets.
(2)     Included in Accrued liabilities in the consolidated balance sheets.

The following table provides activity for our Level 3 investments (in thousands):
Amount
Level 3 investments at December 31, 2022
$82,787 
Increase due to purchases of Level 3 investments10,000 
Decrease in fair value of Level 3 investments(41,741)
Accrued interest on Level 3 investments484 
Level 3 investments at December 31, 2023
51,530 
Decrease in fair value of Level 3 investments(8,718)
Accrued interest on Level 3 investments124 
Level 3 investments at March 31, 2024
$42,936