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INVESTMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS Marketable Securities We invest surplus funds in excess of operational requirements in a diversified portfolio of marketable securities, with the objectives of delivering competitive returns, maintaining a high degree of liquidity, and seeking to avoid the permanent impairment of principal. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Investments are considered impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, we will record an impairment charge and establish a new cost basis for the investment. Marketable securities as of December 31, 2022, and December 31, 2021, consisted of the following (in thousands):
| December 31, 2022
| Cost or Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Mutual funds | $ | 26,352 |  |  | $ | — |  |  | $ | (3,143) |  |  | $ | 23,209 |
U.S. treasury securities | 25,640 |  |  | 182 |  |  | (24) |  |  | 25,798 |
Corporate bonds | 13,496 |  |  | 48 |  |  | (106) |  |  | 13,438 |
Equity securities | 53,273 |  |  | 2,776 |  |  | (5,836) |  |  | 50,213 |
| $ | 118,761 |  |  | $ | 3,006 |  |  | $ | (9,109) |  |  | $ | 112,658 |
| December 31, 2021
| Cost or Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Mutual funds | $ | 50,000 |  |  | $ | — |  |  | $ | (338) |  |  | $ | 49,662 |
Corporate bonds | 6,996 |  |  | 290 |  |  | — |  |  | 7,286 |
Equity securities | 38,100 |  |  | — |  |  | (1,331) |  |  | 36,769 |
| $ | 95,096 |  |  | $ | 290 |  |  | $ | (1,669) |  |  | $ | 93,717 |
As of December 31, 2022, and December 31, 2021, marketable securities are as follows (in thousands):
|  | December 31, 2022
|  | Marketable Equity Securities |  | Marketable Debt Securities |  | Total
Mutual funds |  | $ | 23,209 |  |  | $ | — |  |  | $ | 23,209 |
U.S. treasury securities |  | — |  |  | 25,798 |  |  | 25,798 |
Equity securities |  | 50,213 |  |  | — |  |  | 50,213 |
Corporate bonds |  | — |  |  | 13,438 |  |  | 13,438 |
|  | $ | 73,422 |  |  | $ | 39,236 |  |  | $ | 112,658 |
| December 31, 2021
| Marketable Equity Securities |  | Marketable Debt Securities |  | Total
Mutual funds | $ | 49,662 |  |  | $ | — |  |  | $ | 49,662 |
Equity securities | 36,769 |  |  | — |  |  | 36,769 |
Corporate bonds | — |  |  | 7,286 |  |  | 7,286 |
| $ | 86,431 |  |  | $ | 7,286 |  |  | $ | 93,717 |
The amortized costs and fair value of marketable debt securities, by contractual maturity, as of December 31, 2022 (in thousands) are as follows:
| December 31, 2022
| Amortized Cost |  | Fair Value
Less than 1 year | $ | 22,014 |  |  | $ | 22,196 |
1 to 5 years | 12,086 |  |  | 11,973 |
More than 5 years | 5,036 |  |  | 5,067 |
Total | $ | 39,136 |  |  | $ | 39,236 |
Derivative Financial Instruments Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021 (in thousands):
| December 31, 2022
| Cost |  | Unrealized Losses |  | Fair Value
Derivative instruments | $ | 2,987 |  |  | $ | 662 |  |  | $ | 3,649 |
| $ | 2,987 |  |  | $ | 662 |  |  | $ | 3,649 |
| December 31, 2021
| Cost |  | Unrealized Gains |  | Fair Value
Derivative instruments | $ | 6,370 |  |  | $ | (103) |  |  | $ | 6,267 |
| $ | 6,370 |  |  | $ | (103) |  |  | $ | 6,267 |
A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2022 |  | 2021
Net unrealized losses recognized on marketable equity securities |  |  |  |  | $ | (4,533) |  |  | $ | (1,669) |
Net realized gains (losses) recognized on marketable equity securities |  |  |  |  | (4,085) |  |  | 2,148 |
Net realized gains (losses) recognized on derivative instruments |  |  |  |  | 5,493 |  |  | (1,467) |
Net unrealized gains (losses) recognized on derivative instruments |  |  |  |  | (662) |  |  | 103 |
Net realized gains recognized on marketable debt securities |  |  |  |  | 734 |  |  | — |
Total net gains (losses) recognized in interest and other income (loss), net |  |  |  |  | $ | (3,053) |  |  | $ | (885) |
Fair Value Measurements Our financial instruments measured at fair value on a recurring basis consisted of money-market funds, mutual funds, equity securities, corporate debt securities and derivatives. Equity securities are classified within Level 1 of the fair value hierarchy as they are valued based on quoted market price in an active market. Corporate debt securities and derivative instruments are valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy. Financial instruments valued based on unobservable inputs which reflect the reporting entity’s own assumptions or data that market participants would use in valuing an instrument are generally classified within Level 3 of the fair value hierarchy. We did not hold Level 3 financial instruments as of December 31, 2022, and December 31, 2021. Financial instruments measured at fair value on a recurring basis as of December 31, 2022, and December 31, 2021 are classified based on the valuation technique in the table below (in thousands):
| December 31, 2022 |  |
| Fair Value Measurements Using |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 5,300 |  |  | $ | — |  |  | $ | 5,300 |
U.S. treasury securities | — |  |  | 25,798 |  |  | — |  |  | 25,798 |
Mutual funds | 23,209 |  |  | — |  |  | — |  |  | 23,209 |
Equity securities | 50,213 |  |  | — |  |  | — |  |  | 50,213 |
Corporate bonds | — |  |  | 13,438 |  |  | — |  |  | 13,438 |
Total assets at fair value | $ | 73,422 |  |  | $ | 44,536 |  |  | $ | — |  |  | $ | 117,958 |
Liabilities |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | 3,649 |  |  | $ | — |  |  | $ | 3,649 |
Total liabilities at fair value | $ | — |  |  | $ | 3,649 |  |  | $ | — |  |  | $ | 3,649 |
| December 31, 2021 |  |
| Fair Value Measurements Using |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Mutual funds | $ | 49,662 |  |  | $ | — |  |  | $ | — |  |  | 49,662 |
Equity securities | 36,769 |  |  | — |  |  | — |  |  | 36,769 |
Corporate bonds | — |  |  | 7,286 |  |  | — |  |  | 7,286 |
Total assets at fair value | $ | 86,431 |  |  | $ | 7,286 |  |  | $ | — |  |  | $ | 93,717 |
Liabilities |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | 6,267 |  |  | $ | — |  |  | $ | 6,267 |
Total liabilities at fair value | $ | — |  |  | $ | 6,267 |  |  | $ | — |  |  | $ | 6,267 |
If quoted prices for identical instruments are available in an active market, debt securities are classified within Level 1 of the fair value hierarchy. If quoted prices for identical instruments in active markets are not available, fair values are estimated using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. To date, all of our debt securities can be valued using one of these two methodologies. Our derivative financial instruments are classified within Level 2 of the fair value hierarchy because the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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