FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements, Recurring and Nonrecurring

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 September 30, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	264,576	$	264,576	$	—	$	—
Equity securities, at fair value	41,091		15		—		41,076
Available-for-sale debt securities (1)	10,358		—		—		10,358
Trading securities held in a "rabbi trust" (1)	459		459		—		—
Total assets	$	316,484	$	265,050	$	—	$	51,434
Liabilities:

Deferred compensation accrual "rabbi trust" (2)	$	475	$	475	$	—	$	—
Total liabilities	$	475	$	475	$	—	$	—


	Fair Value Measurements at December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	252,650	$	252,650	$	—	$	—
Equity securities, at fair value	82,823		36		—		82,787

Trading securities held in a "rabbi trust" (1)	399		399		—		—
Total assets	$	335,872	$	253,085	$	—	$	82,787
Liabilities:

Deferred compensation accrual "rabbi trust" (2)	$	396	$	396	$	—	$	—
Total liabilities	$	396	$	396	$	—	$	—

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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 and Other long-term liabilities in the consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides activity for our Level 3 investments (in thousands):


	Amount
Level 3 investments at December 31, 2021	$	102,355
Increase due to purchases of Level 3 investments	18,920
Decrease in fair value of Level 3 investments	(38,488)
Level 3 investments at December 31, 2022	82,787
Increase due to purchases of Level 3 investments	10,000
Decrease in fair value of Level 3 investments	(41,711)
Accrued interest on Level 3 investments	358
Level 3 investments at September 30, 2023	$	51,434