FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	199,279	$	199,279	$	—	$	—
Equity securities, at fair value	32,328		—		—		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
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	246,425	$	246,425	$	—	$	—
Equity securities, at fair value	41,046		—		—		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.

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, 2022	$	82,787
Increase due to purchases of Level 3 investments	10,000
Decrease in fair value of Level 3 investments	(41,741)
Accrued interest on Level 3 investments	484
Level 3 investments at December 31, 2023	51,530

Decrease in fair value of Level 3 investments	(8,718)
Accrued interest on Level 3 investments	124
Level 3 investments at March 31, 2024	$	42,936

- Definition

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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