INVESTMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

INVESTMENTS AND FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements were as follows:

	Fair Value Measurements as of June 30, 2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	328,308	$	328,308	$	—	$	—
Commercial paper (1)	43,705		—		43,705		—
Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,103		14,103		—		—
Mutual funds invested in debt securities	24,031		24,031		—		—
Total equity securities at fair value	38,134		38,134		—		—
Debt securities available for sale
U.S. government securities	73,924		—		73,924		—
Corporate securities	6,516		—		6,516		—
U.S. government and federal agency	7,068		—		7,068		—
Commercial paper	15,341		—		15,341		—
Total debt securities available for sale	102,849		—		102,849		—
Total investment securities at fair value	140,983		38,134		102,849		—
Long-term investments
Long-term investment securities at fair value (2)	29,435		—		—		—
Total	$	542,431	$	366,442	$	146,554	$	—

(1)     Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets.

(2)    In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

	Fair Value Measurements as of December 31, 2023
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	214,515	$	214,515	$	—	$	—
Commercial paper (1)	52,287		—		52,287		—
Investment securities at fair value
Equity securities at fair value
Marketable equity securities	14,286		14,286		—		—
Mutual funds invested in debt securities	23,424		23,424		—		—
Total equity securities at fair value	37,710		37,710		—		—
Debt securities available for sale
U.S. government securities	38,657		—		38,657		—
Corporate securities	12,042		—		12,042		—
U.S. government and federal agency	17,358		—		17,358		—
Commercial paper	5,168		—		5,168		—
Total debt securities available for sale	73,225		—		73,225		—
Total investment securities at fair value	110,935		37,710		73,225		—
Long-term investments
Long-term investment securities at fair value (2)	29,402		—		—		—
Total	$	407,139	$	252,225	$	125,512	$	—

(1)     Amounts included in Cash and cash equivalents on the condensed consolidated balance sheets.

(2)    In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.

The fair value of investment securities at fair value included in Level 1 is based on quoted market prices from various stock exchanges. The Level 2 investment securities at fair value are based on quoted market prices of securities that are thinly traded, quoted prices for identical or similar assets in markets that are not active or inputs other than quoted prices such as interest rates and yield curves.

The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient.

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis because of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of June 30, 2024 and December 31, 2023, respectively, except for investments in real estate ventures that were impaired as of December 31, 2023.

The Company’s investments in real estate ventures subject to nonrecurring fair value measurements are as follows:

			Fair Value Measurement Using:
	Year Ended December 31, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Impairment Charge		Total
Assets:
Investments in real estate ventures	$	1,202	$	—	$	—	$	—	$	—

The Company estimated the fair value of its investments in real estate ventures using observable inputs such as market pricing based on recent events, however, significant judgment was required to select certain inputs from observed market data. The decline in the investments in real estate ventures was attributed to the decline in the projected sales prices and the duration of the estimated sell out of the respective real estate ventures. The $1,202 of impairment charges were included in equity in earnings from real estate ventures for the year ended December 31, 2023.