v3.24.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:
June 30, 2024December 31, 2023
(In thousands)
Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$79,051 $— $— $132,037 $— $— 
Certificates of deposit— — — 750 — 
Commercial paper— — — — 1,694 — 
Corporate notes and bonds3,551 — — 462 — 
U.S. Treasuries24,963 — — — — 
Marketable securities:
Certificates of deposit— 41,240 — — 55,162 — 
Commercial paper— 70,787 — — 69,743 — 
Corporate notes and bonds— 388,332 — — 405,634 — 
U.S. Treasuries— 222,638 — — 327,891 — 
U.S. Government agency securities— 671,305 — — 547,856 — 
Other assets
Investments in debt securities— — 78,866 — — 79,855 
Total assets measured at fair value$79,051 $1,422,816 $78,866 $132,037 $1,409,192 $79,855 
Liabilities:
Warranty obligations
Current$— $— $21,858 $— $— $28,667 
Non-current— — 128,335 — — 133,126 
Total warranty obligations measured at fair value— — 150,193 — — 161,793 
Total liabilities measured at fair value$— $— $150,193 $— $— $161,793 
Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Assets Designated as Level 3 The changes in the balance in investments in debt securities during the period were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In thousands)
Balance at beginning of period$80,797 $58,521 $79,855 $56,777 
Fair value adjustments included in other income, net(1,931)1,754 (989)3,498 
Balance at end of period$78,866 $60,275 $78,866 $60,275 
Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs designated as Level 3 for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(In thousands)
Balance at beginning of period$150,550 $119,508 $161,793 $106,489 
Accruals for warranties issued during period6,417 16,344 12,499 32,369 
Changes in estimates(2,450)(12,925)(14,468)(11,680)
Settlements(5,796)(6,179)(12,336)(14,013)
Increase due to accretion expense2,690 3,907 5,595 7,452 
Change in discount rate 759 31,797 759 31,797 
Other(1,977)(1,911)(3,649)(1,874)
Balance at end of period$150,193 $150,540 $150,193 $150,540 
Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3
As of June 30, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows, of which the monetary impact for change in discount rate is captured in “Change in discount rate” in the table above:
Percent Used
(Weighted Average)
Item Measured at Fair ValueValuation TechniqueDescription of Significant Unobservable InputJune 30,
2024		December 31,
2023
Warranty obligations for products sold since January 1, 2014Discounted cash flowsProfit element and risk premium17%17%
Credit-adjusted risk-free rate7%7%