v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025December 31, 2024
(In thousands)
Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash equivalents, restricted cash and marketable securities:
Money market funds$175,480 $— $— $191,410 $— $— 
Certificates of deposit65,000 — — 95,000 — — 
Commercial paper— — — — — — 
Corporate notes and bonds— — — — — 
Marketable securities:
Certificates of deposit— 28,232 — — 30,092 — 
Commercial paper— 21,443 — — 30,713 — 
Corporate notes and bonds— 399,275 — — 449,570 — 
U.S. Treasuries— 88,525 — — 111,612 — 
U.S. Government agency securities— 579,305 — — 631,493 — 
Other assets:
Investments in debt securities— — 65,157 — — 64,834 
Investment in tax equity fund— — 5,190 — — — 
Total assets measured at fair value$240,480 $1,116,780 $70,347 $286,410 $1,253,480 $64,834 
Liabilities:
Warranty obligations:
Current$— $— $26,200 $— $— $27,173 
Non-current— — 153,853 — — 143,743 
Total warranty obligations measured at fair value— — 180,053 — — 170,916 
Total liabilities measured at fair value$— $— $180,053 $— $— $170,916 
Schedule 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
March 31,
20252024
(In thousands)
Balance at beginning of period$64,834 $79,855 
Fair value adjustments included in other income, net323 942 
Balance at end of period$65,157 $80,797 
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
March 31,
20252024
(In thousands)
Balance at beginning of period$170,916 $161,793 
Accruals for warranties issued during period7,299 6,082 
Changes in estimates4,626 (12,018)
Settlements(4,898)(6,540)
Increase due to accretion expense3,060 2,905 
Other(950)(1,672)
Balance at end of period$180,053 $150,550 
Schedule of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3
As of March 31, 2025 and December 31, 2024, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows:
Percent Used
(Weighted Average)
Item Measured at Fair ValueValuation TechniqueDescription of Significant Unobservable InputMarch 31,
2025		December 31,
2024
Warranty obligations for products sold since January 1, 2014Discounted cash flowsProfit element and risk premium17.5%16.8%
Credit-adjusted risk-free rate7.2%7.2%