INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of short-term investments

Marketable securities as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):

		September 30, 2023
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Mutual funds	$	13,009	$	—	$	(1,381	)	$	11,628
Equity securities		69,253		3,087		(7,437	)		64,903
Total marketable equity securities		82,262		3,087		(8,818	)		76,531
Marketable debt securities
U.S. treasury securities		58,237		808		(87	)		58,958
Corporate bonds		16,123		273		(33	)		16,363
Total marketable debt securities		74,360		1,081		(120	)		75,321
	$	156,622	$	4,168	$	(8,938	)	$	151,852

		December 31, 2022
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Mutual funds	$	26,352	$	—	$	(3,143	)	$	23,209
Equity securities		53,273		2,776		(5,836	)		50,213
Total marketable equity securities		79,625		2,776		(8,979	)		73,422
Marketable debt securities
U.S. treasury securities		25,640		182		(24	)		25,798
Corporate bonds		13,496		48		(106	)		13,438
Total marketable debt securities		39,136		230		(130	)		39,236
	$	118,761	$	3,006	$	(9,109	)	$	112,658

Debt Securities, Available-for-sale

The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of September 30, 2023 (in thousands) are as follows: 

		September 30, 2023
		Amortized Cost		Fair Value
Less than 1 year	$	44,691	$	45,466
1 to 5 years		29,669		29,855
Total	$	74,360	$	75,321

Derivatives Not Designated as Hedging Instruments

Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (in thousands):

		September 30, 2023
		Cost		Unrealized Losses		Fair Value
Derivative instruments	$	9,306	$	2,383	$	11,689
	$	9,306	$	2,383	$	11,689

		December 31, 2022
		Cost		Unrealized Losses		Fair Value
Derivative instruments	$	2,987	$	662	$	3,649
	$	2,987	$	662	$	3,649

Realized and Unrealized Gains and Losses From Our Equity Securities and Derivative Instruments

A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Net unrealized gains (losses) recognized on marketable equity securities	$	(287	)	$	(9,278	)	$	472		$	(14,062	)
Net realized gains (losses) recognized on marketable equity securities		(2,588	)		(555	)		3,643			218
Net unrealized gains (losses) recognized on derivative instruments		(1,631	)		3,907			(1,825	)		(696	)
Net realized gains recognized on derivative instruments		(72	)		2,214			2,165			4,089
Net realized gains recognized on marketable debt securities		—			188			217			556
Total net gains (losses) recognized in interest and other income (loss), net	$	(4,578	)	$	(3,524	)	$	4,672		$	(9,895	)

Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands):

		September 30, 2023
		Fair Value Measurements Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
U.S. treasury securities	$	58,958	$	—	$	—	$	58,958
Mutual funds		11,628		—		—		11,628
Equity securities		64,903		—		—		64,903
Corporate bonds		—		16,363		—		16,363
Total assets at fair value	$	135,489	$	16,363	$	—	$	151,852
Liabilities
Derivative instruments	$	—	$	11,689	$	—	$	11,689
Total liabilities at fair value	$	—	$	11,689	$	—	$	11,689

		December 31, 2022
		Fair Value Measurements Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Certificate of deposit	$	—	$	5,300	$	—	$	5,300
U.S. treasury securities		25,798		—		—		25,798
Mutual funds		23,209		—		—		23,209
Equity securities		50,213		—		—		50,213
Corporate bonds		—		13,438		—		13,438
Total assets at fair value	$	99,220	$	18,738	$	—	$	117,958
Liabilities
Derivative instruments	$	—	$	3,649	$	—	$	3,649
Total liabilities at fair value	$	—	$	3,649	$	—	$	3,649