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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable securities as of June 30, 2022 and December 31, 2021 consisted of following (in thousands):


	June 30, 2022
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Mutual funds	$	40,297	$	—	$	(2,990)	$	37,307
Corporate bonds	17,670		—		(523)		17,147
Equity securities	45,633		1,335		(4,799)		42,169
	$	103,600	$	1,335	$	(8,312)	$	96,623


	December 31, 2021
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Mutual funds	$	50,000	$	—	$	(338)	$	49,662
Corporate bonds	6,996		290		—		7,286
Equity securities	38,100		—		(1,331)		36,769
	$	95,096	$	290	$	(1,669)	$	93,717

Marketable Securities

As of June 30, 2022 and December 31, 2021, marketable securities are classified and reported on our Condensed Consolidated Balance Sheets as follows (in thousands):


	June 30, 2022
	Marketable Equity Securities		Marketable Debt Securities		Total
Mutual funds	$	37,307	$	—	$	37,307
Equity securities	42,169		—		42,169
Corporate bonds	—		17,147		17,147
	$	79,476	$	17,147	$	96,623


	December 31, 2021
	Marketable Equity Securities		Marketable Debt Securities		Total
Mutual funds	$	49,662	$	—	$	49,662
Equity securities	36,769		—		36,769
Corporate bonds	—		7,286		7,286
	$	86,431	$	7,286	$	93,717

Debt Securities, Available-for-sale

The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of June 30, 2022 (in thousands) are as follows:


	June 30, 2022
	Amortized Cost		Fair Value
Less than 1 year	$	—	$	—
1 to 5 years	9,158		9,217
More than 5 years	8,512		7,930
Total	$	17,670	$	17,147

Derivatives Not Designated as Hedging Instruments

These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022
	Cost		Unrealized Losses		Fair Value
Derivative instruments	$	4,863	$	4,501	$	9,364
	$	4,863	$	4,501	$	9,364


	December 31, 2021
	Cost		Unrealized Gains		Fair Value
Derivative instruments	$	6,370	$	(103)	$	6,267
	$	6,370	$	(103)	$	6,267

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net unrealized losses recognized on marketable equity securities	$	(6,923)	$	—	$	(4,784)	$	—
Net realized gains (losses) recognized on marketable equity securities	(254)		—		772		—
Net unrealized losses recognized on derivative instruments	(1,943)		—		(4,603)		—
Net realized gains recognized on derivative instruments	2,009		—		1,875		—
Net realized gains recognized on marketable debt securities	—		—		368		—
Total net losses recognized in interest and other income (loss), net	$	(7,111)	$	—	$	(6,372)	$	—

Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 2021 are classified based on the valuation technique in the table below (in thousands):


	June 30, 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:
Mutual funds	$	37,307	$	—	$	—	$	37,307
Equity securities	42,169		—		—		42,169
Corporate bonds	—		17,147		—		17,147
Total assets at fair value	$	79,476	$	17,147	$	—	$	96,623

Liabilities
Derivative instruments	$	—	$	9,364	$	—	$	9,364
Total liabilities at fair value	$	—	$	9,364	$	—	$	9,364


	December 31, 2021
	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:
Mutual funds	$	49,662	$	—	$	—	49,662
Equity securities	36,769		—		—		36,769
Corporate bonds	—		7,286		—		7,286
Total assets at fair value	$	86,431	$	7,286	$	—	$	93,717

Liabilities
Derivative instruments	$	—	$	6,267	$	—	$	6,267
Total liabilities at fair value	$	—	$	6,267	$	—	$	6,267