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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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


	September 30, 2022
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Mutual funds	$	30,400	$	—	$	(3,265)	$	27,135
U.S. treasury securities	25,640		19		(24)		25,635
Corporate bonds	15,095		277		(457)		14,915
Equity securities	54,813		1,002		(13,468)		42,347
	$	125,948	$	1,298	$	(17,214)	$	110,032


	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 September 30, 2022 and December 31, 2021, marketable securities are as follows (in thousands):


	September 30, 2022
	Marketable Equity Securities		Marketable Debt Securities		Total
Mutual funds	$	27,135	$	—	$	27,135
U.S. treasury securities	—		25,635		25,635
Equity securities	42,347		—		42,347
Corporate bonds	—		14,915		14,915
	$	69,482	$	40,550	$	110,032


	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 September 30, 2022 (in thousands) are as follows:


	September 30, 2022
	Amortized Cost		Fair Value
Less than 1 year	$	—	$	—
1 to 5 years	35,707		35,575
More than 5 years	5,028		4,975
Total	$	40,735	$	40,550

Derivatives Not Designated as Hedging Instruments

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


	September 30, 2022
	Cost		Unrealized Losses		Fair Value
Derivative instruments	$	2,606	$	593	$	3,199
	$	2,606	$	593	$	3,199


	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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net unrealized gains (losses) recognized on marketable equity securities	$	(9,278)	$	490	$	(14,062)	$	490
Net realized gains (losses) recognized on marketable equity securities	(555)		—		218		—
Net unrealized gains ( losses) recognized on derivative instruments	3,907		(2)		(696)		(2)
Net realized gains recognized on derivative instruments	2,214		9		4,089		9
Net realized gains recognized on marketable debt securities	188		—		556		—
Total net gains (losses) recognized in interest and other income (loss), net	$	(3,524)	$	497	$	(9,895)	$	497

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, 2022 and December 31, 2021 are classified based on the valuation technique in the table below (in thousands):


	September 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:
Certificates of deposit	$	—	$	21,061	$	—	$	21,061
U.S. treasury securities	—		25,635		—		25,635
Mutual funds	27,135		—		—		27,135
Equity securities	42,347		—		—		42,347
Corporate bonds	—		14,915		—		14,915
Total assets at fair value	$	69,482	$	61,611	$	—	$	131,093

Liabilities
Derivative instruments	$	—	$	3,199	$	—	$	3,199
Total liabilities at fair value	$	—	$	3,199	$	—	$	3,199


	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