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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of fair value of financial instruments using levels of inputs

The following tables summarize our assets and liabilities measured at fair value on a recurring basis using the following levels of inputs as of December 31, 2024 and 2023, as indicated (in thousands):


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market mutual funds	$	21,799	$	21,799	$	—	$	—
Equity securities, at fair value	21,640		—		—		21,640
Available-for-sale debt securities (1)	10,985		—		—		10,985
Debt securities, at fair value (1)	14,814		—		—		14,814

Total assets	$	69,238	$	21,799	$	—	$	47,439


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market mutual funds	$	246,425	$	246,425	$	—	$	—
Equity securities, at fair value	41,046		—		—		41,046
Available-for-sale debt securities (1)	10,484		—		—		10,484
Trading securities held in a "rabbi trust" (1)	496		496		—		—
Total assets	$	298,451	$	246,921	$	—	$	51,530
Liabilities:

Deferred compensation accrual "rabbi trust" (2)	$	513	$	513	$	—	$	—
Total liabilities	$	513	$	513	$	—	$	—

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(1) Included in Prepaids and other current assets and Other long-term assets, net in the consolidated balance sheets.

(2) Included in Accrued liabilities and Other long-term liabilities in the consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides activity for our Level 3 investments during the periods presented (in thousands):


	Amount



Level 3 investments at December 31, 2022	$	82,787
Increase due to purchases of Level 3 investments	10,000
Decrease in fair value of Level 3 investments	(41,741)
Accrued interest on Level 3 investments	484
Level 3 investments at December 31, 2023	51,530
Increase due to purchases of Level 3 investments	17,000
Decrease in fair value of Level 3 investments	(21,836)
Accrued interest on Level 3 investments	745
Level 3 investments at December 31, 2024	$	47,439

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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