OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Non-Current Assets

The following table presents the detail of other non-current assets (in thousands):

	March 31, 2022		December 31, 2021
Investment in non-marketable equity securities (i)	$	156,231	$	81,919
Investment in bitcoin, net (ii)	148,984		149,000
Restricted cash	71,702		71,702
Other	94,437		67,914
Total	$	471,354	$	370,535

(i) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. The Company also holds a non-marketable common stock warrant in a publicly-traded entity. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statement of operations. During the three months ended March 31, 2022, the Company recorded an unrealized gain of $59.8 million, with a cumulative unrealized gain of $78.8 million as of March 31, 2022, arising from the revaluation of non-marketable investment. Unrealized losses were immaterial as of March 31, 2022.

(ii) The Company had invested $220.0 million in bitcoin as of December 31, 2021, with no additional investments during the three months ended March 31, 2022. Bitcoin is accounted for as an indefinite-lived intangible asset, and thus, is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed period. Impairment losses cannot be recovered for any subsequent increase in fair value until the sale of the asset.

The Company did not record any impairment charges in the three months ended March 31, 2022 due to the observed market price of bitcoin decreasing below the carrying value during the period. As of March 31, 2022, the fair value of the investment in bitcoin was $365.5 million based on observable market prices which is $216.5 million in excess of the Company's carrying value of $149.0 million.

Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):

	March 31, 2022		December 31, 2021
Statutory liabilities (i)	$	172,003	$	117,784
Other	70,714		89,826
Total	$	242,717	$	207,610

(i) Statutory liabilities represent loss contingencies that may arise from the Company's interpretation and application of certain guidelines and rules issued by various federal, state, local, and foreign regulatory authorities.