INVESTMENTS AND FAIR VALUE MEASUREMENTS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Fair Value Disclosures [Abstract] | |
| INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE MEASUREMENTS The Company categorizes assets and liabilities recorded or disclosed at fair value on the condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 - Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company's financial assets comprised Level 1 cash equivalents with original maturities of three months or less in the amount of $1.0 billion and $1.4 billion as of March 31, 2026 and December 31, 2025, respectively. The Company had no Level 2 or Level 3 financial assets measured at fair value as of March 31, 2026 and December 31, 2025. Available-for-Sale Debt Securities In connection with the Matterport Acquisition, the Company acquired $204 million of available-for-sale debt securities, inclusive of $2 million of accrued interest. These securities were sold for net proceeds of $203 million, resulting in a negligible realized loss in the three months ended March 31, 2025. Other Financial Instruments The Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, accrued expenses, and Senior Notes. The carrying value for such financial instruments, other than the Senior Notes, each approximated their fair values as of both March 31, 2026 and December 31, 2025. The estimated fair value of the Company's outstanding Senior Notes using quoted prices from the over-the-counter markets, considered Level 2 inputs, was $900 million as of both March 31, 2026 and December 31, 2025.
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