Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 5. Fair Value Measurements

Items Measured at Fair Value on a Recurring Basis

The following tables present information about our financial assets that have been measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs utilized to determine fair value (in thousands):

	Fair Value Measurements as of								Amortized Cost as of
	March 31, 2022								March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	21,775	$	—	$	—	$	21,775	$	21,775
Restricted cash equivalents	1,630		—		—		1,630		1,630
Total assets	$	23,405	$	—	$	—	$	23,405	$	23,405

	Fair Value Measurements as of								Amortized Cost as of
	December 31, 2021								December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	27,109	$	—	$	—	$	27,109	$	27,109
Investments	—		—		1,755		1,755		N/A
Restricted cash equivalents	1,630		—		—		1,630		1,630
Total assets	$	28,739	$	—	$	1,755	$	30,494	N/A

Restricted cash equivalents as of March 31, 2022 and December 31, 2021 primarily relate to maintaining a minimum balance of unrestricted cash at the bank. See Note 7. Debt for additional details.

Investments as of December 31, 2021 were comprised of Napster Group ordinary shares received as a portion of the consideration from the Napster disposition, which closed on December 30, 2020. The fair value of these equity securities was calculated using the closing price of the shares as of December 31, 2021. In the first quarter of 2022 these shares were acquired by a third party. The fair value at December 31, 2021 approximates the consideration to be received and is now recorded as a receivable within Prepaid expenses and other current assets on our condensed consolidated balance sheet as of March 31, 2022.

Items Measured at Fair Value on a Non-recurring Basis

Certain of our assets and liabilities are measured at estimated fair value on a non-recurring basis, using Level 3 inputs. These instruments are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Other than those discussed in Note 8. Restructuring and Other Charges, during the three months ended March 31, 2022 and 2021, we did not record any impairments on those assets required to be measured at fair value on a non-recurring basis.