Balance Sheet Details

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Cash, cash equivalents and restricted cash consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	151,111	$	130,572
Short-term restricted cash	105		105
Long-term restricted cash	1,037		1,061
Total cash, cash equivalents and restricted cash	$	152,253	$	131,738

As of March 31, 2022 and December 31, 2021, cash and cash equivalents included money market funds of approximately $0 and $20.4 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had restricted cash of approximately $1.1 million and $1.2 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.

Inventory consists of the following:


	March 31, 2022		December 31, 2021
	(in thousands)

Work-in-process	$	74,191	$	72,369
Finished goods	64,850		59,334


	$	139,041	$	131,703

Property and equipment, net consists of the following:


	Useful Life (in Years)	March 31, 2022		December 31, 2021
		(in thousands)
Furniture and fixtures	5	$	3,956	$	3,917
Machinery and equipment	3-5	66,524		65,004
Masks and production equipment	2-5	32,284		32,099
Software	3	8,921		8,763
Leasehold improvements	1-5	31,239		30,889
Construction in progress	N/A	5,891		4,647
		148,815		145,319
Less: accumulated depreciation and amortization		(88,793)		(84,395)
		$	60,022	$	60,924

Depreciation expense for the three months ended March 31, 2022 and 2021 was $4.8 million and $3.7 million, respectively.

In March 2022, the Company entered into a note receivable with a supplier for $10.0 million, which is included in other long-term assets on the consolidated balance sheet. Repayments of $2.0 million per year is due annually by March 31, in years 2024 through 2027; provided that certain production utilization targets for the prior year are met.

Accrued price protection liability consists of the following activity:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Beginning balance	$	40,509	$	47,766

Charged as a reduction of revenue	41,473		24,423

Payments	(13,633)		(17,160)
Ending balance	$	68,349	$	55,029

Accrued expenses and other current liabilities consist of the following:


	March 31, 2022		December 31, 2021
	(in thousands)


Accrued technology license payments	$	5,988	$	7,337
Accrued professional fees	3,565		3,651
Accrued engineering and production costs	4,076		2,934
Accrued restructuring	295		320

Accrued royalty	1,911		2,080
Short-term lease liabilities	8,588		8,888

Accrued customer credits	1,932		5,136

Income tax liability	7,931		7,105
Customer contract liabilities	1,089		1,044
Accrued obligations to customers for price adjustments	29,226		6,721
Accrued obligations to customers for stock rotation rights	2,498		2,847
Other	8,454		9,205
	$	75,553	$	57,268

The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:


	Cumulative Translation Adjustments		Pension and Other Defined Benefit Plan Obligation		Total
	(in thousands)
Balance at December 31, 2021	$	21	$	2,104	$	2,125
Other comprehensive income (loss) before reclassifications, net of tax	(1,075)		—		(1,075)


Balance at March 31, 2022	$	(1,054)	$	2,104	$	1,050