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Balance Sheet Details
 6 Months Ended
Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Cash, cash equivalents and restricted cash consist of the following:
June 30, 2023December 31, 2022
(in thousands)
Cash and cash equivalents$224,579 $187,353 
Short-term restricted cash1,042 982 
Long-term restricted cash22 22 
Total cash, cash equivalents and restricted cash$225,643 $188,357 
As of June 30, 2023 and December 31, 2022, cash and cash equivalents included money market funds of approximately $76.1 million and $0.4 million, respectively. As of June 30, 2023 and December 31, 2022, the Company had restricted cash of approximately $1.1 million and $1.0 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.
Inventory consists of the following:
June 30, 2023December 31, 2022
(in thousands)
Work-in-process$75,082 $97,840 
Finished goods51,070 62,704 
$126,152 $160,544 
Property and equipment, net consists of the following:
Useful Life
(in Years)		June 30, 2023December 31, 2022
(in thousands)
Furniture and fixtures5$3,919 $3,924 
Machinery and equipment
3-5
73,709 74,258 
Masks and production equipment
2-5
54,083 50,970 
Software314,046 10,111 
Leasehold improvements
1-5
35,246 34,236 
Construction in progressN/A956 7,602 
181,959 181,101 
Less: accumulated depreciation and amortization(108,114)(102,083)
$73,845 $79,018 
Depreciation expense for the three months ended June 30, 2023 and 2022 was $6.5 million and $4.8 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $12.9 million and $9.6 million, respectively.
In March 2022, the Company entered into a note receivable with a supplier for $10.0 million, of which $2.0 million and $8.0 million are included in prepaid expenses and other current assets and other long-term assets, respectively, on the consolidated balance sheet as of June 30, 2023, and $10.0 million is included in other long-term assets as of December 31, 2022. Repayments of $2.0 million per year are due annually by March 31, from 2024 through 2027, provided that certain production utilization targets for the prior year are met.
Accrued price protection liability consists of the following activity:
Six Months Ended June 30,
20232022
(in thousands)
Beginning balance$113,274 $40,509 
Charged as a reduction of revenue37,726 102,426 
Payments(70,867)(32,382)
Ending balance$80,133 $110,553 
Accrued expenses and other current liabilities consist of the following:
June 30, 2023December 31, 2022
(in thousands)
Accrued technology license payments$5,691 $7,402 
Accrued professional fees4,738 4,072 
Accrued engineering and production costs3,698 2,560 
Accrued restructuring5,489 1,082 
Accrued royalty1,446 1,662 
Short-term lease liabilities8,910 10,489 
Accrued customer credits195 304 
Income tax liability1,070 8,895 
Customer contract liabilities1,820 1,072 
Accrued obligations to customers for price adjustments50,187 52,392 
Accrued obligations to customers for stock rotation rights590 605 
Contingent consideration - current portion300 2,941 
Other6,559 6,679 
$90,693 $100,155 
The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:
Cumulative Translation AdjustmentsPension and Other Defined Benefit Plan ObligationTotal
(in thousands)
Balance at December 31, 2022$(5,180)$4,159 $(1,021)
Other comprehensive loss before reclassifications, net of tax(1,270)— (1,270)
Balance at June 30, 2023$(6,450)$4,159 $(2,291)