Financial Instruments

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Financial Instruments

Financial Instruments

Cash, Cash Equivalents, and Restricted Cash

The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):

	March 31,		December 31,
	2024		2023
As Held:
Cash	$	112,134	$	144,102
Money market funds	470,588		601,076
	$	582,722	$	745,178
As Reported:
Cash and cash equivalents	$	515,957	$	664,593
Restricted cash	66,765		80,585
	$	582,722	$	745,178

Restricted cash consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Restricted cash, current	$	51,387	$	46,821
Restricted cash, non-current	15,378		33,764
	$	66,765	$	80,585

Factoring Arrangements

We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with a financial institution. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $80.7 million and $59.6 million of accounts receivable during the three months ended March 31, 2024 and 2023, respectively.

The cost of factoring such accounts receivable on our condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, was $1.9 million and $0.7 million, respectively. The cost of factoring is recorded in general and administrative expenses.