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Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of June 30, 2022, December 31, 2021 and June 30, 2021 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):

			June 30,						December 31,						June 30,
			2022						2021						2021
Cash and cash equivalents			$	833,533					$	706,282					$	410,144
Restricted cash included within prepaid and other current assets			10,578						5,861						741
Restricted cash included within other non-current assets			1,081						1,081						1,081
Total cash, cash equivalents and restricted cash			$	845,192					$	713,224					$	411,966

Schedule of restricted cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of June 30, 2022, December 31, 2021 and June 30, 2021 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):

			June 30,						December 31,						June 30,
			2022						2021						2021
Cash and cash equivalents			$	833,533					$	706,282					$	410,144
Restricted cash included within prepaid and other current assets			10,578						5,861						741
Restricted cash included within other non-current assets			1,081						1,081						1,081
Total cash, cash equivalents and restricted cash			$	845,192					$	713,224					$	411,966

Schedule of fair value on a recurring basis

Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of June 30, 2022 and December 31, 2021 (in thousands):

			Fair Value as of June 30, 2022
			Level 1						Level 2						Level 3						Total
Assets:
Money market and demand accounts (a)			$	845,192					$	—					$	—					$	845,192
Commercial paper (b)			—						9,993						—						9,993
U.S. government securities			—						43,188						—						43,188
Corporate bonds, asset backed and other securities			—						13,895						—						13,895
Total			$	845,192					$	67,076					$	—					$	912,268

			Fair Value as of December 31, 2021
			Level 1						Level 2						Level 3						Total
Assets:
Money market and demand accounts (a)			$	705,725					$	—					$	—					$	705,725
Commercial paper(b)			—						158,452						—						158,452
U.S. government securities			—						51,301						—						51,301
Corporate bonds, asset backed and other securities			—						33,091						—						33,091
Total			$	705,725					$	242,844					$	—					$	948,569

______________________________

(a)Primarily included within cash and cash equivalents.

(b)As of June 30, 2022 and December 31, 2021, $0.0 million and $7.5 million, respectively, of commercial paper was included within cash and cash equivalents.

Schedule of aggregate fair value

The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.

			June 30, 2022																		December 31, 2021
			Principal Amount						Carrying Value						Fair Value						Principal Amount						Carrying Value						Fair Value
2027 Senior Convertible Long-Term Debt			$	460,000					$	450,183					$	467,452					$	—					$	—					$	—
2024 Senior Convertible Long-Term Debt			$	126,174					$	125,065					$	123,259					$	400,000					$	395,632					$	437,760

The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.

			June 30, 2022												December 31, 2021
			Carrying Value						Fair Value						Carrying Value						Fair Value
Technicolor Patent Acquisition Long-Term Debt			$	28,997					$	28,103					$	27,113					$	28,569

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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