XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
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 September 30, 2025, December 31, 2024, and September 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
| September 30, |  | December 31, |  | September 30,
| 2025 |  | 2024 |  | 2024
Cash and cash equivalents | $ | 840,270 |  |  | $ | 527,360 |  |  | $ | 401,090 |
Restricted cash included within prepaid and other current assets | 8,360 |  |  | 24,187 |  |  | 9,690 |
Total cash, cash equivalents, and restricted cash | $ | 848,630 |  |  | $ | 551,547 |  |  | $ | 410,780 |
Schedule of restricted cash and cash equivalents | The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of September 30, 2025, December 31, 2024, and September 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
| September 30, |  | December 31, |  | September 30,
| 2025 |  | 2024 |  | 2024
Cash and cash equivalents | $ | 840,270 |  |  | $ | 527,360 |  |  | $ | 401,090 |
Restricted cash included within prepaid and other current assets | 8,360 |  |  | 24,187 |  |  | 9,690 |
Total cash, cash equivalents, and restricted cash | $ | 848,630 |  |  | $ | 551,547 |  |  | $ | 410,780 |
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 September 30, 2025 and December 31, 2024 (in thousands):
| Fair Value as of September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market and demand accounts (a) | $ | 836,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 836,578 |
Commercial paper (b) | — |  |  | 71,271 |  |  | — |  |  | 71,271 |
U.S. government securities | — |  |  | 234,542 |  |  | — |  |  | 234,542 |
Corporate bonds, asset backed and other securities | — |  |  | 129,107 |  |  | — |  |  | 129,107 |
Total | $ | 836,578 |  |  | $ | 434,920 |  |  | $ | — |  |  | $ | 1,271,498 |
| Fair Value as of December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market and demand accounts (a) | $ | 535,745 |  |  | $ | — |  |  | $ | — |  |  | $ | 535,745 |
Commercial paper (b) | — |  |  | 78,870 |  |  | — |  |  | 78,870 |
U.S. government securities | — |  |  | 230,561 |  |  | — |  |  | 230,561 |
Corporate bonds, asset backed and other securities (c) | — |  |  | 137,219 |  |  | — |  |  | 137,219 |
Total | $ | 535,745 |  |  | $ | 446,650 |  |  | $ | — |  |  | $ | 982,395 |
______________________________ (a)Primarily included within cash and cash equivalents. (b)As of September 30, 2025 and December 31, 2024, $12.1 million and $4.1 million of commercial paper was included within cash and cash equivalents, respectively. (c)As of December 31, 2024, $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.
Schedule of aggregate fair value | The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.
| September 30, 2025 |  | December 31, 2024
| Principal Amount |  | Carrying Value |  | Fair Value |  | Principal Amount |  | Carrying Value |  | Fair Value
2027 Senior Convertible Long-Term Debt | $ | 459,986 |  |  | $ | 456,258 |  |  | $ | 2,056,938 |  |  | $ | 460,000 |  |  | $ | 454,739 |  |  | $ | 1,166,155 |
The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.
| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Technicolor Patent Acquisition Long-Term Debt | $ | 17,142 |  |  | $ | 15,613 |  |  | $ | 17,033 |  |  | $ | 17,102 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration