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Balance Sheet Details | 3 Months Ended
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Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Details | Balance Sheet Details 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 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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