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Balance Sheet Details | 3 Months Ended
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Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Details | Balance Sheet Details Cash, cash equivalents and restricted cash consist of the following:
|  | March 31, 2024 |  | December 31, 2023
|  | (in thousands)
Cash and cash equivalents |  | $ | 191,882 |  |  | $ | 187,288 |
Short-term restricted cash |  | 1,028 |  |  | 1,051 |
Long-term restricted cash |  | 20 |  |  | 17 |
Total cash, cash equivalents and restricted cash |  | $ | 192,930 |  |  | $ | 188,356 |
As of March 31, 2024 and December 31, 2023, cash and cash equivalents included money market funds of approximately $110.9 million and $78.1 million, respectively. As of March 31, 2024 and December 31, 2023, the Company had restricted cash of approximately $1.0 million and $1.1 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases. Inventory consists of the following:
|  | March 31, 2024 |  | December 31, 2023
|  | (in thousands)
Work-in-process |  | $ | 58,676 |  |  | $ | 60,368 |
Finished goods |  | 37,449 |  |  | 39,540 |
|  | $ | 96,125 |  |  | $ | 99,908 |
Property and equipment, net consists of the following:
| Useful Life (in Years) |  | March 31, 2024 |  | December 31, 2023
|  |  | (in thousands)
Furniture and fixtures | 5 |  | $ | 3,958 |  |  | $ | 3,995 |
Machinery and equipment | 3-5 |  | 78,070 |  |  | 76,732 |
Masks and production equipment | 2-5 |  | 59,948 |  |  | 54,240 |
Software | 3 |  | 11,590 |  |  | 11,427 |
Leasehold improvements | 1-5 |  | 34,712 |  |  | 35,867 |
Construction in progress | N/A |  | 570 |  |  | 348 |
|  |  | 188,848 |  |  | 182,609 |
Less: accumulated depreciation and amortization |  |  | (120,510) |  |  | (116,178) |
|  |  | $ | 68,338 |  |  | $ | 66,431 |
Depreciation expense for the three months ended March 31, 2024 and 2023 was $5.5 million and $6.4 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 as of March 31, 2024 and December 31, 2023, respectively. In September 2023, the terms of this note receivable were renegotiated, and the first initial repayment of $1.5 million is now due by March 31, 2025, and annual repayments of $1.7 million per year are due annually thereafter by March 31, from 2026 through 2030, provided that certain production utilization targets for the prior year are met. Previously, repayments of $2.0 million per year were due annually by March 31, in years 2024 through 2027. Accrued price protection liability consists of the following activity:
| Three Months Ended March 31,
| 2024 |  | 2023
| (in thousands)
Beginning balance | $ | 71,684 |  |  | $ | 113,274 |
Charged as a reduction of revenue | 12,132 |  |  | 28,536 |
Payments | (18,583) |  |  | (38,013) |
Ending balance | $ | 65,233 |  |  | $ | 103,797 |
The decrease in price protection liability from approximately $71.7 million as of December 31, 2023 to approximately $65.2 million as of March 31, 2024 was driven by increased sell-through activity by distributors to their end customers. Accrued expenses and other current liabilities consist of the following:
| March 31, 2024 |  | December 31, 2023 |  |
| (in thousands) |  |
Accrued technology license payments | $ | 4,540 |  |  | $ | 3,843 |  |  |
Accrued professional fees | 4,921 |  |  | 3,736 |  |  |
Accrued engineering and production costs | 5,620 |  |  | 2,861 |  |  |
Accrued restructuring | 21,603 |  |  | 8,301 |  |  |
Accrued royalty | 348 |  |  | 603 |  |  |
Short-term lease liabilities | 9,167 |  |  | 9,132 |  |  |
Accrued customer credits | 5,564 |  |  | 3,984 |  |  |
Income tax liability | 379 |  |  | 521 |  |  |
Customer contract liabilities | 1,597 |  |  | 1,597 |  |  |
Accrued obligations to customers for price adjustments | 36,811 |  |  | 54,837 |  |  |
Accrued obligations to customers for stock rotation rights | 401 |  |  | 349 |  |  |
Contingent consideration - current portion | 2,535 |  |  | 2,462 |  |  |
Other | 4,646 |  |  | 6,242 |  |  |
| $ | 98,132 |  |  | $ | 98,468 |  |  |
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, 2023 |  |  | $ | (5,059) |  |  |  |  | $ | 1,268 |  |  | $ | (3,791) |
Other comprehensive income (loss) before reclassifications, net of tax |  |  | (1,782) |  |  |  |  | — |  |  | (1,782) |
Balance at March 31, 2024 |  |  | $ | (6,841) |  |  |  |  | $ | 1,268 |  |  | $ | (5,573) |

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