XML 43 R9.htm IDEA: XBRL DOCUMENT
v3.22.4

Cash, Cash Equivalents and Investments | 12 Months Ended
--- | ---
Dec. 31, 2022
Cash, Cash Equivalents and Investments |
Cash, Cash Equivalents and Investments | Note 2. Cash, Cash Equivalents and Investments Our cash and cash equivalents consist of cash and instruments with original maturities of less than three months. Our investments consist of instruments with original maturities of more than three months. As of December 31, 2022 and 2021, our cash, cash equivalents and debt investments are classified as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021 |
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
​ |  | Cost |  | Gain |  | (Loss) |  | Value |  | Cost |  | Gain |  | (Loss) |  | Value |
Classified as: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and restricted cash | ​ | $ | 41,348 | ​ | $ | — | ​ | $ | — | ​ | $ | 41,348 | ​ | $ | 36,763 | ​ | $ | — | ​ | $ | — | ​ | $ | 36,763 | ​
Cash equivalents: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Total cash, restricted cash and cash equivalents | ​ |  | 41,348 | ​ |  | — | ​ |  | — | ​ |  | 41,348 | ​ |  | 36,763 | ​ |  | — | ​ |  | — | ​ |  | 36,763 | ​
Investments (available-for-sale): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit 2 | ​ |  | 6,440 | ​ |  | — | ​ | ​ | (175) | ​ |  | 6,265 | ​ |  | 6,680 | ​ |  | — | ​ | ​ | (19) | ​ |  | 6,661 | ​
Corporate bonds | ​ |  | 5,320 | ​ |  | — | ​ |  | (128) | ​ |  | 5,192 | ​ |  | 8,380 | ​ |  | — | ​ |  | (46) | ​ |  | 8,334 | ​
Total investments | ​ |  | 11,760 | ​ |  | — | ​ |  | (303) | ​ |  | 11,457 | ​ |  | 15,060 | ​ |  | — | ​ |  | (65) | ​ |  | 14,995 | ​
Total cash, restricted cash, cash equivalents and investments | ​ | $ | 53,108 | ​ | $ | — | ​ | $ | (303) | ​ | $ | 52,805 | ​ | $ | 51,823 | ​ | $ | — | ​ | $ | (65) | ​ | $ | 51,758 | ​
Contractual maturities on investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due within 1 year 3 | ​ | $ | 9,600 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 9,339 | ​ | $ | 5,424 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,419 | ​
Due after 1 through 5 years 4 | ​ |  | 2,160 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,118 | ​ |  | 9,636 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 9,576 | ​
​ | ​ | $ | 11,760 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 11,457 | ​ | $ | 15,060 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,995 | ​
1. | Certificate of deposit with original maturities of less than three months.
2. | Certificate of deposit with original maturities of more than three months.
3. | Classified as “Short-term investments” in our consolidated balance sheets.
4. | Classified as “Long-term investments” in our consolidated balance sheets.
​ We manage our debt investments as a single portfolio of highly marketable securities that is intended to be available to meet our current cash requirements. Certificates of deposit and corporate bonds are typically held until maturity. Historically, the gross unrealized losses related to our portfolio of available-for-sale debt securities were immaterial, and primarily due to normal market fluctuations and not due to increased credit risk or other valuation concerns. Gross unrealized losses on our available-for-sale debt securities as of December 31, 2022 was $303,000, and historically, such gross unrealized losses have been temporary in nature and we believe that it is probable the principal and interest will be collected in accordance with the contractual terms. We review our debt investment portfolio at least quarterly, or when there are changes in credit risks or other potential valuation concerns, to identify and evaluate whether an allowance for credit losses or impairment would be necessary. Factors considered in determining whether a loss is temporary include the magnitude of the decline in market value, the length of time the market value has been below cost (or adjusted cost), credit quality, and our ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | In Loss Position | ​ | In Loss Position | ​ | Total In |
​ | ​ | < 12 months | ​ | > 12 months | ​ | Loss Position |
​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross |
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized |
As of December 31, 2022 |  | Value |  | (Losses) |  | Value |  | (Losses) |  | Value |  | (Losses) |
Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit | ​ | $ | 2,118 | ​ | $ | (42) | ​ | $ | 4,146 | ​ | $ | (133) | ​ | $ | 6,264 | ​ | $ | (175) | ​
Corporate bonds | ​ |  | — | ​ |  | — | ​ |  | 4,842 | ​ |  | (128) | ​ |  | 4,842 | ​ | ​ | (128) | ​
Total in loss position | ​ | $ | 2,118 | ​ | $ | (42) | ​ | $ | 8,988 | ​ | $ | (261) | ​ | $ | 11,106 | ​ | $ | (303) | ​
​ The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | In Loss Position | ​ | In Loss Position | ​ | Total In |
​ | ​ | < 12 months | ​ | > 12 months | ​ | Loss Position |
​ |  |  | ​ |  | Gross |  |  | ​ |  | Gross |  |  | ​ |  | Gross |
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized |
As of December 31, 2021 | ​ | Value | ​ | (Loss) | ​ | Value | ​ | (Loss) | ​ | Value | ​ | (Loss) |
Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit | ​ | $ | 6,181 | ​ | $ | (19) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,181 | ​ | $ | (19) | ​
Corporate bonds | ​ |  | 5,970 | ​ |  | (42) | ​ |  | 2,013 | ​ |  | (4) | ​ |  | 7,983 | ​ | ​ | (46) | ​
Total in loss position | ​ | $ | 12,151 | ​ | $ | (61) | ​ | $ | 2,013 | ​ | $ | (4) | ​ | $ | 14,164 | ​ | $ | (65) | ​
​ Investments in Privately-held Raw Material Companies We have made strategic investments in private companies located in China in order to gain access at a competitive cost to raw materials that are critical to our substrate business (see Note 6). The investment balances for the non-consolidated companies, are accounted for under the equity method and included in “Other assets” in the consolidated balance sheets and totaled $14.6 million and $10.2 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there were six and five companies accounted for under the equity method, respectively. Fair Value Measurements We invest primarily in money market accounts, certificates of deposit, corporate bonds and notes, and government securities. ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes three levels of inputs that may be used to measure fair value. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets of the asset or identical assets. Level 2 instrument valuations are obtained from readily-available, observable pricing sources for comparable instruments. Level 3 instrument valuations are obtained from unobservable inputs in which there is little or no market data, which require us to develop our own assumptions. On a recurring basis, we measure certain financial assets and liabilities at fair value, primarily consisting of our short-term and long-term debt investments. The type of instrument valued based on quoted market prices in active markets include our money market funds, which are generally classified within Level 1 of the fair value hierarchy. We classify our available-for-sale debt securities including certificates of deposit and corporate bonds as having Level 2 inputs. The valuation techniques used to measure the fair value of these financial instruments having Level 2 inputs were derived from bank statements, quoted market prices, broker or dealer statements or quotations, or alternative pricing sources with reasonable levels of price transparency. There were no changes in valuation techniques or related inputs in the year ended December 31, 2022. There have been no transfers between fair value measurement levels during the years ended December 31, 2022 and 2021. We place short-term foreign currency hedges that are intended to offset the potential cash exposure related to fluctuations in the exchange rate between the United States dollar and Japanese yen. We measure the fair value of these foreign currency hedges at each month end and quarter end using current exchange rates and in accordance with generally accepted accounting principles. At quarter end any foreign currency hedges not settled are netted in “Accrued liabilities” on the consolidated balance sheets and classified as Level 3 assets and liabilities. As of December 31, 2022, the net change in fair value from the placement of the hedge to settlement at each month end during the quarter had a de minimis impact to the consolidated results. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ | ​ | Significant |
​ | ​ | ​ | ​ | ​ | Active Markets of | ​ | Significant Other | ​ | Unobservable |
​ | ​ | Balance as of | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs |
​ |  | December 31, 2022 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit | ​ | $ | 6,265 | ​ | $ | — | ​ | $ | 6,265 | ​ | $ | — | ​
Corporate bonds | ​ |  | 5,192 | ​ |  | — | ​ |  | 5,192 | ​ |  | — | ​
Total | ​ | $ | 11,457 | ​ | $ | — | ​ | $ | 11,457 | ​ | $ | — | ​
​ The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | ​ | ​ | ​ | Significant |
​ | ​ | ​ | ​ | ​ | Active Markets of | ​ | Significant Other | ​ | Unobservable |
​ | ​ | Balance as of | ​ | Identical Assets | ​ | Observable Inputs | ​ | Inputs |
​ |  | December 31, 2021 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificates of deposit | ​ | $ | 6,661 | ​ | $ | — | ​ | $ | 6,661 | ​ | $ | — | ​
Corporate bonds | ​ |  | 8,334 | ​ |  | — | ​ |  | 8,334 | ​ |  | — | ​
Total | ​ | $ | 14,995 | ​ | $ | — | ​ | $ | 14,995 | ​ | $ | — | ​
​ Items Measured at Fair Value on a Nonrecurring Basis Certain assets that are subject to nonrecurring fair value measurements are not included in the table above. These assets include investments in privately-held companies accounted for by equity and cost method (See Note 6). We had no impairment charges for 2022, 2021 and 2020.

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

X
- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_CashCashEquivalentsAndMarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration