Balance Sheet Details (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| Balance Sheet Related Disclosures [Abstract] |
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| Cash, Cash Equivalents and Investments |
Cash, cash equivalents and restricted cash consist of the following:
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March 31, 2021 |
|
December 31, 2020 |
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(in thousands) |
| Cash and cash equivalents |
$ |
148,095 |
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|
$ |
148,901 |
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| Short-term restricted cash |
114 |
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|
115 |
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| Long-term restricted cash |
984 |
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|
1,018 |
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| Total cash, cash equivalents and restricted cash |
$ |
149,193 |
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|
$ |
150,034 |
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| Inventory |
Inventory consists of the following:
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March 31, 2021 |
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December 31, 2020 |
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(in thousands) |
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| Work-in-process |
$ |
46,901 |
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|
$ |
35,852 |
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| Finished goods |
45,253 |
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|
61,987 |
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$ |
92,154 |
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$ |
97,839 |
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| Prepaid and Other Current Assets |
Prepaid and other current assets consist of the following:
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March 31, 2021 |
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December 31, 2020 |
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(in thousands) |
| Prepaid expenses |
$ |
7,864 |
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|
$ |
7,674 |
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| Other receivables |
4,472 |
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|
32,762 |
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| Other current assets |
4,760 |
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|
6,985 |
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|
$ |
17,096 |
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|
$ |
47,421 |
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As of March 31, 2021, other receivables of $4.5 million consists primarily of amounts due from Intel for reimbursement of certain employee-related costs pursuant to the Asset Purchase Agreement (Note 3).
As of December 31, 2020, other receivables of $32.8 million consist of amounts due from Intel of $28.4 million for amounts collected on the Company’s behalf from customers on sales of the Company’s products under the transition services agreement and of $4.4 million for reimbursement of certain severance-related costs pursuant to the Asset Purchase Agreement.
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| Property and Equipment |
Property and equipment, net consists of the following:
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Useful Life
(in Years) |
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March 31, 2021 |
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December 31, 2020 |
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(in thousands) |
| Furniture and fixtures |
5 |
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$ |
2,519 |
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$ |
2,524 |
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| Machinery and equipment |
3-5 |
|
54,021 |
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|
55,456 |
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| Masks and production equipment |
2-5 |
|
21,601 |
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|
19,205 |
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| Software |
3 |
|
7,831 |
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|
7,194 |
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| Leasehold improvements |
1-5 |
|
16,628 |
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|
16,871 |
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| Construction in progress |
N/A |
|
9,261 |
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|
8,050 |
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|
111,861 |
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|
109,300 |
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| Less: accumulated depreciation and amortization |
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(71,074) |
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(69,830) |
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$ |
40,787 |
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$ |
39,470 |
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| Price Protection Liability |
Accrued price protection liability consists of the following activity:
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Three Months Ended March 31, |
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2021 |
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2020 |
|
(in thousands) |
| Beginning balance |
$ |
47,766 |
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|
$ |
12,557 |
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| Charged as a reduction of revenue |
24,423 |
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|
1,399 |
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| Payments |
(17,160) |
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|
(5,932) |
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| Ending balance |
$ |
55,029 |
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$ |
8,024 |
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| Accrued Expenses |
Accrued expenses and other current liabilities consist of the following:
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March 31, 2021 |
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December 31, 2020 |
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(in thousands) |
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| Deferred purchase price payments |
$ |
14,794 |
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$ |
34,484 |
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| Payables under transition services agreement |
1,662 |
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|
$ |
17,420 |
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| Accrued technology license payments |
4,950 |
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|
5,821 |
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| Accrued professional fees |
5,075 |
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|
2,620 |
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| Accrued engineering and production costs |
2,019 |
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|
3,448 |
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| Accrued restructuring |
910 |
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|
3,628 |
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| Accrued royalty |
1,779 |
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|
1,965 |
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| Short-term lease liabilities |
9,456 |
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|
8,144 |
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| Accrued customer credits |
809 |
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|
1,135 |
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| Income tax liability |
4,855 |
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|
1,193 |
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| Customer contract liabilities |
1,818 |
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|
29 |
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| Accrued obligations to customers for price adjustments |
19,291 |
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|
10,277 |
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| Accrued obligations to customers for stock rotation rights |
2,601 |
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|
2,036 |
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| Other |
7,736 |
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|
13,642 |
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$ |
77,755 |
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$ |
105,842 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:
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Cumulative Translation Adjustments |
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Pension and Other Defined Benefit Plan Obligation |
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Total |
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(in thousands) |
| Balance at December 31, 2020 |
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|
$ |
263 |
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$ |
1,172 |
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$ |
1,435 |
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| Other comprehensive income (loss) before reclassifications, net of tax |
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|
(989) |
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— |
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(989) |
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| Balance at March 31, 2021 |
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$ |
(726) |
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$ |
1,172 |
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$ |
446 |
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