Annual report pursuant to Section 13 and 15(d)

Balance Sheet Details

v3.19.3.a.u2
Balance Sheet Details
12 Months Ended
Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details Balance Sheet Details
Cash, cash equivalents, and restricted cash consist of the following:
 
December 31, 2019
 
December 31, 2018
 
(in thousands)
Cash and cash equivalents
$
92,708

 
$
73,142

Short-term restricted cash
349

 
645

Long-term restricted cash
60

 
404

Total cash, cash equivalents and restricted cash
$
93,117

 
$
74,191


As of December 31, 2019 and December 31, 2018, cash and cash equivalents included $20.4 million and $0 of money market funds, respectively. As of December 31, 2019 and 2018, the Company has restricted cash of $0.4 million and $1.0 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.
Inventory consists of the following:
 
December 31, 2019
 
December 31, 2018
 
(in thousands)
Work-in-process
$
14,525

 
$
17,618

Finished goods
16,985

 
24,120

 
$
31,510

 
$
41,738


Property and equipment consist of the following:
 
Useful Life
(in Years)
 
December 31, 2019
 
December 31, 2018
 
 
 
(in thousands)
Furniture and fixtures
5
 
$
2,199

 
$
2,020

Machinery and equipment
3-5
 
35,660

 
34,225

Masks and production equipment
2-5
 
15,209

 
12,645

Software
3
 
5,956

 
5,675

Leasehold improvements
1-5
 
16,186

 
17,493

Construction in progress
N/A
 
746

 
133

 
 
 
75,956

 
72,191

Less accumulated depreciation and amortization
 
 
(59,343
)
 
(53,787
)
 
 
 
$
16,613

 
$
18,404


Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $7.3 million, $11.1 million, and $12.0 million, respectively.
Accrued price protection liability consists of the following activity:
 
Years Ended December 31,
 
2019
 
2018
 
(in thousands)
Beginning balance
$
16,454

 
$
21,571

Charged as a reduction of revenue
24,449

 
34,288

Reversal of unclaimed rebates
(42
)
 
(2,413
)
Payments
(28,304
)
 
(36,992
)
Ending balance
$
12,557

 
$
16,454


Accrued expenses and other current liabilities consist of the following:
 
December 31, 2019
 
December 31, 2018(1)
 
(in thousands)
Accrued technology license payments
$
4,500

 
$
4,500

Accrued professional fees
861

 
1,270

Accrued engineering and production costs
4,491

 
646

Accrued restructuring
294

 
1,946

Accrued royalty
923

 
980

Short-term lease liabilities
4,810

 
1,214

Accrued customer credits
832

 
1,204

Income tax liability
65

 
784

Customer contract liabilities
107

 
71

Accrued obligations to customers for price adjustments
8,382

 
7,558

Accrued obligations to customers for stock rotation rights
1,410

 
1,494

Other
4,496

 
6,615

 
$
31,171

 
$
28,282


___________
(1) Due to the adoption of ASC 842 on January 1, 2019 with a cumulative effect adjustment to accumulated deficit, prior period amounts have not been adjusted to include short-term lease payment obligations.
The following table summarizes the balances in accumulated other comprehensive income (loss) by component:
 
 
Cumulative Translation Adjustments
 
Interest Rate Hedge
 
Total
 
(in thousands)
Balance at December 31, 2017
 
$
562

 
$
477

 
$
1,039

Other comprehensive income (loss) before reclassifications, net of tax
 
(1,572
)
 
702

 
(870
)
Net current period other comprehensive income (loss)
 
(1,572
)
 
702

 
(870
)
Cumulative effect of adoption of new accounting principles
 
103

 

 
103

Balance at December 31, 2018
 
(907
)
 
1,179

 
272

Other comprehensive income (loss) before reclassifications, net of tax
 
160

 
(1,319
)
 
(1,159
)
Net current period other comprehensive income (loss)
 
160

 
(1,319
)
 
(1,159
)
Balance at December 31, 2019
 
$
(747
)
 
$
(140
)
 
$
(887
)