XML 20 R11.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents, and Restricted Cash and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents, and Restricted Cash and Fair Value of Financial Instruments

Cash and cash equivalents of $340.4 million and $330.4 million, and restricted cash (inclusive of cash equivalents) of $15.6 million and $22.5 million, as of March 31, 2023 and December 31, 2022, respectively, consisted of bank accounts and highly-liquid U.S. Government money market funds held in sweep and asset management accounts with financial institutions of high credit quality.

The following table reflects the Company’s cash equivalents and restricted cash equivalents, which consisted of money market funds held in sweep and asset management accounts:


	March 31, 2023		December 31, 2022

	(In thousands)
Cash equivalents (1)	$	321,230	$	300,969
Restricted cash equivalents (2)	13,873		—
Total cash equivalents and restricted cash equivalents	$	335,103	$	300,969

_________________________________________________

(1) Included in cash and cash equivalents in the Condensed Consolidated Balance Sheets.

(2) Included in other current assets in the Condensed Consolidated Balance Sheets.

Fair Value Hierarchy

The Company measures its financial instruments at fair value. The Company’s cash, cash equivalents, and restricted cash are classified within Level 1 of the fair value hierarchy as they are valued primarily using quoted market prices utilizing market observable inputs. The Company’s credit facility is classified within Level 2 as the valuation inputs are based on quoted prices or market observable data of similar instruments. The Company’s convertible senior notes are classified within Level 2 as the valuation inputs are based on quoted prices in an inactive market on the last day in the reporting period. As of March 31, 2023 and December 31, 2022, the fair value of the convertible senior notes was $528.4 million and $501.4 million, respectively, compared to their carrying values of $567.3 million and $566.6 million, respectively, which are net of unamortized debt issuance costs. Refer to Note 9, Debt and Credit Agreement, for further information regarding the Company’s credit facility and Note 10, Convertible Senior Notes, for further information regarding the Company’s convertible senior notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details