Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2023

Fair Value of Financial Instruments

Summary of valuation of the financial instruments

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.

	Fair Value Measurements
	at December 30, 2023 Using
	Quoted Prices in		Significant Other
	Active Markets for		Observable
	Identical Assets		Inputs
Description	(Level 1)		(Level 2)		Total
Cash equivalents:
Money market funds	$	137,195	$	—	$	137,195
Total cash equivalents	$	137,195	$	—	$	137,195
Short-term investments:
Corporate debt securities	$	—	$	130,047	$	130,047
Government debt securities		—		81,673		81,673
Total short-term investments	$	—	$	211,720	$	211,720
Total	$	137,195	$	211,720	$	348,915

	Fair Value Measurements
	at December 31, 2022 Using
	Quoted Prices in		Significant Other
	Active Markets for		Observable
	Identical Assets		Inputs
Description	(Level 1)		(Level 2)		Total
Cash equivalents:
Money market funds	$	310,969	$	—	$	310,969
Corporate debt securities		—		3,249		3,249
Total cash equivalents	$	310,969	$	3,249	$	314,218
Short-term investments:
Corporate debt securities	$	—	$	501,014	$	501,014
Government debt securities		—		191,010		191,010
Total short-term investments	$	—	$	692,024	$	692,024
Total	$	310,969	$	695,273	$	1,006,242

Schedule of maturities of the Company's available-for-sale investments and money market funds

The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at December 30, 2023 (in thousands):

			Fair
	Cost		Value
Due in one year or less	$	155,431	$	154,349
Due after one year through five years		57,518		57,371
	$	212,949	$	211,720

Schedule of available-for-sale investments in continuous unrealized loss position

The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):

	Less Than 12 Months				12 Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 30, 2023	Value		Losses		Value		Losses		Value		Losses
Corporate debt securities	$	12,449	$	(13)	$	95,760	$	(867)	$	108,209	$	(880)
Government debt securities		28,255		(115)		31,122		(440)		59,377		(555)
	$	40,704	$	(128)	$	126,882	$	(1,307)	$	167,586	$	(1,435)

	Less Than 12 Months				12 Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2022	Value		Losses		Value		Losses		Value		Losses
Corporate debt securities	$	307,085	$	(5,297)	$	185,467	$	(4,090)	$	492,552	$	(9,387)
Government debt securities		76,651		(626)		100,209		(3,541)		176,860		(4,167)
	$	383,736	$	(5,923)	$	285,676	$	(7,631)	$	669,412	$	(13,554)

Summary of activity in Level 3 financial instruments

The following summarizes the activity in Level 3 financial instruments for the year ended December 31, 2022 (in thousands):

Assets

	December 31,
Auction Rate Securities	2022
Beginning balance	$	4,980
Sales (1)		(6,000)
Loss recognized in earnings		300
Gain (loss) included in other comprehensive income (loss)		720
Ending balance	$	—

(1) On May 31, 2022, the Company sold its prior remaining holding of auction-rate securities for $5.7 million.