Cash, Cash Equivalents, and Marketable Securities

6 Months Ended

Jul. 03, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as commercial paper, corporate debt securities and U.S. government securities. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid commercial paper, U.S. government agency securities and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values.

Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations.

The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in the stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other income (expense), net. Realized and unrealized gains and losses were de minimis for the period ended July 3, 2021.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):

	July 3, 2021		December 31, 2020
Cash and cash equivalents:
Cash	$	17,777	$	30,745
Commercial paper	21,399		—
Money market funds	18,263		10,068
Corporate debt securities	1,151		—
U.S. government securities	—		39,994
Total cash and cash equivalents	58,590		80,807
Marketable securities:
Commercial paper	114,150		—
U.S. government agency securities	3,109		—
U.S. government securities	—		52,982
Total marketable securities	117,259		52,982
	$	175,849	$	133,789

The carrying amounts of the Company’s money market funds approximate their fair values due to their nature, duration and short maturities.