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Marketable Securities
 9 Months Ended
Sep. 30, 2023
Marketable Securities [Abstract]  
Marketable Securities

NOTE 3. Marketable Securities

At September 30, 2023 and December 31, 2022, marketable securities are categorized as follows:

 

 

 

Amortized Cost

 

 

Gross Unrealized Holding Gains

 

 

Gross Unrealized Holding Losses

 

 

Fair Value

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Government notes and bonds

 

$

181,618

 

 

$

—

 

 

$

1,180

 

 

$

180,438

 

Asset-backed securities

 

 

309

 

 

 

—

 

 

 

1

 

 

 

308

 

Certificates of deposit

 

 

58,175

 

 

 

15

 

 

 

24

 

 

 

58,166

 

Commercial paper

 

 

110,163

 

 

 

3

 

 

 

47

 

 

 

110,119

 

Corporate bonds

 

 

74,544

 

 

 

3

 

 

 

499

 

 

 

74,048

 

Total marketable securities

 

$

424,809

 

 

$

21

 

 

$

1,751

 

 

$

423,079

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Government notes and bonds

 

$

181,196

 

 

$

27

 

 

$

2,355

 

 

$

178,868

 

Asset-backed securities

 

 

1,555

 

 

 

—

 

 

 

21

 

 

 

1,534

 

Certificates of deposit

 

 

52,190

 

 

 

24

 

 

 

118

 

 

 

52,095

 

Commercial paper

 

 

80,199

 

 

 

16

 

 

 

136

 

 

 

80,079

 

Corporate bonds

 

 

60,334

 

 

 

4

 

 

 

1,003

 

 

 

59,335

 

Total marketable securities

 

$

375,474

 

 

$

71

 

 

$

3,633

 

 

$

371,912

 

The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at September 30, 2023 and December 31, 2022:

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

308,493

 

 

$

307,462

 

 

$

311,934

 

 

$

309,385

 

Due after one through five years

 

 

116,316

 

 

 

115,617

 

 

 

63,540

 

 

 

62,527

 

Due after five years

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total marketable securities

 

$

424,809

 

 

$

423,079

 

 

$

375,474

 

 

$

371,912

 

The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale. The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive income (loss).” Gross realized gains and losses on available-for-sale securities are included in “Other expense, net” on the Condensed Consolidated Statements of Operations and were not material during the three and nine months ended September 30, 2023 and October 1, 2022. The Company records credit losses for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method.

The Company has determined that the gross unrealized losses on its marketable securities at September 30, 2023 and December 31, 2022 are temporary in nature. The Company regularly reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value.

The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at September 30, 2023 and December 31, 2022:

 

 

 

In Unrealized Loss Position For
Less Than 12 Months

 

 

In Unrealized Loss Position For
Greater Than 12 Months

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Government notes and bonds

 

$

125,253

 

 

$

685

 

 

$

43,661

 

 

$

495

 

Asset-backed securities

 

 

—

 

 

 

—

 

 

 

309

 

 

 

1

 

Certificates of deposit

 

 

24,269

 

 

 

24

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

95,424

 

 

 

47

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

47,047

 

 

 

224

 

 

 

19,482

 

 

 

275

 

Total

 

$

291,993

 

 

$

980

 

 

$

63,452

 

 

$

771

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Government notes and bonds

 

$

96,301

 

 

$

1,273

 

 

$

69,159

 

 

$

1,082

 

Asset-backed securities

 

 

1,555

 

 

 

21

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

22,400

 

 

 

118

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

50,550

 

 

 

136

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

28,975

 

 

 

637

 

 

 

28,769

 

 

 

366

 

Total

 

$

199,781

 

 

$

2,185

 

 

$

97,928

 

 

$

1,448

 

See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.