XML 18 R28.htm IDEA: XBRL DOCUMENT v3.20.1
Cash, Cash Equivalents, and Investments (Tables)
 3 Months Ended
Mar. 29, 2020
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
March 29, 2020
 
December 31, 2019
Cash
$
225,207

 
$
155,498

Money market instruments
13,990

 
15,933

Cash and cash equivalents
239,197

 
171,431

Asset-backed securities
69,956

 
66,680

Corporate bonds
54,937

 
65,624

Treasury bills
19,763

 
92,914

Municipal bonds
6,980

 
4,630

Certificate of deposit
4,121

 
4,328

Sovereign bonds
3,487

 
6,294

Current investments
159,244

 
240,470

Treasury bills
190,693

 
216,334

Corporate bonds
177,869

 
146,474

Asset-backed securities
51,395

 
46,403

Sovereign bonds
21,083

 
16,005

Agency bonds
5,915

 
5,914

Municipal bonds
—

 
2,322

Non-current investments
446,955

 
433,452

 
$
845,396

 
$
845,353
Summary of Available-for-Sale Investments
The following table summarizes the Company’s available-for-sale investments as of March 29, 2020 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Current:
 
 
 
 
 
 

Asset-backed securities
$
70,510

 
$
25

 
$
(579
)
 
$
69,956

Corporate bonds
55,404

 
20

 
(487
)
 
54,937

Treasury bills
19,328

 
435

 
—

 
19,763

Municipal bonds
6,944

 
36

 
—

 
6,980

Sovereign bonds
3,485

 
2

 
—

 
3,487

Non-current:
 
 
 
 
 
 

Treasury bills
187,794

 
2,899

 
—

 
190,693

Corporate bonds
183,646

 
117

 
(5,894
)
 
177,869

Asset-backed securities
52,405

 
55

 
(1,065
)
 
51,395

Sovereign bonds
20,944

 
147

 
(8
)
 
21,083

Agency bonds
5,930

 
—

 
(15
)
 
5,915

 
$
606,390

 
$
3,736

 
$
(8,048
)
 
$
602,078
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of March 29, 2020 (in thousands):
 
Unrealized Loss Position For:
 
 
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
Corporate bonds
$
195,755

 
$
(6,337
)
 
$
1,146

 
$
(44
)
 
$
196,901

 
$
(6,381
)
Asset-backed securities
108,932

 
(1,640
)
 
674

 
(4
)
 
109,606

 
(1,644
)
Sovereign bonds
13,662

 
(8
)
 
—

 
—

 
13,662

 
(8
)
Agency bonds
3,123

 
(6
)
 
2,792

 
(9
)
 
5,915

 
(15
)
 
$
321,472


$
(7,991
)

$
4,612


$
(57
)

$
326,084


$
(8,048
)
Schedule of Allowance for Credit Loss Activity
The following table summarizes the allowance for credit losses activity for the three-month period ended March 29, 2020 (in thousands):
Balance as of December 31, 2019
$
—

Increases to the allowance for credit losses
160

Write-offs
—

Balance as of March 29, 2020
$
160
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 29, 2020 (in thousands):
 
<1 year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
Total
Corporate bonds
$
54,937

 
$
87,940

 
$
80,663

 
$
9,266

 
$
—

 
$
232,806

Treasury bills
19,763

 
101,648

 
89,045

 
—

 
—

 
210,456

Asset-backed securities
69,956

 
10,436

 
33,206

 
3,393

 
4,360

 
121,351

Sovereign bonds
3,487

 
21,083

 
—

 
—

 
—

 
24,570

Municipal bonds
6,980

 
—

 
—

 
—

 
—

 
6,980

Agency bonds
—

 
—

 
5,915

 
—

 
—

 
5,915

 
$
155,123


$
221,107


$
208,829


$
12,659


$
4,360


$
602,078