Cash, Cash Equivalents, and Investments (Tables)

6 Months Ended

Jul. 03, 2022

Cash and Cash Equivalents [Abstract]

Components of Cash, Cash Equivalents, and Investments

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

	July 3, 2022		December 31, 2021
Cash	$	173,373	$	185,624
Money market instruments	3,149		537
Treasury bills	524		—
Cash and cash equivalents	177,046		186,161
Corporate bonds	124,805		73,088
Asset-backed securities	26,465		37,655
Agency bonds	18,578		2,802
Treasury bills	12,162		18,912
Municipal bonds	624		4,998
Current investments	182,634		137,455
Corporate bonds	370,383		481,218
Asset-backed securities	43,698		43,940
Treasury bills	12,344		39,753
Sovereign bonds	1,976		2,119
Agency bonds	—		16,077
Municipal bonds	—		641
Non-current investments	428,401		583,748
	$	788,081	$	907,364

Summary of Available-for-Sale Investments

The following table summarizes the Company’s available-for-sale investments as of July 3, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Corporate bonds	$	126,286	$	—	$	(1,481)	$	124,805
Asset-backed securities	26,756		—		(291)		26,465
Agency bonds	18,936		—		(358)		18,578
Treasury bills	12,236		—		(74)		12,162
Municipal bonds	635		—		(11)		624
Non-current:
Corporate bonds	390,702		—		(20,319)		370,383
Asset-backed securities	45,269		8		(1,579)		43,698
Treasury bills	12,580		—		(236)		12,344
Sovereign bonds	2,118		—		(142)		1,976
	$	635,518	$	8	$	(24,491)	$	611,035

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 July 3, 2022 (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	$	443,391	$	(19,208)	$	51,797	$	(2,592)	$	495,188	$	(21,800)
Asset-backed securities	67,533		(1,867)		323		(3)		67,856		(1,870)
Treasury bills	22,246		(307)		102		(3)		22,348		(310)
Agency bonds	18,578		(358)		—		—		18,578		(358)
Sovereign bonds	1,976		(142)		—		—		1,976		(142)
Municipal bonds	624		(11)		—		—		624		(11)
	$	554,348	$	(21,893)	$	52,222	$	(2,598)	$	606,570	$	(24,491)

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 July 3, 2022 (in thousands):

	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	124,805	$	177,030	$	129,638	$	51,152	$	12,563	$	495,188
Asset-backed securities	26,465		27,660		6,176		9,862		—		70,163
Treasury bills	12,162		9,852		2,492		—		—		24,506
Agency bonds	18,578		—		—		—		—		18,578
Sovereign bonds	—		—		992		984		—		1,976
Municipal bonds	624		—		—		—		—		624
	$	182,634	$	214,542	$	139,298	$	61,998	$	12,563	$	611,035