XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Cash, Cash Equivalents, and Investments
 3 Months Ended
Apr. 02, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
April 2, 2023December 31, 2022
Cash$160,553 $180,959 
Money market instruments3,618 415 
Cash and cash equivalents164,171 181,374 
Corporate bonds160,320 164,055 
Asset-backed securities31,265 26,890 
Agency bonds16,038 15,858 
Treasury bills8,451 11,332 
Municipal bonds629 624 
Current investments216,703 218,759 
Corporate bonds385,543 374,440 
Treasury bills52,661 44,214 
Asset-backed securities22,881 33,539 
Sovereign bonds1,954 1,924 
Non-current investments463,039 454,117 
$843,913 $854,250 
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; treasury bills consist of debt securities issued by the U.S. government; municipal bonds consist of debt securities issued by state and local government entities; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of April 2, 2023 and December 31, 2022 were denominated in U.S. Dollars.
Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $4,559,000 and $3,620,000 as of April 2, 2023 and December 31, 2022, respectively.
The following table summarizes the Company’s available-for-sale investments as of April 2, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$163,537 $3 $(3,220)$160,320 
Asset-backed securities32,016 — (751)31,265 
Agency bonds16,148 — (110)16,038 
Treasury bills8,607 — (156)8,451 
Municipal bonds635 — (6)629 
Non-current:
Corporate bonds400,051 1,623 (16,131)385,543 
Treasury bills52,290 489 (118)52,661 
Asset-backed securities23,905 117 (1,141)22,881 
Sovereign bonds2,083 — (129)1,954 
$699,272 $2,232 $(21,762)$679,742 
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 April 2, 2023 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$81,931 $(1,098)$350,244 $(18,253)$432,175 $(19,351)
Asset-backed securities10,998 (213)32,783 (1,679)43,781 (1,892)
Agency bonds— — 16,037 (110)16,037 (110)
Treasury bills4,878 (117)8,451 (157)13,329 (274)
Sovereign bonds— — 1,954 (129)1,954 (129)
Municipal bonds629 (6)— — 629 (6)
$98,436 $(1,434)$409,469 $(20,328)$507,905 $(21,762)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of April 2, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month periods ended April 2, 2023 or April 3, 2022. Management currently intends to hold these securities to full value recovery at maturity.
The Company recorded no gross realized gains or gross realized losses on the sale of debt securities for the three-month period ended April 2, 2023. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $118,000 and $154,000, respectively, for the three-month period ended April 3, 2022. Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss.
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of April 2, 2023 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$160,320 $166,170 $87,347 $63,241 $66,558 $2,227 $545,863 
Treasury bills8,451 3,414 15,156 17,837 16,254 — 61,112 
Asset-backed securities31,265 2,579 12,599 7,703 — — 54,146 
Agency bonds16,038 — — — — — 16,038 
Sovereign bonds— 978 976 — — — 1,954 
Municipal bonds629 — — — — — 629 
$216,703 $173,141 $116,078 $88,781 $82,812 $2,227 $679,742