Cash, Cash Equivalents, and Investments (Tables)

3 Months Ended

Apr. 02, 2023

Cash and Cash Equivalents [Abstract]

Components of Cash, Cash Equivalents, and Investments

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

	April 2, 2023		December 31, 2022
Cash	$	160,553	$	180,959
Money market instruments	3,618		415
Cash and cash equivalents	164,171		181,374
Corporate bonds	160,320		164,055
Asset-backed securities	31,265		26,890
Agency bonds	16,038		15,858
Treasury bills	8,451		11,332
Municipal bonds	629		624
Current investments	216,703		218,759
Corporate bonds	385,543		374,440
Treasury bills	52,661		44,214
Asset-backed securities	22,881		33,539
Sovereign bonds	1,954		1,924
Non-current investments	463,039		454,117
	$	843,913	$	854,250

Summary of Available-for-Sale Investments

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 securities	32,016		—		(751)		31,265
Agency bonds	16,148		—		(110)		16,038
Treasury bills	8,607		—		(156)		8,451
Municipal bonds	635		—		(6)		629
Non-current:
Corporate bonds	400,051		1,623		(16,131)		385,543
Treasury bills	52,290		489		(118)		52,661
Asset-backed securities	23,905		117		(1,141)		22,881
Sovereign bonds	2,083		—		(129)		1,954
	$	699,272	$	2,232	$	(21,762)	$	679,742

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 April 2, 2023 (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	$	81,931	$	(1,098)	$	350,244	$	(18,253)	$	432,175	$	(19,351)
Asset-backed securities	10,998		(213)		32,783		(1,679)		43,781		(1,892)
Agency bonds	—		—		16,037		(110)		16,037		(110)
Treasury bills	4,878		(117)		8,451		(157)		13,329		(274)
Sovereign bonds	—		—		1,954		(129)		1,954		(129)
Municipal bonds	629		(6)		—		—		629		(6)
	$	98,436	$	(1,434)	$	409,469	$	(20,328)	$	507,905	$	(21,762)

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 April 2, 2023 (in thousands):

	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-8 Years		Total
Corporate bonds	$	160,320	$	166,170	$	87,347	$	63,241	$	66,558	$	2,227	$	545,863
Treasury bills	8,451		3,414		15,156		17,837		16,254		—		61,112
Asset-backed securities	31,265		2,579		12,599		7,703		—		—		54,146
Agency bonds	16,038		—		—		—		—		—		16,038
Sovereign bonds	—		978		976		—		—		—		1,954
Municipal bonds	629		—		—		—		—		—		629
	$	216,703	$	173,141	$	116,078	$	88,781	$	82,812	$	2,227	$	679,742