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Cash, Cash Equivalents, and Investments
 6 Months Ended
Jul. 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):
July 2, 2023December 31, 2022
Cash$146,993 $180,959 
Money market instruments30,492 415 
Cash and cash equivalents177,485 181,374 
Corporate bonds165,539 164,055 
Asset-backed securities15,339 26,890 
Treasury bills9,961 11,332 
Municipal bonds635 624 
Agency bonds— 15,858 
Current investments191,474 218,759 
Corporate bonds361,813 374,440 
Treasury bills62,748 44,214 
Asset-backed securities37,001 33,539 
Sovereign bonds1,932 1,924 
Non-current investments463,494 454,117 
$832,453 $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; 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; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of July 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 Sheets and amounted to $4,265,000 and $3,620,000 as of July 2, 2023 and December 31, 2022, respectively.
The following table summarizes the Company’s available-for-sale investments as of July 2, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$169,464 $— $(3,925)$165,539 
Asset-backed securities15,492 — (153)15,339 
Treasury bills10,099 — (138)9,961 
Municipal bonds635 — — 635 
Non-current:
Corporate bonds376,629 329 (15,145)361,813 
Treasury bills63,664 2 (918)62,748 
Asset-backed securities38,737 — (1,736)37,001 
Sovereign bonds2,071 — (139)1,932 
$676,791 $331 $(22,154)$654,968 
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 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$127,474 $(1,767)$350,232 $(17,303)$477,706 $(19,070)
Treasury bills59,832 (838)11,884 (218)71,716 (1,056)
Asset-backed securities15,850 (199)36,490 (1,690)52,340 (1,889)
Sovereign bonds— — 1,932 (139)1,932 (139)
Municipal bonds— — — — — — 
$203,156 $(2,804)$400,538 $(19,350)$603,694 $(22,154)
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 July 2, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month or six-month periods ended July 2, 2023 or July 3, 2022. Management currently intends to hold debt securities that are in an unrealized loss position to full value recovery at maturity.
The Company recorded no gross realized gains or losses on the sale of debt securities during the three-month and six-month periods ended July 2, 2023. The Company recorded gross realized gains on the sale of debt securities totaling $15,000 and $133,000 during the three-month and six-month periods ended July 3, 2022, respectively, and gross realized losses on the sale of debt securities totaling $3,000 and $157,000 during the three-month and six-month periods ended July 3, 2022, respectively. 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 income (loss).
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of July 2, 2023 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$165,539 $129,096 $95,060 $56,128 $81,073 $456 $527,352 
Treasury bills9,961 3,362 16,263 20,408 22,715 — 72,709 
Asset-backed securities15,339 11,622 11,093 7,227 — 7,059 52,340 
Sovereign bonds— 974 958 — — — 1,932 
Municipal bonds635 — — — — — 635 
$191,474 $145,054 $123,374 $83,763 $103,788 $7,515 $654,968