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Cash, Cash Equivalents, and Investments
 9 Months Ended
Oct. 01, 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):
October 1, 2023December 31, 2022
Cash$153,785 $180,959 
Money market instruments241,716 415 
Cash and cash equivalents395,501 181,374 
Corporate bonds110,627 164,055 
Asset-backed securities3,084 26,890 
Treasury bills2,457 11,332 
Sovereign bonds979 — 
Agency bonds— 15,858 
Municipal bonds— 624 
Current investments117,147 218,759 
Corporate bonds238,778 374,440 
Treasury bills59,285 44,214 
Asset-backed securities33,967 33,539 
Sovereign bonds961 1,924 
Non-current investments332,991 454,117 
$845,639 $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; sovereign bonds consist of direct debt issued by foreign governments; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; and municipal bonds consist of debt securities issued by state and local government entities. All of the Company's securities as of October 1, 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 $4,094,000 and $3,620,000 as of October 1, 2023 and December 31, 2022, respectively.
The following table summarizes the Company’s available-for-sale investments as of October 1, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$114,188 $— $(3,561)$110,627 
Asset-backed securities3,128 — (44)3,084 
Treasury bills2,498 — (41)2,457 
Sovereign bonds1,017 — (38)979 
Non-current:
Corporate bonds251,635 9 (12,866)238,778 
Treasury bills60,871 — (1,586)59,285 
Asset-backed securities35,512 — (1,545)33,967 
Sovereign bonds1,042 — (81)961 
$469,891 $9 $(19,762)$450,138 
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 October 1, 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$103,100 $(2,900)$244,535 $(13,527)$347,635 $(16,427)
Treasury bills56,878 (1,492)4,864 (135)61,742 (1,627)
Asset-backed securities32,425 (1,465)4,626 (124)37,051 (1,589)
Sovereign bonds— — 1,940 (119)1,940 (119)
$192,403 $(5,857)$255,965 $(13,905)$448,368 $(19,762)
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 October 1, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month or nine-month periods ended October 1, 2023 or October 2, 2022.
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended October 1, 2023 and October 2, 2022 (in thousands):
Three-months EndedNine-months Ended
October 1, 2023October 2, 2022October 1, 2023October 2, 2022
Gross realized gains$109 $— $109 $133 
Gross realized losses(733)(79)(733)(236)
Net realized gains (losses)$(624)$(79)$(624)$(103)
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 October 1, 2023 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$110,627 $95,497 $65,409 $34,878 $42,539 $455 $349,405 
Treasury bills2,457 5,306 15,016 21,842 17,121 — 61,742 
Asset-backed securities3,084 12,722 10,584 3,978 — 6,683 37,051 
Sovereign bonds979 — 961 — — — 1,940 
$117,147 $113,525 $91,970 $60,698 $59,660 $7,138 $450,138