XML 33 R13.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Cash, Cash Equivalents, and Investments
 3 Months Ended
Mar. 31, 2024
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):
March 31, 2024December 31, 2023
Cash$128,264 $183,242 
Certificate of deposit6,429 — 
Treasury bills3,499 — 
Money market instruments667 19,413 
Cash and cash equivalents138,859 202,655 
Corporate bonds134,032 124,851 
Asset-backed securities4,309 3,551 
Sovereign bonds993 990 
Current investments139,334 129,392 
Corporate bonds219,713 183,965 
Treasury notes45,053 43,523 
Asset-backed securities12,686 15,763 
Sovereign bonds974 979 
Non-current investments278,426 244,230 
$556,619 $576,277 
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; sovereign bonds consist of direct debt issued by foreign governments; and treasury notes consist of debt securities issued by the U.S. government. All of the Company's securities as of March 31, 2024 and December 31, 2023 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 $4,119,000 and $3,169,000 as of March 31, 2024 and December 31, 2023, respectively.
The following table summarizes the Company’s available-for-sale investments as of March 31, 2024 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$136,479 $— $(2,447)$134,032 
Asset-backed securities4,391 — (82)4,309 
Sovereign bonds1,006 — (13)993 
Non-current:
Corporate bonds225,074 175 (5,536)219,713 
Treasury notes45,760 — (707)45,053 
Asset-backed securities13,512 — (826)12,686 
Sovereign bonds1,030 — (56)974 
$427,252 $175 $(9,667)$417,760 
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$128,150 $— $(3,299)$124,851 
Asset-backed securities3,637 — (86)3,551 
Sovereign bonds1,012 — (22)990 
Non-current:
Corporate bonds189,326 506 (5,867)183,965 
Treasury notes43,654 82 (213)43,523 
Asset-backed securities16,773 — (1,010)15,763 
Sovereign bonds1,037 — (58)979 
$383,589 $588 $(10,555)$373,622 
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 March 31, 2024 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$95,052 $(1,087)$222,979 $(6,896)$318,031 $(7,983)
Treasury notes42,612 (647)2,441 (60)45,053 (707)
Asset-backed securities14,742 (860)2,252 (48)16,994 (908)
Sovereign bonds— — 1,968 (69)1,968 (69)
$152,406 $(2,594)$229,640 $(7,073)$382,046 $(9,667)
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 December 31, 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$30,770 $(359)$226,643 $(8,807)$257,413 $(9,166)
Treasury notes20,725 (153)2,441 (60)23,166 (213)
Asset-backed securities17,062 (1,049)2,252 (47)19,314 (1,096)
Sovereign bonds— — 1,968 (80)1,968 (80)
$68,557 $(1,561)$233,304 $(8,994)$301,861 $(10,555)
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 March 31, 2024 or December 31, 2023. Management currently intends to hold these securities to full value recovery at maturity.
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month periods ended March 31, 2024 and April 2, 2023 (in thousands):
Three-months Ended
March 31, 2024April 2, 2023
Gross realized gains$2 $— 
Gross realized losses— — 
Net realized gains (losses)$2 $— 
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 March 31, 2024 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$134,032 $57,463 $59,120 $58,225 $44,905 $— $353,745 
Treasury notes— 3,429 14,097 22,829 4,698 — 45,053 
Asset-backed securities4,309 6,486 — — — 6,200 16,995 
Sovereign bonds993 974 — — — — 1,967 
$139,334 $68,352 $73,217 $81,054 $49,603 $6,200 $417,760