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Cash, Cash Equivalents, and Investments (Tables)
3 Months Ended
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]  
Components of 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 
Summary of Available-for-Sale Investments
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 
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 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)
Realized Gain (Loss) on Investments
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 $— 
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 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