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Cash and Investments
9 Months Ended
Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract]  
CASH AND INVESTMENTS CASH AND INVESTMENTS
Cash, Cash Equivalents and Investments
Cash, cash equivalents and investments consisted of the following (in thousands):
September 30, 2023
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
Debt securities available-for-sale:
Commercial paper$386,363 $— $— $386,363 
Corporate bonds832,075 123 (12,103)820,095 
U.S. Treasury and government-sponsored enterprises441,576 (5,754)435,826 
Municipal bonds6,000 — (85)5,915 
Total debt securities available-for-sale1,666,014 127 (17,942)1,648,199 
Money market funds182,464 — — 182,464 
Certificates of deposit84,404 — — 84,404 
Total cash, cash equivalents and investments$1,932,882 $127 $(17,942)$1,915,067 
December 31, 2022
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
Debt securities available-for-sale:
Commercial paper$722,018 $— $— $722,018 
Corporate bonds810,439 541 (13,132)797,848 
U.S. Treasury and government-sponsored enterprises338,218 48 (5,679)332,587 
Municipal bonds16,385 — (223)16,162 
Total debt securities available-for-sale1,887,060 589 (19,034)1,868,615 
Cash41 — — 41 
Money market funds94,344 — — 94,344 
Certificates of deposit103,681 — — 103,681 
Total cash, cash equivalents and investments
$2,085,126 $589 $(19,034)$2,066,681 
As of September 30, 2023, there are no restrictions on cash, cash equivalents or investments. As of December 31, 2022, $1.5 million in certificates of deposit were used to collateralize letters of credit agreements and were classified as other long-term assets based upon the remaining term of the underlying restriction.
Interest receivable was $12.1 million and $7.3 million as of September 30, 2023 and December 31, 2022, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.
Realized gains and losses on the sales of investments were immaterial during the three and nine months ended September 30, 2023 and 2022.
We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):
September 30, 2023
Fair ValueGross Unrealized Losses
Corporate bonds$772,154 $(12,103)
U.S. Treasury and government-sponsored enterprises420,831 (5,754)
Municipal bonds5,915 (85)
Total
$1,198,900 $(17,942)
December 31, 2022
Fair ValueGross Unrealized Losses
Corporate bonds$706,711 $(13,132)
U.S. Treasury and government-sponsored enterprises308,307 (5,679)
Municipal bonds15,792 (223)
Total
$1,030,810 $(19,034)
There were 350 and 285 debt securities available-for-sale in an unrealized loss position as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, all securities had been in an unrealized loss position for less than twelve months except for 135 debt securities available-for-sale with an aggregate fair value of $468.0 million and an aggregate $10.6 million unrealized loss. As of December 31, 2022, all securities had been in an unrealized loss position for less than twelve months except for 81 debt securities available-for-sale with an aggregate fair value of $237.6 million and an aggregate $6.1 million unrealized loss. During the nine months ended September 30, 2023, we did not record an allowance for credit losses or other impairment charges on our investment securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our investments, we determined that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis.
The fair values of debt securities available-for-sale by contractual maturity were as follows (in thousands):
 
September 30, 2023December 31, 2022
Maturing in one year or less$836,519 $1,114,884 
Maturing after one year through five years811,680 753,731 
Total debt securities available-for-sale$1,648,199 $1,868,615