XML 28 R13.htm IDEA: XBRL DOCUMENT
v3.22.4

Cash and Investments | 12 Months Ended
--- | ---
Dec. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
CASH AND INVESTMENTS | CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash Equivalents A reconciliation of cash, cash equivalents, and restricted cash equivalents reported in the accompanying Consolidated Balance Sheets to the amount reported within the accompanying Consolidated Statements of Cash Flows was as follows (in thousands):
| December 31,
| 2022 |  | 2021
Cash and cash equivalents | $ | 501,195 |  |  | $ | 647,169 |
Restricted cash equivalents included in other long-term assets | 1,482 |  |  | 16,722 |
Cash, cash equivalents and restricted cash equivalents as reported within the accompanying Consolidated Statements of Cash Flows | $ | 502,677 |  |  | $ | 663,891 |
Restricted cash equivalents are used to collateralize letters of credit agreements and are invested in short-term certificates of deposit with original maturity of 90 days or less as of December 31, 2022 and money market fund securities as of December 31, 2021. The restricted cash equivalents are classified as other long-term assets. The standby letter of credit entered into in January 2021, as a guarantee of our obligation to fund our portion of the tenant improvements related to our Alameda build-to-suit lease was extinguished and the related collateral was returned in the third quarter of 2022, following the substantial completion of the building and the commencement of the lease. Cash, Cash Equivalents, Restricted Cash Equivalents and Investments Cash, cash equivalents, restricted cash equivalents and investments consisted of the following (in thousands):
| 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 bonds | 810,439 |  |  | 541 |  |  | (13,132) |  |  | 797,848 |
U.S. Treasury and government-sponsored enterprises | 338,218 |  |  | 48 |  |  | (5,679) |  |  | 332,587 |
Municipal bonds | 16,385 |  |  | — |  |  | (223) |  |  | 16,162 |
Total debt securities available-for-sale | 1,887,060 |  |  | 589 |  |  | (19,034) |  |  | 1,868,615 |
Cash | 41 |  |  | — |  |  | — |  |  | 41 |
Money market funds | 94,344 |  |  | — |  |  | — |  |  | 94,344 |
Certificates of deposit | 103,681 |  |  | — |  |  | — |  |  | 103,681 |
Total cash, cash equivalents, restricted cash equivalents and investments | $ | 2,085,126 |  |  | $ | 589 |  |  | $ | (19,034) |  |  | $ | 2,066,681 |
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt securities available-for-sale: |  |  |  |  |  |  |
Commercial paper | $ | 945,801 |  |  | $ | 42 |  |  | $ | (2) |  |  | $ | 945,841 |
Corporate bonds | 541,774 |  |  | 876 |  |  | (1,672) |  |  | 540,978 |
U.S. Treasury and government-sponsored enterprises | 33,965 |  |  | 1 |  |  | (21) |  |  | 33,945 |
Municipal bonds | 12,924 |  |  | 15 |  |  | (35) |  |  | 12,904 |
Total debt securities available-for-sale | 1,534,464 |  |  | 934 |  |  | (1,730) |  |  | 1,533,668 |
Cash | 135,653 |  |  | — |  |  | — |  |  | 135,653 |
Money market funds | 66,531 |  |  | — |  |  | — |  |  | 66,531 |
Certificates of deposit | 119,056 |  |  | — |  |  | — |  |  | 119,056 |
Total cash, cash equivalents, restricted cash equivalents and investments | $ | 1,855,704 |  |  | $ | 934 |  |  | $ | (1,730) |  |  | $ | 1,854,908 |
Interest receivable was $7.3 million and $2.9 million as of December 31, 2022 and 2021, respectively, and is included in prepaid and other current assets in the accompanying Consolidated Balance Sheets. Realized gains and losses on the sales of investments were insignificant during the years ended December 31, 2022, 2021 and 2020. We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits 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):
| December 31, 2022
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate bonds | $ | 706,711 |  |  | $ | (13,132) |  |  |  |  |  |  |  |  |
U.S. Treasury and government-sponsored enterprises | 308,307 |  |  | (5,679) |  |  |  |  |  |  |  |  |
Municipal bonds | 15,792 |  |  | (223) |  |  |  |  |  |  |  |  |
Total | $ | 1,030,810 |  |  | $ | (19,034) |  |  |  |  |  |  |  |  |
| December 31, 2021
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate bonds | $ | 385,053 |  |  | $ | (1,672) |  |  |  |  |  |  |  |  |
Commercial paper | 43,290 |  |  | (2) |  |  |  |  |  |  |  |  |
U.S. Treasury and government-sponsored enterprises | 18,962 |  |  | (21) |  |  |  |  |  |  |  |  |
Municipal bonds | 7,475 |  |  | (35) |  |  |  |  |  |  |  |  |
Total | $ | 454,780 |  |  | $ | (1,730) |  |  |  |  |  |  |  |  |
There were 285 and 133 debt securities available-for-sale in an unrealized loss position as of December 31, 2022 and 2021, respectively. All securities presented above have been in an unrealized loss position for less than twelve months except for 76 corporate bond securities, 4 municipal bond securities and 1 U.S. Treasury and government-sponsored enterprises security with an aggregate fair value of $237.6 million and an aggregate $6.1 million unrealized losses as of December 31, 2022. During the years ended December 31, 2022 and 2021, 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 value of debt securities available-for-sale by contractual maturity was as follows (in thousands):
| December 31,
| 2022 |  | 2021
Maturing in one year or less | $ | 1,114,884 |  |  | $ | 1,168,256 |
Maturing after one year through five years | 753,731 |  |  | 365,412 |
Total debt securities available-for-sale | $ | 1,868,615 |  |  | $ | 1,533,668 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration