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Cash and Investments | 9 Months Ended
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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 bonds | 832,075 |  |  | 123 |  |  | (12,103) |  |  | 820,095 |
U.S. Treasury and government-sponsored enterprises | 441,576 |  |  | 4 |  |  | (5,754) |  |  | 435,826 |
Municipal bonds | 6,000 |  |  | — |  |  | (85) |  |  | 5,915 |
Total debt securities available-for-sale | 1,666,014 |  |  | 127 |  |  | (17,942) |  |  | 1,648,199 |
Money market funds | 182,464 |  |  | — |  |  | — |  |  | 182,464 |
Certificates of deposit | 84,404 |  |  | — |  |  | — |  |  | 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 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 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 Value |  | Gross Unrealized Losses
Corporate bonds |  |  |  |  |  |  |  |  | $ | 772,154 |  |  | $ | (12,103) |
U.S. Treasury and government-sponsored enterprises |  |  |  |  |  |  |  |  | 420,831 |  |  | (5,754) |
Municipal bonds |  |  |  |  |  |  |  |  | 5,915 |  |  | (85) |
Total |  |  |  |  |  |  |  |  | $ | 1,198,900 |  |  | $ | (17,942) |
|  |  |  |  |  |  |  |  | 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) |
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, 2023 |  | December 31, 2022
Maturing in one year or less | $ | 836,519 |  |  | $ | 1,114,884 |
Maturing after one year through five years | 811,680 |  |  | 753,731 |
Total debt securities available-for-sale | $ | 1,648,199 |  |  | $ | 1,868,615 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482477/820-10-65-13 + Details
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