Cash and Investments

12 Months Ended

Dec. 29, 2023

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Investments

Cash, cash equivalents and investments consisted of the following (in thousands):


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	214,016	$	—	$	—	$	214,016
Corporate bonds	870,870		1,652		(4,277)		868,245
U.S. Treasury and government-sponsored enterprises	409,157		414		(2,250)		407,321
Municipal bonds	7,880		10		(49)		7,841
Total debt securities available-for-sale	1,501,923		2,076		(6,576)		1,497,423

Money market funds	154,287		—		—		154,287
Certificates of deposit	72,309		—		—		72,309
Total cash, cash equivalents and investments	$	1,728,519	$	2,076	$	(6,576)	$	1,724,019


	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 December 31, 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 $13.1 million and $7.3 million as of December 31, 2023 and 2022, respectively, and is included in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets.

Realized gains and losses on the sales of investments were immaterial during the years ended December 31, 2023, 2022 and 2021.

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):


	December 31, 2023
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

Corporate bonds	$	255,958	$	(847)	$	281,837	$	(3,430)	$	537,795	$	(4,277)
U.S. Treasury and government-sponsored enterprises	163,339		(406)		155,452		(1,844)		318,791		(2,250)
Municipal bonds	—		—		5,951		(49)		5,951		(49)
Total	$	419,297	$	(1,253)	$	443,240	$	(5,323)	$	862,537	$	(6,576)


	December 31, 2022

	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	485,685	$	(7,261)	$	221,026	$	(5,871)	$	706,711	$	(13,132)

U.S. Treasury and government-sponsored enterprises	298,414		(5,575)		9,893		(104)		308,307		(5,679)
Municipal bonds	9,091		(134)		6,701		(89)		15,792		(223)
Total	$	793,190	$	(12,970)	$	237,620	$	(6,064)	$	1,030,810	$	(19,034)

There were 230 and 285 debt securities available-for-sale in an unrealized loss position as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, 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):


	December 31,
	2023		2022
Maturing in one year or less	$	768,706	$	1,114,884
Maturing after one year through five years	728,717		753,731
Total debt securities available-for-sale	$	1,497,423	$	1,868,615