Cash and Investments

6 Months Ended

Jun. 28, 2024

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Investments

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


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	189,302	$	—	$	—	$	189,302
Corporate bonds	766,321		362		(4,593)		762,090
U.S. Treasury and government-sponsored enterprises	319,939		1		(2,070)		317,870
Municipal bonds	7,880		—		(15)		7,865
Total debt securities available-for-sale	1,283,442		363		(6,678)		1,277,127

Money market funds	116,234		—		—		116,234
Certificates of deposit	40,943		—		—		40,943
Total cash, cash equivalents and investments	$	1,440,619	$	363	$	(6,678)	$	1,434,304


	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

Interest receivable was $11.1 million and $13.1 million as of June 30, 2024 and December 31, 2023, 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 six months ended June 30, 2024 and 2023.

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):


	June 30, 2024
	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	$	321,374	$	(1,157)	$	306,630	$	(3,436)	$	628,004	$	(4,593)
U.S. Treasury and government-sponsored enterprises	136,614		(543)		178,290		(1,527)		314,904		(2,070)
Municipal bonds	1,869		(11)		5,996		(4)		7,865		(15)
Total	$	459,857	$	(1,711)	$	490,916	$	(4,967)	$	950,773	$	(6,678)


	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)

There were 286 and 230 debt securities available-for-sale in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024, 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):


	June 30, 2024		December 31, 2023
Maturing in one year or less	$	844,822	$	768,706
Maturing after one year through five years	432,305		728,717
Total debt securities available-for-sale	$	1,277,127	$	1,497,423