Cash And Marketable Securities

3 Months Ended

Apr. 04, 2025

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

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


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	138,468	$	—	$	—	$	138,468
Corporate bonds	1,054,588		3,125		(781)		1,056,932
U.S. Treasury and government-sponsored enterprises	260,693		759		(177)		261,275
Municipal bonds	2,990		23		—		3,013
Total debt securities available-for-sale	1,456,739		3,907		(958)		1,459,688

Money market funds	126,114		—		—		126,114
Certificates of deposit	64,955		—		—		64,955
Total cash, cash equivalents and marketable securities	$	1,647,808	$	3,907	$	(958)	$	1,650,757


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	172,891	$	—	$	—	$	172,891
Corporate bonds	1,012,035		1,498		(2,167)		1,011,366
U.S. Treasury and government-sponsored enterprises	339,126		226		(959)		338,393
Municipal bonds	2,990		11		—		3,001
Total debt securities available-for-sale	1,527,042		1,735		(3,126)		1,525,651

Money market funds	145,690		—		—		145,690
Certificates of deposit	77,226		—		—		77,226
Total cash, cash equivalents and marketable securities	$	1,749,958	$	1,735	$	(3,126)	$	1,748,567

Interest receivable was $12.8 million and $14.9 million as of March 31, 2025 and December 31, 2024, 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 marketable securities were immaterial during the three months ended March 31, 2025 and 2024.

We manage credit risk associated with our marketable securities 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):


	March 31, 2025
	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	$	257,028	$	(523)	$	129,563	$	(258)	$	386,591	$	(781)
U.S. Treasury and government-sponsored enterprises	35,856		(109)		42,215		(68)		78,071		(177)
Total	$	292,884	$	(632)	$	171,778	$	(326)	$	464,662	$	(958)


	December 31, 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	$	370,065	$	(1,630)	$	160,887	$	(537)	$	530,952	$	(2,167)
U.S. Treasury and government-sponsored enterprises	125,224		(755)		56,984		(204)		182,208		(959)
Total	$	495,289	$	(2,385)	$	217,871	$	(741)	$	713,160	$	(3,126)

There were 171 and 255 debt securities available-for-sale in an unrealized loss position as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025, we did not record an allowance for credit losses or other impairment charges on our marketable 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 marketable securities, we determined that it was more likely than not that we will hold these marketable securities 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):


	March 31, 2025		December 31, 2024
Maturing in one year or less	$	840,247	$	888,360
Maturing after one year through five years	619,441		637,291
Total debt securities available-for-sale	$	1,459,688	$	1,525,651