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Cash, Cash Equivalents, and Investments | 6 Months Ended
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Jul. 03, 2022
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| July 3, 2022 |  | December 31, 2021
Cash | $ | 173,373 |  |  | $ | 185,624 |
Money market instruments | 3,149 |  |  | 537 |
Treasury bills | 524 |  |  | — |
Cash and cash equivalents | 177,046 |  |  | 186,161 |
Corporate bonds | 124,805 |  |  | 73,088 |
Asset-backed securities | 26,465 |  |  | 37,655 |
Agency bonds | 18,578 |  |  | 2,802 |
Treasury bills | 12,162 |  |  | 18,912 |
Municipal bonds | 624 |  |  | 4,998 |
Current investments | 182,634 |  |  | 137,455 |
Corporate bonds | 370,383 |  |  | 481,218 |
Asset-backed securities | 43,698 |  |  | 43,940 |
Treasury bills | 12,344 |  |  | 39,753 |
Sovereign bonds | 1,976 |  |  | 2,119 |
Agency bonds | — |  |  | 16,077 |
Municipal bonds | — |  |  | 641 |
Non-current investments | 428,401 |  |  | 583,748 |
| $ | 788,081 |  |  | $ | 907,364 |
Treasury bills consist of debt securities issued by the U.S. government; corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; municipal bonds consist of debt securities issued by state and local government entities; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of July 3, 2022 and December 31, 2021 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $2,732,000 and $3,037,000 as of July 3, 2022 and December 31, 2021, respectively. The following table summarizes the Company’s available-for-sale investments as of July 3, 2022 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Corporate bonds | $ | 126,286 |  |  | $ | — |  |  | $ | (1,481) |  |  | $ | 124,805 |
Asset-backed securities | 26,756 |  |  | — |  |  | (291) |  |  | 26,465 |
Agency bonds | 18,936 |  |  | — |  |  | (358) |  |  | 18,578 |
Treasury bills | 12,236 |  |  | — |  |  | (74) |  |  | 12,162 |
Municipal bonds | 635 |  |  | — |  |  | (11) |  |  | 624 |
Non-current: |  |  |  |  |  |  |
Corporate bonds | 390,702 |  |  | — |  |  | (20,319) |  |  | 370,383 |
Asset-backed securities | 45,269 |  |  | 8 |  |  | (1,579) |  |  | 43,698 |
Treasury bills | 12,580 |  |  | — |  |  | (236) |  |  | 12,344 |
Sovereign bonds | 2,118 |  |  | — |  |  | (142) |  |  | 1,976 |
| $ | 635,518 |  |  | $ | 8 |  |  | $ | (24,491) |  |  | $ | 611,035 |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of July 3, 2022 (in thousands):
| Unrealized Loss Position For: |  |
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 443,391 |  |  | $ | (19,208) |  |  | $ | 51,797 |  |  | $ | (2,592) |  |  | $ | 495,188 |  |  | $ | (21,800) |
Asset-backed securities | 67,533 |  |  | (1,867) |  |  | 323 |  |  | (3) |  |  | 67,856 |  |  | (1,870) |
Treasury bills | 22,246 |  |  | (307) |  |  | 102 |  |  | (3) |  |  | 22,348 |  |  | (310) |
Agency bonds | 18,578 |  |  | (358) |  |  | — |  |  | — |  |  | 18,578 |  |  | (358) |
Sovereign bonds | 1,976 |  |  | (142) |  |  | — |  |  | — |  |  | 1,976 |  |  | (142) |
Municipal bonds | 624 |  |  | (11) |  |  | — |  |  | — |  |  | 624 |  |  | (11) |
| $ | 554,348 |  |  | $ | (21,893) |  |  | $ | 52,222 |  |  | $ | (2,598) |  |  | $ | 606,570 |  |  | $ | (24,491) |
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of July 3, 2022 or December 31, 2021. There was no activity recorded in the allowance for credit losses during the three-month or six-month periods ended July 3, 2022 or July 4, 2021. The Company recorded gross realized gains on the sale of debt securities totaling $15,000 and $133,000 for the three-month and six-month periods ended July 3, 2022, respectively, and gross realized losses on the sale of debt securities totaling $3,000 and $157,000 for the three-month and six-month periods ended July 3, 2022. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $68,000 and $0, respectively, for both the three-month and six-month periods ended July 4, 2021. Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of July 3, 2022 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  |  |  | Total
Corporate bonds | $ | 124,805 |  |  | $ | 177,030 |  |  | $ | 129,638 |  |  | $ | 51,152 |  |  | $ | 12,563 |  |  |  |  | $ | 495,188 |
Asset-backed securities | 26,465 |  |  | 27,660 |  |  | 6,176 |  |  | 9,862 |  |  | — |  |  |  |  | 70,163 |
Treasury bills | 12,162 |  |  | 9,852 |  |  | 2,492 |  |  | — |  |  | — |  |  |  |  | 24,506 |
Agency bonds | 18,578 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18,578 |
Sovereign bonds | — |  |  | — |  |  | 992 |  |  | 984 |  |  | — |  |  |  |  | 1,976 |
Municipal bonds | 624 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 624 |
| $ | 182,634 |  |  | $ | 214,542 |  |  | $ | 139,298 |  |  | $ | 61,998 |  |  | $ | 12,563 |  |  |  |  | $ | 611,035 |

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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