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Cash, Cash Equivalents, and Investments | 3 Months Ended
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Apr. 02, 2023
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):
| April 2, 2023 |  | December 31, 2022
Cash | $ | 160,553 |  |  | $ | 180,959 |
Money market instruments | 3,618 |  |  | 415 |
Cash and cash equivalents | 164,171 |  |  | 181,374 |
Corporate bonds | 160,320 |  |  | 164,055 |
Asset-backed securities | 31,265 |  |  | 26,890 |
Agency bonds | 16,038 |  |  | 15,858 |
Treasury bills | 8,451 |  |  | 11,332 |
Municipal bonds | 629 |  |  | 624 |
Current investments | 216,703 |  |  | 218,759 |
Corporate bonds | 385,543 |  |  | 374,440 |
Treasury bills | 52,661 |  |  | 44,214 |
Asset-backed securities | 22,881 |  |  | 33,539 |
Sovereign bonds | 1,954 |  |  | 1,924 |
Non-current investments | 463,039 |  |  | 454,117 |
| $ | 843,913 |  |  | $ | 854,250 |
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; treasury bills consist of debt securities issued by the U.S. government; 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 April 2, 2023 and December 31, 2022 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 $4,559,000 and $3,620,000 as of April 2, 2023 and December 31, 2022, respectively. The following table summarizes the Company’s available-for-sale investments as of April 2, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Corporate bonds | $ | 163,537 |  |  | $ | 3 |  |  | $ | (3,220) |  |  | $ | 160,320 |
Asset-backed securities | 32,016 |  |  | — |  |  | (751) |  |  | 31,265 |
Agency bonds | 16,148 |  |  | — |  |  | (110) |  |  | 16,038 |
Treasury bills | 8,607 |  |  | — |  |  | (156) |  |  | 8,451 |
Municipal bonds | 635 |  |  | — |  |  | (6) |  |  | 629 |
Non-current: |  |  |  |  |  |  |
Corporate bonds | 400,051 |  |  | 1,623 |  |  | (16,131) |  |  | 385,543 |
Treasury bills | 52,290 |  |  | 489 |  |  | (118) |  |  | 52,661 |
Asset-backed securities | 23,905 |  |  | 117 |  |  | (1,141) |  |  | 22,881 |
Sovereign bonds | 2,083 |  |  | — |  |  | (129) |  |  | 1,954 |
| $ | 699,272 |  |  | $ | 2,232 |  |  | $ | (21,762) |  |  | $ | 679,742 |
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 April 2, 2023 (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 | $ | 81,931 |  |  | $ | (1,098) |  |  | $ | 350,244 |  |  | $ | (18,253) |  |  | $ | 432,175 |  |  | $ | (19,351) |
Asset-backed securities | 10,998 |  |  | (213) |  |  | 32,783 |  |  | (1,679) |  |  | 43,781 |  |  | (1,892) |
Agency bonds | — |  |  | — |  |  | 16,037 |  |  | (110) |  |  | 16,037 |  |  | (110) |
Treasury bills | 4,878 |  |  | (117) |  |  | 8,451 |  |  | (157) |  |  | 13,329 |  |  | (274) |
Sovereign bonds | — |  |  | — |  |  | 1,954 |  |  | (129) |  |  | 1,954 |  |  | (129) |
Municipal bonds | 629 |  |  | (6) |  |  | — |  |  | — |  |  | 629 |  |  | (6) |
| $ | 98,436 |  |  | $ | (1,434) |  |  | $ | 409,469 |  |  | $ | (20,328) |  |  | $ | 507,905 |  |  | $ | (21,762) |
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 April 2, 2023 or December 31, 2022. There was no activity recorded in the allowance for credit losses during the three-month periods ended April 2, 2023 or April 3, 2022. Management currently intends to hold these securities to full value recovery at maturity. The Company recorded no gross realized gains or gross realized losses on the sale of debt securities for the three-month period ended April 2, 2023. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $118,000 and $154,000, respectively, for the three-month period ended April 3, 2022. 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 April 2, 2023 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-8 Years |  | Total
Corporate bonds | $ | 160,320 |  |  | $ | 166,170 |  |  | $ | 87,347 |  |  | $ | 63,241 |  |  | $ | 66,558 |  |  | $ | 2,227 |  |  | $ | 545,863 |
Treasury bills | 8,451 |  |  | 3,414 |  |  | 15,156 |  |  | 17,837 |  |  | 16,254 |  |  | — |  |  | 61,112 |
Asset-backed securities | 31,265 |  |  | 2,579 |  |  | 12,599 |  |  | 7,703 |  |  | — |  |  | — |  |  | 54,146 |
Agency bonds | 16,038 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,038 |
Sovereign bonds | — |  |  | 978 |  |  | 976 |  |  | — |  |  | — |  |  | — |  |  | 1,954 |
Municipal bonds | 629 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 629 |
| $ | 216,703 |  |  | $ | 173,141 |  |  | $ | 116,078 |  |  | $ | 88,781 |  |  | $ | 82,812 |  |  | $ | 2,227 |  |  | $ | 679,742 |

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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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 + Details
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