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Cash, Cash Equivalents, and Investments | 3 Months Ended
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Mar. 31, 2024
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):
| March 31, 2024 |  | December 31, 2023
Cash | $ | 128,264 |  |  | $ | 183,242 |
Certificate of deposit | 6,429 |  |  | — |
Treasury bills | 3,499 |  |  | — |
Money market instruments | 667 |  |  | 19,413 |
Cash and cash equivalents | 138,859 |  |  | 202,655 |
Corporate bonds | 134,032 |  |  | 124,851 |
Asset-backed securities | 4,309 |  |  | 3,551 |
Sovereign bonds | 993 |  |  | 990 |
Current investments | 139,334 |  |  | 129,392 |
Corporate bonds | 219,713 |  |  | 183,965 |
Treasury notes | 45,053 |  |  | 43,523 |
Asset-backed securities | 12,686 |  |  | 15,763 |
Sovereign bonds | 974 |  |  | 979 |
Non-current investments | 278,426 |  |  | 244,230 |
| $ | 556,619 |  |  | $ | 576,277 |
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; sovereign bonds consist of direct debt issued by foreign governments; and treasury notes consist of debt securities issued by the U.S. government. All of the Company's securities as of March 31, 2024 and December 31, 2023 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,119,000 and $3,169,000 as of March 31, 2024 and December 31, 2023, respectively. The following table summarizes the Company’s available-for-sale investments as of March 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Corporate bonds | $ | 136,479 |  |  | $ | — |  |  | $ | (2,447) |  |  | $ | 134,032 |
Asset-backed securities | 4,391 |  |  | — |  |  | (82) |  |  | 4,309 |
Sovereign bonds | 1,006 |  |  | — |  |  | (13) |  |  | 993 |
Non-current: |  |  |  |  |  |  |
Corporate bonds | 225,074 |  |  | 175 |  |  | (5,536) |  |  | 219,713 |
Treasury notes | 45,760 |  |  | — |  |  | (707) |  |  | 45,053 |
Asset-backed securities | 13,512 |  |  | — |  |  | (826) |  |  | 12,686 |
Sovereign bonds | 1,030 |  |  | — |  |  | (56) |  |  | 974 |
| $ | 427,252 |  |  | $ | 175 |  |  | $ | (9,667) |  |  | $ | 417,760 |
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Corporate bonds | $ | 128,150 |  |  | $ | — |  |  | $ | (3,299) |  |  | $ | 124,851 |
Asset-backed securities | 3,637 |  |  | — |  |  | (86) |  |  | 3,551 |
Sovereign bonds | 1,012 |  |  | — |  |  | (22) |  |  | 990 |
Non-current: |  |  |  |  |  |  |
Corporate bonds | 189,326 |  |  | 506 |  |  | (5,867) |  |  | 183,965 |
Treasury notes | 43,654 |  |  | 82 |  |  | (213) |  |  | 43,523 |
Asset-backed securities | 16,773 |  |  | — |  |  | (1,010) |  |  | 15,763 |
Sovereign bonds | 1,037 |  |  | — |  |  | (58) |  |  | 979 |
| $ | 383,589 |  |  | $ | 588 |  |  | $ | (10,555) |  |  | $ | 373,622 |
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 March 31, 2024 (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 | $ | 95,052 |  |  | $ | (1,087) |  |  | $ | 222,979 |  |  | $ | (6,896) |  |  | $ | 318,031 |  |  | $ | (7,983) |
Treasury notes | 42,612 |  |  | (647) |  |  | 2,441 |  |  | (60) |  |  | 45,053 |  |  | (707) |
Asset-backed securities | 14,742 |  |  | (860) |  |  | 2,252 |  |  | (48) |  |  | 16,994 |  |  | (908) |
Sovereign bonds | — |  |  | — |  |  | 1,968 |  |  | (69) |  |  | 1,968 |  |  | (69) |
| $ | 152,406 |  |  | $ | (2,594) |  |  | $ | 229,640 |  |  | $ | (7,073) |  |  | $ | 382,046 |  |  | $ | (9,667) |
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 December 31, 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 | $ | 30,770 |  |  | $ | (359) |  |  | $ | 226,643 |  |  | $ | (8,807) |  |  | $ | 257,413 |  |  | $ | (9,166) |
Treasury notes | 20,725 |  |  | (153) |  |  | 2,441 |  |  | (60) |  |  | 23,166 |  |  | (213) |
Asset-backed securities | 17,062 |  |  | (1,049) |  |  | 2,252 |  |  | (47) |  |  | 19,314 |  |  | (1,096) |
Sovereign bonds | — |  |  | — |  |  | 1,968 |  |  | (80) |  |  | 1,968 |  |  | (80) |
| $ | 68,557 |  |  | $ | (1,561) |  |  | $ | 233,304 |  |  | $ | (8,994) |  |  | $ | 301,861 |  |  | $ | (10,555) |
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 March 31, 2024 or December 31, 2023. Management currently intends to hold these securities to full value recovery at maturity. The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month periods ended March 31, 2024 and April 2, 2023 (in thousands):
|  | Three-months Ended |  |
|  | March 31, 2024 |  | April 2, 2023 |  |  |  |
Gross realized gains |  | $ | 2 |  |  | $ | — |  |  |  |  |
Gross realized losses |  | — |  |  | — |  |  |  |  |
Net realized gains (losses) |  | $ | 2 |  |  | $ | — |  |  |  |  |
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 income (loss). The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 31, 2024 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-8 Years |  | Total
Corporate bonds | $ | 134,032 |  |  | $ | 57,463 |  |  | $ | 59,120 |  |  | $ | 58,225 |  |  | $ | 44,905 |  |  | $ | — |  |  | $ | 353,745 |
Treasury notes | — |  |  | 3,429 |  |  | 14,097 |  |  | 22,829 |  |  | 4,698 |  |  | — |  |  | 45,053 |
Asset-backed securities | 4,309 |  |  | 6,486 |  |  | — |  |  | — |  |  | — |  |  | 6,200 |  |  | 16,995 |
Sovereign bonds | 993 |  |  | 974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,967 |
| $ | 139,334 |  |  | $ | 68,352 |  |  | $ | 73,217 |  |  | $ | 81,054 |  |  | $ | 49,603 |  |  | $ | 6,200 |  |  | $ | 417,760 |

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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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