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Cash, Cash Equivalents, and Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Cash and Cash Equivalents [Abstract] |
Components of 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 |
Summary of Available-for-Sale Investments | 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 |
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments | 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) |
Realized Gain (Loss) on Investments | 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 |  |  | $ | — |  |  |  |  |
Effective Maturity Dates of Available-for-Sale Investments | 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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