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Financial Instruments | 3 Months Ended
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Mar. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments Cash, Cash Equivalents, and Investments The following table summarizes the Company’s cash, cash equivalents, and investments as of March 30, 2025 (in thousands):
|  | Fair Value Level |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Investments |  | Non-current Investments
Cash |  |  |  | $ | 121,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,283 |  |  | $ | 121,283 |  |  | $ | — |  |  | $ | — |
Money market instruments |  | Level 1 |  | 482 |  |  | — |  |  | — |  |  | 482 |  |  | 482 |  |  | — |  |  | — |
Certificate of deposit |  | Level 2 |  | 20,979 |  |  | — |  |  | — |  |  | 20,979 |  |  | 20,979 |  |  | — |  |  | — |
Treasury bills |  | Level 2 |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |  |  | 1,000 |  |  | — |  |  | — |
Corporate bonds |  | Level 2 |  | 317,385 |  |  | 1,193 |  |  | (2,041) |  |  | 316,537 |  |  | — |  |  | 47,220 |  |  | 269,317 |
Treasury notes |  | Level 2 |  | 33,827 |  |  | 43 |  |  | (77) |  |  | 33,793 |  |  | — |  |  | 2,495 |  |  | 31,298 |
Asset-backed securities |  | Level 2 |  | 18,139 |  |  | 25 |  |  | (474) |  |  | 17,690 |  |  | — |  |  | 5,995 |  |  | 11,695 |
Sovereign bonds |  | Level 2 |  | 1,007 |  |  | — |  |  | (14) |  |  | 993 |  |  | — |  |  | 993 |  |  | — |
Total |  |  |  | $ | 514,102 |  |  | $ | 1,261 |  |  | $ | (2,606) |  |  | $ | 512,757 |  |  | $ | 143,744 |  |  | $ | 56,703 |  |  | $ | 312,310 |
The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2024 (in thousands):
|  | Fair Value Level |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Current Investments |  | Non-current Investments
Cash |  |  |  | $ | 170,852 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,852 |  |  | $ | 170,852 |  |  | $ | — |  |  | $ | — |
Money market instruments |  | Level 1 |  | 15,242 |  |  | — |  |  | — |  |  | 15,242 |  |  | 15,242 |  |  | — |  |  | — |
Corporate bonds |  | Level 2 |  | 344,804 |  |  | 411 |  |  | (4,299) |  |  | 340,916 |  |  | — |  |  | 55,742 |  |  | 285,174 |
Treasury notes |  | Level 2 |  | 46,071 |  |  | 2 |  |  | (439) |  |  | 45,634 |  |  | — |  |  | 2,487 |  |  | 43,147 |
Asset-backed securities |  | Level 2 |  | 13,870 |  |  | — |  |  | (556) |  |  | 13,314 |  |  | — |  |  | 737 |  |  | 12,577 |
Sovereign bonds |  | Level 2 |  | 1,013 |  |  | — |  |  | (23) |  |  | 990 |  |  | — |  |  | 990 |  |  | — |
Total |  |  |  | $ | 591,852 |  |  | $ | 413 |  |  | $ | (5,317) |  |  | $ | 586,948 |  |  | $ | 186,094 |  |  | $ | 59,956 |  |  | $ | 340,898 |
The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial assets and liabilities, and in doing so, considers valuations provided by a large, third-party pricing service. This service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,284,000 and $4,144,000 as of March 30, 2025 and December 31, 2024, respectively. Realized Gains (Losses) on Debt Securities 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 30, 2025 and March 31, 2024 (in thousands):
|  |  |  | Three-months Ended
|  |  |  |  |  | March 30, 2025 |  | March 31, 2024
Gross realized gains |  |  |  |  |  | $ | 27 |  |  | $ | 2 |
Gross realized losses |  |  |  |  |  | — |  |  | — |
Net realized gains (losses) |  |  |  |  |  | $ | 27 |  |  | $ | 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). Unrealized Losses on Debt Securities 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 30, 2025 (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 | $ | 123,585 |  |  | $ | (1,562) |  |  | $ | 31,418 |  |  | $ | (479) |  |  | $ | 155,003 |  |  | $ | (2,041) |
Treasury notes | 16,340 |  |  | (78) |  |  | — |  |  | — |  |  | 16,340 |  |  | (78) |
Asset-backed securities | 11,064 |  |  | (474) |  |  | — |  |  | — |  |  | 11,064 |  |  | (474) |
Sovereign bonds | — |  |  | — |  |  | 993 |  |  | (13) |  |  | 993 |  |  | (13) |
| $ | 150,989 |  |  | $ | (2,114) |  |  | $ | 32,411 |  |  | $ | (492) |  |  | $ | 183,400 |  |  | $ | (2,606) |
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, 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 | $ | 172,049 |  |  | $ | (2,227) |  |  | $ | 87,815 |  |  | $ | (2,071) |  |  | $ | 259,864 |  |  | $ | (4,298) |
Treasury notes | 42,149 |  |  | (425) |  |  | 2,487 |  |  | (14) |  |  | 44,636 |  |  | (439) |
Asset-backed securities | 11,024 |  |  | (547) |  |  | 2,290 |  |  | (10) |  |  | 13,314 |  |  | (557) |
Sovereign bonds | — |  |  | — |  |  | 990 |  |  | (23) |  |  | 990 |  |  | (23) |
| $ | 225,222 |  |  | $ | (3,199) |  |  | $ | 93,582 |  |  | $ | (2,118) |  |  | $ | 318,804 |  |  | $ | (5,317) |
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 30, 2025 or December 31, 2024. Management currently intends to hold these securities to full value recovery at maturity. Debt Securities Maturities The following table presents the effective maturity dates of the Company’s available-for-sale investments as of March 30, 2025 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-8 Years |  | Total
Corporate bonds | $ | 47,220 |  |  | $ | 66,394 |  |  | $ | 89,734 |  |  | $ | 74,522 |  |  | $ | 38,667 |  |  | $ | — |  |  | $ | 316,537 |
Treasury notes | 2,495 |  |  | 10,179 |  |  | 16,297 |  |  | 4,822 |  |  | — |  |  | — |  |  | 33,793 |
Asset-backed securities | 5,995 |  |  | — |  |  | 3,216 |  |  | 3,409 |  |  | 4,944 |  |  | 126 |  |  | 17,690 |
Sovereign bonds | 993 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 993 |
| $ | 56,703 |  |  | $ | 76,573 |  |  | $ | 109,247 |  |  | $ | 82,753 |  |  | $ | 43,611 |  |  | $ | 126 |  |  | $ | 369,013 |
Derivative Instruments The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands):
| March 30, 2025 |  | December 31, 2024
Currency | Notional Value |  | USD Equivalent |  | Notional Value |  | USD Equivalent
Derivatives Not Designated as Hedging Instruments: |  |  |  |
Singapore Dollar | 35,000 |  |  | $ | 26,143 |  |  | 40,000 |  |  | $ | 29,457 |
Euro | 20,000 |  |  | 21,682 |  |  | 25,000 |  |  | 26,029 |
Japanese Yen | 1,500,000 |  |  | 10,015 |  |  | 2,000,000 |  |  | 12,789 |
Chinese Renminbi | 70,000 |  |  | 9,632 |  |  | 95,000 |  |  | 12,990 |
Hungarian Forint | 2,200,000 |  |  | 5,913 |  |  | 2,360,000 |  |  | 5,951 |
British Pound | 3,000 |  |  | 3,879 |  |  | 3,200 |  |  | 4,008 |
Swiss Franc | 1,000 |  |  | 1,137 |  |  | 2,200 |  |  | 2,432 |
Canadian Dollar | 1,500 |  |  | 1,050 |  |  | 2,000 |  |  | 1,390 |
Mexican Peso | — |  |  | — |  |  | 220,000 |  |  | 10,701 |
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
|  |  | Asset Derivatives |  |  | Liability Derivatives
|  |  |  |  | Fair Value |  |  |  |  | Fair Value
|  | Balance Sheet Location | Fair Value Level |  | March 30, 2025 |  | December 31, 2024 |  | Balance Sheet Location | Fair Value Level |  | March 30, 2025 |  | December 31, 2024
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |
Economic hedge forward contracts |  | Prepaid expenses and other current assets | Level 2 |  | $ | 188 |  |  | $ | 324 |  |  | Accrued expenses | Level 2 |  | $ | 23 |  |  | $ | 211 |
Activity: |  |  |  |  |  |  |
Gross amounts recognized | $ | 188 |  |  | $ | 324 |  |  |  |  |  | $ | 23 |  |  | $ | 211 |
Gross amounts offset | — |  |  | — |  |  |  |  |  | — |  |  | — |
Net amounts presented | $ | 188 |  |  | $ | 324 |  |  |  |  |  | $ | 23 |  |  | $ | 211 |
The Company’s forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. Information regarding the effect of derivative instruments on the Consolidated Statement of Operations was as follows (in thousands):
|  | Statement of Operations Location |  |  |  | Three-months Ended
|  |  |  |  |  |  | March 30, 2025 |  | March 31, 2024
Derivatives Not Designated as Hedging Instruments: |  |  |
Gains (losses) recognized in current operations |  | Foreign currency gain (loss) |  |  |  |  |  | $ | (547) |  |  | $ | (245) |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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