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Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale 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

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 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

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 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)

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 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

Schedule of Notional Amounts of Outstanding Derivative Positions

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

Offsetting Assets

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

Derivative Instruments, Gain (Loss)

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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