Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 29, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values.

Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations.

The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net. Realized gains and losses were de minimis for the three and six months ended June 29, 2024 and July 1, 2023.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Cash and cash equivalents:
Cash	$	45,382	$	18,040
Commercial paper	39,039		32,837
Money market funds	65		2,563
U.S. government securities	—		9,969


Total cash and cash equivalents	84,486		63,409
Marketable securities:
Corporate debt securities	66,441		7,000
U.S. government securities	46,929		92,277
U.S. government agency securities	35,559		43,521
Commercial paper	21,544		14,139
Certificates of deposit	6,260		—
Total marketable securities	176,733		156,937
	$	261,219	$	220,346

The carrying amounts of the Company’s money market funds approximate their fair values due to their nature, duration and short maturities.

The amortized cost and fair value of marketable securities were as follows (in thousands):


As of June 29, 2024	Amortized Cost		Unrealized Losses		Fair Value
Corporate debt securities	$	66,526	$	(85)	$	66,441
Commercial paper	60,610		(27)		60,583
U.S. government securities	46,954		(25)		46,929
U.S. government agency securities	35,694		(135)		35,559
Certificates of deposit	6,263		(3)		6,260
	$	216,047	$	(275)	$	215,772


As of December 31, 2023	Amortized Cost		Unrealized Losses		Fair Value
U.S. government securities	$	102,167	$	80	$	102,247
Commercial paper	47,003		(28)		46,975
U.S. government agency securities	43,573		(52)		43,521
Corporate debt securities	6,999		1		7,000

	$	199,742	$	1	$	199,743