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Balance Sheet Components | 9 Months Ended
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Sep. 29, 2024
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components | Note 4. Balance Sheet Components Available-for-sale investments Amortized cost and estimated fair market value of investments classified as available-for-sale, excluding cash equivalents, as of September 29, 2024 and December 31, 2023, were as follows:
|  | September 29, 2024 |
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. treasury securities |  | $ | 118,733 |  |  | $ | 361 |  |  | $ | — |  |  | $ | 119,094 |
Total |  | $ | 118,733 |  |  | $ | 361 |  |  | $ | — |  |  | $ | 119,094 |
|  | December 31, 2023 |
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. treasury securities |  | $ | 98,326 |  |  | $ | 128 |  |  | $ | — |  |  | $ | 98,454 |
Convertible debt |  |  | 173 |  |  |  | — |  |  |  | — |  |  |  | 173 |
Total |  | $ | 98,499 |  |  | $ | 128 |  |  | $ | — |  |  | $ | 98,627 |
The contractual maturities on the U.S. treasury securities as of September 29, 2024 are all due within one year. Accrued interest receivable as of September 29, 2024 was $0.9 million and was recorded within Prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet. There were no investments classified as available-for-sale in a continuous unrealized loss position for which an allowance for credit losses was not recorded as of September 29, 2024 and December 31, 2023. In the three and nine months ended September 29, 2024 and October 1, 2023, no unrealized losses on available-for-sale securities were recognized in income. The Company does not intend to sell, and it is unlikely that it will be required to sell the investments in an unrealized loss position prior to their anticipated recovery. There were no other-than-temporary impairments for these securities during the three and nine months ended September 29, 2024 and October 1, 2023. Refer to Note 12, Fair Value Measurements, for detailed disclosures regarding fair value measurements. Inventories
(In thousands) |  | September 29, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 16,839 |  |  | $ | 19,955 |
Finished goods |  |  | 145,137 |  |  |  | 228,896 |
Total |  | $ | 161,976 |  |  | $ | 248,851 |
The Company records provisions for excess and obsolete inventory based on assumptions about future demand and market conditions and the amounts incurred were $2.1 million and $5.1 milli on for the three and nine months ended September 29, 2024, respectively, and $1.2 million and $2.7 million for the three and nine months ended October 1, 2023, respectively. While management believes the estimates and assumptions underlying its current forecasts are reasonable, there is risk that additional charges may be necessary if current forecasts are greater than actual demand. Property and equipment, net
(In thousands) |  | September 29, 2024 |  |  | December 31, 2023 |
Machinery and equipment |  | $ | 52,515 |  |  | $ | 47,826 |
Furniture, fixtures, and leasehold improvements |  |  | 19,705 |  |  |  | 18,205 |
Software |  |  | 24,405 |  |  |  | 25,760 |
Computer equipment |  |  | 5,355 |  |  |  | 5,458 |
Total property and equipment, gross |  |  | 101,980 |  |  |  | 97,249 |
Accumulated depreciation |  |  | (91,340 | ) |  |  | (88,976 | )
Total |  | $ | 10,640 |  |  | $ | 8,273 |
Other non-current assets
(In thousands) |  | September 29, 2024 |  |  | December 31, 2023 |
Non-current deferred income taxes |  | $ | 3,120 |  |  | $ | 3,343 |
Long-term investments |  |  | 8,492 |  |  |  | 8,367 |
Other |  |  | 4,011 |  |  |  | 5,616 |
Total |  | $ | 15,623 |  |  | $ | 17,326 |
Long-term equity investments The Company’s long-term investments are comprised of equity investments without readily determinable fair values, investments in convertible debt securities and investments in limited partnership funds. The changes in the carrying value of equity investments without readily determinable fair values were as follows:
| Nine months ended |  |
(In thousands) | September 29, 2024 |  |  | October 1, 2023 |  |
Carrying value as of the beginning of the period (1) | $ | 6,053 |  |  | $ | 6,053 |  |
Carrying value as of the end of the period (1) | $ | 6,053 |  |  | $ | 6,053 |  |
(1) The balances excluded an investment in limited partnership funds of $2.4 million as of September 29, 2024, $2.2 million as of October 1, 2023, $2.3 million as of December 31, 2023, and $1.7 million as of December 31, 2022. Additionally, the balance excluded an investment in convertible debt securities of $0.2 million as of December 31, 2022. For such equity investments without readily determinable fair values still held on September 29, 2024, there were no cumulative downward adjustments for price changes and impairment and the cumulative upward adjustments for price changes was $0.3 million. Other accrued liabilities
(In thousands) |  | September 29, 2024 |  |  | December 31, 2023 |
Current operating lease liabilities |  | $ | 11,531 |  |  | $ | 11,869 |
Sales and marketing |  |  | 67,055 |  |  |  | 75,535 |
Warranty obligations |  |  | 4,785 |  |  |  | 5,738 |
Sales returns(1) |  |  | 31,860 |  |  |  | 34,824 |
Freight and duty |  |  | 4,397 |  |  |  | 2,837 |
Other |  |  | 35,565 |  |  |  | 37,281 |
Total |  | $ | 155,193 |  |  | $ | 168,084 |
(1) Inventory expected to be received from future sales returns amounted to $15.2 million and $16.9 million as of September 29, 2024 and December 31, 2023, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $8.7 million and $9.7 million as of September 29, 2024 and December 31, 2023, respectively.

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