XML 22 R12.htm IDEA: XBRL DOCUMENT v3.23.3
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES
 9 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]  
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES

3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES

 

The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.

 

Restricted cash of approximately $0.5 million is included on the consolidated balance sheet as of September 30, 2023, and represents cash deposited by the Company into a separate account and designated as collateral for a standby letter of credit in the same amount in accordance with contractual agreements.

 

Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at fair value.” The Company records the amortization of premium and accretion of discounts on marketable debt securities in the results of operations.

 

The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three and nine months ended September 30, 2023 and September 24, 2022.

 

Investments in available-for-sale marketable debt securities were as follows at September 30, 2023 and December 31, 2022:

   Amortized Cost   Unrealized
(Losses) Gains		   Fair Value 
   2023   2022   2023   2022   2023   2022 
U.S. government and agency backed securities  $4,500,030   $2,500,006   $(61,715)  $(102,276)  $4,438,315   $2,397,730 
Corporate debt and certificates of deposit   7,250,174    2,000,012    (78,004)   (8,964)   7,172,170    1,991,048 
Total  $11,750,204   $4,500,018   $(139,719)  $(111,240)  $11,610,485   $4,388,778 

 

The contractual maturity of the Company’s marketable debt securities was as follows at September 30, 2023:

   Less than One year   One to Five years   Total 
U.S. government and agency backed securities  $2,468,075   $1,970,240   $4,438,315 
Corporate debt and certificates of deposit   3,724,927    3,447,243    7,172,170 
Total  $6,193,002   $5,417,483   $11,610,485