Cash, Cash Equivalents, and Marketable Securities

3 Months Ended

Apr. 02, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Marketable Securities

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 commercial paper, corporate debt securities, municipal securities 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 commercial paper, U.S. government agency securities, corporate debt securities, municipal securities 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 the 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. There were no realized gains and losses for the period ended April 2, 2022.

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

	April 2, 2022		December 31, 2021
Cash and cash equivalents:
Cash	$	26,269	$	26,442
Commercial paper	9,139		21,582
U.S. government agency securities	3,797		—
U.S. government securities	2,499		—
Municipal securities	1,760		—
Money market funds	805		2,320
Corporate debt securities	100		989
Total cash and cash equivalents	44,369		51,333
Marketable securities:
U.S. government securities	88,727		60,279
Commercial paper	69,279		80,812
U.S. government agency securities	6,613		5,527
Municipal securities	2,226		2,808
Corporate debt securities	1,911		3,576
Total marketable securities	168,756		153,002
	$	213,125	$	204,335

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 as of April 2, 2022 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Losses		Fair Value
U.S. government securities	$	89,943	$	(1,216)	$	88,727
Commercial paper	69,317		(38)		69,279
U.S. government agency securities	6,685		(72)		6,613
Municipal securities	2,231		(5)		2,226
Corporate debt securities	1,916		(5)		1,911
Total marketable securities	$	170,092	$	(1,336)	$	168,756

Unrealized gains and losses were de minimis as of December 31, 2021.