Financial Instruments (Tables)

3 Months Ended

May 07, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents, Marketable Securities and Restricted Cash

The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2023 and the first quarter of fiscal 2024 (in thousands):

 

	At the End of Fiscal 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	49,733	$	39,189	$	—	$	10,544
Level 2
U.S. government treasury notes	425,977		170		(4,229)		421,918		32,008		389,910		—
U.S. government agencies	23,795		—		(289)		23,506		—		23,506		—
Corporate debt securities	527,164		901		(9,300)		518,765		—		518,765		—
Foreign government bonds	4,797		—		(44)		4,753		—		4,753		—
Asset-backed securities	61,371		281		(1,016)		60,636		—		60,636		—
Municipal bonds	3,950		—		(168)		3,782		—		3,782		—
Total	$	1,047,054	$	1,352	$	(15,046)	$	1,083,093	$	71,197	$	1,001,352	$	10,544

	At the End of the First Quarter of Fiscal 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	28,305	$	18,345	$	—	$	9,960
Level 2
U.S. government treasury notes	253,286		634		(2,885)		251,035		—		251,035		—
U.S. government agencies	18,991		18		(95)		18,914		—		18,914		—
Corporate debt securities	479,168		1,049		(7,091)		473,126		—		473,126		—
Foreign government bonds	1,590		—		(31)		1,559		—		1,559		—
Asset-backed securities	57,826		275		(838)		57,263		—		57,263		—
Municipal bonds	3,950		—		(132)		3,818		—		3,818		—
Total	$	814,811	$	1,976	$	(11,072)	$	834,020	$	18,345	$	805,715	$	9,960

Schedule of Amortized Cost and Estimated Fair Value

The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands):

	At the End of the First Quarter of Fiscal 2024
	Amortized Cost		Fair Value
Due within one year	$	358,506	$	353,414
Due in one to five years	456,305		452,301
Total	$	814,811	$	805,715

Schedule of Gross Unrealized Losses and Fair Values

The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2023 and the first quarter of fiscal 2024, aggregated by investment category (in thousands):

	At the End of Fiscal 2023
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government treasury notes	$	250,046	$	(130)	$	127,976	$	(4,099)	$	378,022	$	(4,229)
U.S. government agencies	5,194		(5)		18,312		(284)		23,506		(289)
Corporate debt securities	99,446		(330)		277,717		(8,970)		377,163		(9,300)
Foreign government bonds	3,200		(5)		551		(39)		3,751		(44)
Asset-backed securities	3,060		(25)		22,221		(991)		25,281		(1,016)
Municipal bonds	—		—		3,782		(168)		3,782		(168)
Total	$	360,946	$	(495)	$	450,559	$	(14,551)	$	811,505	$	(15,046)

	At the End of the First Quarter of Fiscal 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government treasury notes	$	21,981	$	(40)	$	100,205	$	(2,845)	$	122,186	$	(2,885)
U.S. government agencies	999		(1)		14,505		(94)		15,504		(95)
Corporate debt securities	90,761		(363)		242,140		(6,728)		332,901		(7,091)
Foreign government bonds	1,000		—		559		(31)		1,559		(31)
Asset-backed securities	6,626		(15)		20,034		(823)		26,660		(838)
Municipal bonds	—		—		3,818		(132)		3,818		(132)
Total	$	121,367	$	(419)	$	381,261	$	(10,653)	$	502,628	$	(11,072)