Financial Instruments (Tables)

9 Months Ended

Nov. 05, 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 third 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 Third 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	$	—	$	—	$	—	$	26,907	$	16,947	$	—	$	9,960
Level 2
U.S. government treasury notes	349,092		80		(3,144)		346,028		—		346,028		—
U.S. government agencies	4,395		—		(6)		4,389		—		4,389		—
Corporate debt securities	406,659		208		(4,575)		402,292		—		402,292		—
Foreign government bonds	1,290		—		(25)		1,265		—		1,265		—
Asset-backed securities	65,644		48		(746)		64,946		—		64,946		—
Municipal bonds	3,010		—		(62)		2,948		—		2,948		—
Total	$	830,090	$	336	$	(8,558)	$	848,775	$	16,947	$	821,868	$	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 Third Quarter of Fiscal 2024
	Amortized Cost		Fair Value
Due within one year	$	405,765	$	400,902
Due in one to five years	423,560		420,200
Due in five to ten years	765		766
Total	$	830,090	$	821,868

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 third 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 Third 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	$	216,545	$	(1,743)	$	72,662	$	(1,401)	$	289,207	$	(3,144)
U.S. government agencies	4,389		(6)		—		—		4,389		(6)
Corporate debt securities	192,151		(1,055)		135,200		(3,520)		327,351		(4,575)
Foreign government bonds	699		—		566		(25)		1,265		(25)
Asset-backed securities	36,738		(250)		15,263		(496)		52,001		(746)
Municipal bonds	—		—		2,948		(62)		2,948		(62)
Total	$	450,522	$	(3,054)	$	226,639	$	(5,504)	$	677,161	$	(8,558)