Financial Instruments (Tables)

3 Months Ended

May 05, 2024

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 2024 and the first quarter of fiscal 2025 (in thousands):

 

	At the End of Fiscal 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	32,422	$	22,827	$	—	$	9,595
Level 2
U.S. government treasury notes	340,168		584		(1,374)		339,378		1,834		337,544		—
U.S. government agencies	4,397		2		—		4,399		—		4,399		—
Corporate debt securities	419,051		1,163		(2,262)		417,952		—		417,952		—
Foreign government bonds	1,290		6		(16)		1,280		—		1,280		—
Asset-backed securities	65,947		279		(316)		65,910		—		65,910		—
Municipal bonds	1,510		—		(38)		1,472		—		1,472		—
Total	$	832,363	$	2,034	$	(4,006)	$	862,813	$	24,661	$	828,557	$	9,595

	At the End of the First Quarter of Fiscal 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	35,531	$	25,936	$	—	$	9,595
Level 2
U.S. government treasury notes	331,983		23		(1,912)		330,094		10,442		319,652		—
U.S. government agencies	4,398		1		(2)		4,397		—		4,397		—
Corporate debt securities	424,317		418		(1,998)		422,737		—		422,737		—
Foreign government bonds	1,290		1		(11)		1,280		—		1,280		—
Asset-backed securities	74,115		50		(317)		73,848		—		73,848		—
Municipal bonds	1,510		—		(27)		1,483		—		1,483		—
Total	$	837,613	$	493	$	(4,267)	$	869,370	$	36,378	$	823,397	$	9,595

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 2025
	Amortized Cost		Fair Value
Due within one year	$	329,146	$	326,989
Due in one to five years	495,475		493,878
Due in five to ten years	2,550		2,530
Total	$	827,171	$	823,397

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 2024 and the first quarter of fiscal 2025, aggregated by investment category (in thousands):

	At the End 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	$	166,565	$	(725)	$	47,842	$	(649)	$	214,407	$	(1,374)
Corporate debt securities	116,247		(260)		104,810		(2,002)		221,057		(2,262)
Foreign government bonds	—		—		573		(16)		573		(16)
Asset-backed securities	12,029		(34)		13,800		(282)		25,829		(316)
Municipal bonds	—		—		1,472		(38)		1,472		(38)
Total	$	294,841	$	(1,019)	$	168,497	$	(2,987)	$	463,338	$	(4,006)

	At the End of the First Quarter of Fiscal 2025
	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	$	289,528	$	(1,567)	$	20,975	$	(345)	$	310,503	$	(1,912)
U.S. government agencies	1,996		(2)		—		—		1,996		(2)
Corporate debt securities	224,065		(795)		83,781		(1,203)		307,846		(1,998)
Foreign government bonds	—		—		579		(11)		579		(11)
Asset-backed securities	48,053		(174)		10,802		(143)		58,855		(317)
Municipal bonds	—		—		1,483		(27)		1,483		(27)
Total	$	563,642	$	(2,538)	$	117,620	$	(1,729)	$	681,262	$	(4,267)