Cash, Cash Equivalents, and Investments (Tables)

3 Months Ended

Apr. 03, 2022

Cash and Cash Equivalents [Abstract]

Components of Cash, Cash Equivalents, and Investments

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

	April 3, 2022		December 31, 2021
Cash	$	158,285	$	185,624
Treasury bills	7,001		—
Money market instruments	483		537
Cash and cash equivalents	165,769		186,161
Corporate bonds	97,772		73,088
Asset-backed securities	37,084		37,655
Treasury bills	10,204		18,912
Agency bonds	2,801		2,802
Municipal bonds	1,105		4,998
Current investments	148,966		137,455
Corporate bonds	414,366		481,218
Asset-backed securities	36,211		43,940
Agency bonds	15,834		16,077
Treasury bills	10,383		39,753
Sovereign bonds	2,007		2,119
Municipal bonds	628		641
Non-current investments	479,429		583,748
	$	794,164	$	907,364

Summary of Available-for-Sale Investments

The following table summarizes the Company’s available-for-sale investments as of April 3, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Corporate bonds	$	98,122	$	58	$	(408)	$	97,772
Asset-backed securities	37,300		12		(228)		37,084
Treasury bills	10,247		—		(43)		10,204
Agency bonds	2,800		1		—		2,801
Municipal bonds	1,105		—		—		1,105
Non-current:
Corporate bonds	433,204		8		(18,846)		414,366
Asset-backed securities	37,579		—		(1,368)		36,211
Agency bonds	16,133		—		(299)		15,834
Treasury bills	10,592		1		(210)		10,383
Sovereign bonds	2,130		—		(123)		2,007
Municipal bonds	635		—		(7)		628
	$	649,847	$	80	$	(21,532)	$	628,395

Gross Unrealized Losses and Fair Values for Available-for-Sale Investments

The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of April 3, 2022 (in thousands):

	Unrealized Loss Position For:
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	425,643	$	(17,258)	$	45,219	$	(1,996)	$	470,862	$	(19,254)
Asset-backed securities	65,603		(1,592)		556		(4)		66,159		(1,596)
Treasury bills	15,982		(250)		102		(3)		16,084		(253)
Agency bonds	15,834		(299)		—		—		15,834		(299)
Sovereign bonds	2,007		(123)		—		—		2,007		(123)
Municipal bonds	1,733		(7)		—		—		1,733		(7)
	$	526,802	$	(19,529)	$	45,877	$	(2,003)	$	572,679	$	(21,532)

Effective Maturity Dates of Available-for-Sale Investments

The following table presents the effective maturity dates of the Company’s available-for-sale investments as of April 3, 2022 (in thousands):

	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	97,772	$	175,124	$	168,060	$	47,259	$	23,923	$	512,138
Asset-backed securities	37,084		21,883		—		14,328		—		73,295
Treasury bills	10,204		10,383		—		—		—		20,587
Agency bonds	2,801		15,834		—		—		—		18,635
Sovereign bonds	—		—		1,007		1,000		—		2,007
Municipal bonds	1,105		628		—		—		—		1,733
	$	148,966	$	223,852	$	169,067	$	62,587	$	23,923	$	628,395