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Cash, Cash Equivalents, and Investments
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
June 30, 2024December 31, 2023
Cash$141,508 $183,242 
Treasury bills26,934 — 
Certificate of deposit7,601 — 
Money market instruments583 19,413 
Cash and cash equivalents176,626 202,655 
Corporate bonds103,654 124,851 
Asset-backed securities5,346 3,551 
Treasury notes2,449 — 
Sovereign bonds1,000 990 
Current investments112,449 129,392 
Corporate bonds212,688 183,965 
Treasury notes42,593 43,523 
Asset-backed securities9,958 15,763 
Sovereign bonds975 979 
Non-current investments266,214 244,230 
$555,289 $576,277 
Corporate bonds consist of debt securities issued by both domestic and foreign companies; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury notes consist of debt securities issued by the U.S. government; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of June 30, 2024 and December 31, 2023 were denominated in U.S. Dollars.
Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,383,000 and $3,169,000 as of June 30, 2024 and December 31, 2023, respectively.
The following table summarizes the Company’s available-for-sale investments as of June 30, 2024 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$105,250 $— $(1,596)$103,654 
Asset-backed securities5,426 — (80)5,346 
Treasury notes2,500 (51)2,449 
Sovereign bonds1,001 — (1)1,000 
Non-current:
Corporate bonds217,537 73 (4,922)212,688 
Treasury notes43,362 — (769)42,593 
Asset-backed securities10,689 — (731)9,958 
Sovereign bonds1,025 — (50)975 
$386,790 $73 $(8,200)$378,663 
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$128,150 $— $(3,299)$124,851 
Asset-backed securities3,637 — (86)3,551 
Sovereign bonds1,012 — (22)990 
Non-current:
Corporate bonds189,326 506 (5,867)183,965 
Treasury notes43,654 82 (213)43,523 
Asset-backed securities16,773 — (1,010)15,763 
Sovereign bonds1,037 — (58)979 
$383,589 $588 $(10,555)$373,622 
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 June 30, 2024 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$93,328 $(962)$203,251 $(5,556)$296,579 $(6,518)
Treasury notes22,107 (284)22,936 (536)45,043 (820)
Asset-backed securities9,599 (716)5,705 (95)15,304 (811)
Sovereign bonds— — 1,974 (51)1,974 (51)
$125,034 $(1,962)$233,866 $(6,238)$358,900 $(8,200)
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 December 31, 2023 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$30,770 $(359)$226,643 $(8,807)$257,413 $(9,166)
Treasury notes20,725 (153)2,441 (60)23,166 (213)
Asset-backed securities17,062 (1,049)2,252 (47)19,314 (1,096)
Sovereign bonds— — 1,968 (80)1,968 (80)
$68,557 $(1,561)$233,304 $(8,994)$301,861 $(10,555)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of June 30, 2024 or December 31, 2023. Management currently intends to hold these securities to full value recovery at maturity.
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month periods ended June 30, 2024 and July 2, 2023 (in thousands):
Three-months EndedSix-months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Gross realized gains$6 $— $8 $— 
Gross realized losses(16)— (16)— 
Net realized gains (losses)$(10)$— $(8)$— 
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss).
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of June 30, 2024 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$103,654 $59,638 $57,273 $61,410 $34,367 $— $316,342 
Treasury notes2,449 987 18,909 22,697 — 45,042 
Asset-backed securities5,346 4,060 — — 2,162 3,736 15,304 
Sovereign bonds1,000 975 — — — — 1,975 
$112,449 $65,660 $76,182 $84,107 $36,529 $3,736 $378,663