v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2025
Fair Value Disclosures [Abstract]  
Summary of Available-for-Sale Investments
The following table summarizes the Company’s cash, cash equivalents, and investments as of June 29, 2025 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$151,362 $— $— $151,362 $151,362 $— $— 
Money market instrumentsLevel 1656 — — 656 656 — — 
Certificates of depositLevel 225,293 — — 25,293 25,293 — — 
Treasury billsLevel 22,000 — — 2,000 2,000 — — 
Corporate bondsLevel 2334,656 2,292 (1,023)335,925 — 47,809 288,115 
Treasury notesLevel 231,408 98 (23)31,483 — — 31,484 
Asset-backed securitiesLevel 25,245 — (409)4,836 — 87 4,749 
Sovereign bondsLevel 21,001 — (5)996 — 996 — 
Total$551,621 $2,390 $(1,460)$552,551 $179,311 $48,892 $324,348 
The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2024 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$170,852 $— $— $170,852 $170,852 $— $— 
Money market instrumentsLevel 115,242 — — 15,242 15,242 — — 
Corporate bondsLevel 2344,804 411 (4,299)340,916 — 55,742 285,174 
Treasury notesLevel 246,071 2 (439)45,634 — 2,487 43,147 
Asset-backed securitiesLevel 213,870 — (556)13,314 — 737 12,577 
Sovereign bondsLevel 21,013 — (23)990 — 990 — 
Total$591,852 $413 $(5,317)$586,948 $186,094 $59,956 $340,898 
Realized Gain (Loss) on Investments
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and six-month periods ended June 29, 2025 and June 30, 2024 (in thousands):
Three-months EndedSix-months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Gross realized gains$30 $6 $57 $8 
Gross realized losses(3)(16)(3)(16)
Net realized gains (losses)$27 $(10)$54 $(8)
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 June 29, 2025 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$47,809 $74,948 $106,924 $71,479 $34,765 $— $335,925 
Treasury notes— 15,163 16,320 — — — 31,483 
Asset-backed securities87 — — 1,774 — 2,975 4,836 
Sovereign bonds996 — — — — — 996 
$48,892 $90,111 $123,244 $73,253 $34,765 $2,975 $373,240 
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company had the following outstanding forward contracts (in thousands):
June 29, 2025December 31, 2024
CurrencyNotional
Value		USD
Equivalent		Notional
Value		USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar38,000 $29,317 40,000 $29,457 
Chinese Renminbi70,000 9,780 95,000 12,990 
Mexican Peso150,000 7,939 220,000 10,701 
Hungarian Forint2,500,000 7,344 2,360,000 5,951 
Indian Rupee500,000 5,844 — — 
British Pound4,000 5,486 3,200 4,008 
Korean Won7,000,000 5,155 — — 
Japanese Yen300,000 2,080 2,000,000 12,789 
Euro— — 25,000 26,029 
Swiss Franc— — 2,200 2,432 
Canadian Dollar— — 2,000 1,390 
Offsetting Assets
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
 Asset DerivativesLiability Derivatives
 Fair ValueFair Value
 Balance Sheet LocationFair Value LevelJune 29, 2025December 31, 2024Balance Sheet LocationFair Value LevelJune 29, 2025December 31, 2024
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assetsLevel 2$1,065 $689 Accrued expensesLevel 2$766 $757 
Activity:
Gross amounts recognized$1,065 $689 $766 $757 
Gross amounts offset— — — — 
Net amounts presented on the Consolidated Balance Sheets$1,065 $689 $766 $757 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments on the Consolidated Statements of Operations was as follows (in thousands):
 Statement of Operations LocationThree-months Ended
Six-months Ended
 June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(420)$876 $(967)$631 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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 29, 2025 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$54,076 $(282)$52,136 $(741)$106,212 $(1,023)
Treasury notes9,708 (23)— — 9,708 (23)
Asset-backed securities— — 4,836 (409)4,836 (409)
Sovereign bonds— — 996 (5)996 (5)
$63,784 $(305)$57,968 $(1,155)$121,752 $(1,460)
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, 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$172,049 $(2,227)$87,815 $(2,071)$259,864 $(4,298)
Treasury notes42,149 (425)2,487 (14)44,636 (439)
Asset-backed securities11,024 (547)2,290 (10)13,314 (557)
Sovereign bonds— — 990 (23)990 (23)
$225,222 $(3,199)$93,582 $(2,118)$318,804 $(5,317)