v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 28, 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 September 28, 2025 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$152,453 $— $— $152,453 $152,453 $— $— 
Money market instrumentsLevel 157,023 — — 57,023 57,023 — — 
Certificates of depositLevel 236,422 — — 36,422 36,422 — — 
Corporate bondsLevel 2315,660 2,697 (592)317,765 — 51,879 265,886 
Treasury notesLevel 229,604 113 (7)29,710 — — 29,710 
Asset-backed securitiesLevel 24,822 — (340)4,482 — — 4,482 
Treasury billsLevel 21,489 — — 1,489 — 1,489 — 
Sovereign bondsLevel 21,000 — — 1,000 — 1,000 — 
Total$598,473 $2,810 $(939)$600,344 $245,898 $54,368 $300,078 
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 nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Gross realized gains$116 $— $173 $8 
Gross realized losses(20)— (23)(16)
Net realized gains (losses)$96 $— $150 $(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 September 28, 2025 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$51,879 $73,474 $93,202 $70,619 $28,591 $— $317,765 
Treasury notes— 18,690 11,020 — — — 29,710 
Asset-backed securities— — — 1,713 — 2,769 4,482 
Treasury bills1,489 — — — — — 1,489 
Sovereign bonds1,000 — — — — — 1,000 
$54,368 $92,164 $104,222 $72,332 $28,591 $2,769 $354,446 
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company had the following outstanding forward contracts (in thousands):
September 28, 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 Renminbi90,000 12,628 95,000 12,990 
Mexican Peso100,000 5,417 220,000 10,701 
Hungarian Forint2,500,000 7,466 2,360,000 5,951 
British Pound4,000 5,362 3,200 4,008 
Japanese Yen200,000 1,341 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 LevelSeptember 28, 2025December 31, 2024Balance Sheet LocationFair Value LevelSeptember 28, 2025December 31, 2024
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assetsLevel 2$262 $689 Accrued expensesLevel 2$316 $757 
Activity:
Gross amounts recognized$262 $689 $316 $757 
Gross amounts offset— — — — 
Net amounts presented on the Consolidated Balance Sheets$262 $689 $316 $757 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments on the Consolidated Statements of Operations was as follows (in thousands):
Statement of Operations LocationThree-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(447)$944 $(1,414)$1,575 
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 September 28, 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$72,812 $(190)$33,955 $(403)$106,767 $(593)
Treasury notes11,075 (6)— — 11,075 (6)
Asset-backed securities— — 4,483 (340)4,483 (340)
Sovereign bonds— — 1,000 — 1,000 — 
$83,887 $(196)$39,438 $(743)$123,325 $(939)
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)