Financial Instruments (Tables)

12 Months Ended

Jan. 01, 2022

Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]

Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments

Cash and cash equivalents, short-term investments and long-term investments consist of:

	January 1, 2022
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	102,494	$	—	$	—	$	102,494
Money market funds		234		—		—		234
Total cash and cash equivalents	$	102,728	$	—	$	—	$	102,728
Short-term investments:
Certificates of deposit	$	4,300	$	—	$	—	$	4,300
Commercial paper		400		—		—		400
Corporate bonds and medium-term notes		2,916		—		3		2,913
Municipal bonds		700		—		—		700
U.S. treasury securities		1,910		—		2		1,908
Total short-term investments	$	10,226	$	—	$	5	$	10,221
Long-term investments:
Asset backed securities	$	2,040	$	—	$	3	$	2,037
Certificates of deposit		500		—		3		497
Corporate bonds and medium-term notes		1,521		—		6		1,515
Municipal bonds		145		—		1		144
U.S. treasury securities		3,246		—		12		3,234
Total long-term investments	$	7,452	$	—	$	25	$	7,427
Total cash, cash equivalents, and investments	$	120,406	$	—	$	30	$	120,376

	January 2, 2021
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	24,729	$	—	$	—	$	24,729
Money market funds		3,612		—		—		3,612
Certificates of deposit		1,000		—		—		1,000
Total cash and cash equivalents	$	29,341	$	—	$	—	$	29,341
Short-term investments:
Certificates of deposit	$	6,450	$	2	$	—	$	6,452
Commercial paper		500		—		—		500
Corporate bonds and medium-term notes		2,929		6		—		2,935
Municipal bonds		400		—		—		400
U.S. treasury securities		4,527		25		—		4,552
Total short-term investments	$	14,806	$	33	$	—	$	14,839
Long-term investments:
Certificates of deposit	$	500	$	—	$	—	$	500
Corporate bonds and medium-term notes		3,474		4		—		3,478
U.S. treasury securities		1,409		1		—		1,410
Total long-term investments	$	5,383	$	5	$	—	$	5,388
Total cash, cash equivalents, and investments	$	49,530	$	38	$	—	$	49,568

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of investment securities at January 1, 2022 are presented in the following table.

	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	10,460	$	10,455
Due after one through five years		7,452		7,427
	$	17,912	$	17,882

Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired

The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of January 1, 2022.

	January 1, 2022
	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In thousands)
Asset backed securities	$	2,037	$	3	$	—	$	—
Certificates of deposit		1,497		3		—		—
Corporate bonds and medium-term notes		3,424		9		—		—
Municipal bond		464		1		—		—
U.S. treasury securities		4,642		14		—		—
	$	12,064	$	30	$	—	$	—

Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis

The following table represents the fair value hierarchy of Intevac’s investment securities measured at fair value on a recurring basis as of January 1, 2022.

	Fair Value Measurements at January 1, 2022
	Total		Level 1		Level 2
	(in thousands)
Recurring fair value measurements:
Money market funds	$	234	$	234	$	—
U.S. treasury securities		5,142		5,142		—
Asset backed securities		2,037		—		2,037
Certificates of deposit		4,797		—		4,797
Commercial paper		400		—		400
Corporate bonds and medium-term notes		4,428		—		4,428
Municipal bonds		844		—		844
Total recurring fair value measurements	$	17,882	$	5,376	$	12,506

Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets

The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of January 1, 2022 and January 2, 2021:

	Notional Amounts				Derivative Assets				Derivative Liabilities
Derivative Instrument	January 1, 2022		January 2, 2021		January 1, 2022				January 2, 2021
					Balance Sheet Line		Fair Value		Balance Sheet Line		Fair Value
	(in thousands)
Undesignated Hedges:
Forward Foreign Currency Contracts	$	815		983		a	$	1		b	$	3
Total Hedges	$	815		983			$	1			$	3

a Other current assets

b Other accrued liabilities