Cash, Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 30, 2023

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:

	September 28, 2024
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	14,647	$	—	$	—	$	14,647
Money market funds		8,766		—		—		8,766
Certificates of deposit		250		—		—		250
Commercial paper		11,796		—		2		11,794
U.S. treasury securities		600		—		—		600
Total cash and cash equivalents	$	36,059	$	—	$	2	$	36,057
Short-term investments:
Certificates of deposit	$	3,270	$	13	$	—	$	3,283
Commercial paper		10,591		22		—		10,613
Corporate bonds and medium-term notes		3,356		8		—		3,364
U.S. treasury and agency securities		9,812		19		—		9,831
Total short-term investments	$	27,029	$	62	$	—	$	27,091
Long-term investments:
Asset backed securities	$	894	$	—	$	—	$	894
Corporate bonds and medium-term notes		3,364		25		—		3,389
U.S. treasury and agency securities		3,927		66		—		3,993
Total long-term investments	$	8,185	$	91	$	—	$	8,276
Total cash, cash equivalents, and investments	$	71,273	$	153	$	2	$	71,424

	December 30, 2023
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	19,050	$	—	$	—	$	19,050
Money market funds		15,090		—		—		15,090
Commercial paper		14,659		—		4		14,655
U.S. treasury securities		2,646		—		—		2,646
Total cash and cash equivalents	$	51,445	$	—	$	4	$	51,441
Short-term investments:
Asset backed securities	$	12	$	—	$	—	$	12
Certificates of deposit		1,850		—		—		1,850
Commercial paper		3,506		—		1		3,505
Corporate bonds and medium-term notes		5,373		—		36		5,337
Municipal bonds		221		—		2		219
U.S. treasury and agency securities		6,498		1		17		6,482
Total short-term investments	$	17,460	$	1	$	56	$	17,405
Long-term investments:
Asset backed securities	$	460	$	—	$	4	$	456
Corporate bonds and medium-term notes		2,230		1		—		2,231
Total long-term investments	$	2,690	$	1	$	4	$	2,687
Total cash, cash equivalents, and investments	$	71,595	$	2	$	64	$	71,533

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of investment securities at September 28, 2024 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	48,441	$	48,501
Due after one through five years		8,185		8,276
	$	56,626	$	56,777

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 September 28, 2024.

	September 28, 2024
	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)
Commercial paper	$	11,428	$	2	$	—	$	—

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 September 28, 2024.

	Fair Value Measurements at September 28, 2024
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Investment securities
Money market funds	$	8,766	$	8,766	$	—
U.S. treasury and agency securities		14,424		14,424		—
Asset-backed securities		894		—		894
Certificates of deposit		3,533		—		3,533
Commercial paper		22,407		—		22,407
Corporate bonds and medium-term notes		6,753		—		6,753
Total recurring fair value measurements	$	56,777	$	23,190	$	33,587