Short-Term Investments

3 Months Ended

Mar. 29, 2024

Investments, Debt and Equity Securities [Abstract]

Short-term investments that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Short-term investments that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale. As of March 29, 2024, all of the Company’s short-term investments were classified as available-for-sale. As of December 31, 2023, the Company did not have any short-term investments. Realized gains and losses on available-for-sale investments are included in net income. Unrealized gains and losses, net of tax, on available-for-sale investments are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive income (loss).

As of March 29, 2024, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument:


			Gross Unrealized
(in thousands)	Cost		Gains		Losses		Estimated Fair Value
U.S. Treasury securities	$	115,297	$	4	$	(176)	$	115,125
Corporate bonds	62,128		1		(53)		62,076
Commercial paper instruments	3,482		—		(2)		3,480
Asset-backed securities	2,964		—		(6)		2,958
Total short-term investments	$	183,871	$	5	$	(237)	$	183,639

As of March 29, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheet and had weighted average maturities of less than one year. The Company did not identify any other-than-temporary impairment on its available-for-sale investments during the first quarter of 2024.

The sale and/or maturity of available-for-sale investments resulted in the following realized activity during the first quarter of 2024:


	First Quarter
(in thousands)	2024
Gross realized gains	$	—
Gross realized losses	—
Proceeds	1,116

There was no realized activity during the first quarter of 2023, as the Company did not have any short-term investments during that period.