Short-Term Investments

6 Months Ended

Jun. 28, 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 June 28, 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 June 28, 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	$	116,209	$	3	$	(178)	$	116,034
Corporate bonds	76,638		6		(52)		76,592
Commercial paper instruments	3,574		—		(1)		3,573
Asset-backed securities	2,578		—		(6)		2,572
Total short-term investments	$	198,999	$	9	$	(237)	$	198,771

As of June 28, 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 half of 2024.

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


	Second Quarter		First Half
(in thousands)	2024		2024
Gross realized gains	$	—	$	—
Gross realized losses	—		—
Proceeds	15,527		16,643

There was no realized activity during the second quarter of 2023 or the first half of 2023, as the Company did not have any short-term investments during those periods.