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 September 26, 2025 and December 31, 2024, all of the Company’s short-term investments

were classified as available-for-sale. 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 sheets as a component of accumulated other comprehensive income.

As of September 26, 2025, 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	$	106,368	$	56	$	—	$	106,424
Corporate bonds	29,529		21		(12)		29,538
Commercial paper instruments	13,099		—		—		13,099
Asset-backed securities	—		—		—		—
Total short-term investments	$	148,996	$	77	$	(12)	$	149,061

As of December 31, 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	$	178,016	$	67	$	(44)	$	178,039
Corporate bonds	103,970		77		(78)		103,969
Commercial paper instruments	17,657		6		—		17,663
Asset-backed securities	1,534		5		—		1,539
Total short-term investments	$	301,177	$	155	$	(122)	$	301,210

As of September 26, 2025 and December 31, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheets 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 nine months of 2025 or the first nine months of 2024.

The sale and/or maturity of available-for-sale investments resulted in the following realized activity during the third quarter and first nine months of 2025 and 2024:


	Third Quarter				First Nine Months
(in thousands)	2025		2024		2025		2024
Gross realized gains	$	21	$	—	$	21	$	—
Gross realized losses	(46)		—		(46)		—
Proceeds	282,161		55,589		506,646		72,232