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Investments Available for Sale
 6 Months Ended
Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Available for Sale

Note 2 — Investments Available for Sale

Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands):

 

 

 

June 28, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

3,565

 

 

$

1

 

 

$

—

 

 

$

3,566

 

 

$

—

 

 

$

3,566

 

Certificates of deposit

 

 

1,762

 

 

 

1

 

 

 

—

 

 

 

1,763

 

 

 

—

 

 

 

1,763

 

U.S. Treasury securities

 

 

13,943

 

 

 

—

 

 

 

(66

)

 

 

13,877

 

 

 

13,877

 

 

 

—

 

U.S. agency securities

 

 

989

 

 

 

—

 

 

 

(2

)

 

 

987

 

 

 

—

 

 

 

987

 

Corporate debt securities

 

 

22,503

 

 

 

3

 

 

 

(10

)

 

 

22,496

 

 

 

—

 

 

 

22,496

 

Total investments AFS

 

$

42,762

 

 

$

5

 

 

$

(78

)

 

$

42,689

 

 

$

13,877

 

 

$

28,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 29, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

7,720

 

 

$

9

 

 

$

—

 

 

$

7,729

 

 

$

—

 

 

$

7,729

 

Certificates of deposit

 

 

3,716

 

 

 

4

 

 

 

—

 

 

 

3,720

 

 

 

—

 

 

 

3,720

 

U.S. Treasury securities

 

 

23,036

 

 

 

3

 

 

 

(56

)

 

 

22,983

 

 

 

22,983

 

 

 

—

 

U.S. agency securities

 

 

3,423

 

 

 

—

 

 

 

(4

)

 

 

3,419

 

 

 

—

 

 

 

3,419

 

Corporate debt securities

 

 

11,538

 

 

 

12

 

 

 

(10

)

 

 

11,540

 

 

 

—

 

 

 

11,540

 

Total investments AFS

 

$

49,433

 

 

$

28

 

 

$

(70

)

 

$

49,391

 

 

$

22,983

 

 

$

26,408

 

 

The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events.

The Company assessed each debt security with gross unrealized losses for impairment. As part of that assessment, the Company concluded that it does not intend to sell and it is more-likely-than-not that the Company will not be required to sell, prior to the recovery of the amortized cost basis. The Company did not recognize impairment for the three and six months ended June 28, 2024.

Note 2 — Investments Available for Sale (Continued)

The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):

 

 

 

As of June 28, 2024

 

 

 

Within one year

 

 

After one year through five years

 

 

 

Total

 

Commercial paper

 

$

3,566

 

 

$

—

 

 

 

$

3,566

 

Certificates of deposit

 

 

1,763

 

 

 

—

 

 

 

 

1,763

 

U.S. Treasury securities

 

 

13,877

 

 

 

—

 

 

 

 

13,877

 

U.S. agency securities

 

 

987

 

 

 

—

 

 

 

 

987

 

Corporate debt securities

 

 

22,231

 

 

 

265

 

 

 

 

22,496

 

Total investments AFS

 

$

42,424

 

 

$

265

 

 

 

$

42,689

 

 

During the six months ended June 28, 2024, two of the Company’s investments AFS of $850,000, were subject to early redemption. The Company recognized a gain upon redemption of $3,000 during the six months ended June 28, 2024. During the six months ended June 30, 2023, one of the Company’s investments AFS was the subject of a downgraded credit rating. The Company sold its investments of $600,000 following the downgrade. The Company recognized a realized gain upon sale of $2,000 during the six months ended June 30, 2023.