XML 24 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments Available for Sale
 12 Months Ended
Dec. 27, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Available for Sale

Note 2 — Investments Available for Sale

During 2022, the Company started to invest its cash in investments AFS, in accordance with its investment policy. Investments AFS and the related fair value measurement consisted of the following (dollars in thousands):

 

 

 

December 27, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

21,466

 

 

$

4

 

 

$

(2

)

 

$

21,468

 

 

$

—

 

 

$

21,468

 

Certificates of deposit

 

 

1,997

 

 

 

—

 

 

 

—

 

 

 

1,997

 

 

 

—

 

 

 

1,997

 

U.S. Treasury securities

 

 

11,356

 

 

 

3

 

 

 

(4

)

 

 

11,355

 

 

 

11,355

 

 

 

—

 

Corporate debt securities

 

 

51,527

 

 

 

14

 

 

 

(26

)

 

 

51,515

 

 

 

—

 

 

 

51,515

 

Total investments AFS

 

$

86,346

 

 

$

21

 

 

$

(32

)

 

$

86,335

 

 

$

11,355

 

 

$

74,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 (see Note 1 for information on composition of the portfolio) in a gross unrealized loss position to determine whether the decline in fair value below amortized cost was a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the debt security, the Company’s intent to sell and whether it is more-likely-than-not that the Company will not be required to sell the debt security before the recovery of the amortized cost basis. There has been no allowance for expected credit losses recorded for the years ended 2024, 2023 and 2022.

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

 

 

 

As of December 27, 2024

 

 

 

Within one year

 

 

After one year through five years

 

 

Total

 

Commercial paper

 

$

21,468

 

 

$

—

 

 

$

21,468

 

Certificates of deposit

 

 

1,997

 

 

 

—

 

 

 

1,997

 

U.S. Treasury securities

 

 

11,355

 

 

 

—

 

 

 

11,355

 

Corporate debt securities

 

 

51,515

 

 

 

—

 

 

 

51,515

 

Total investments AFS

 

$

86,335

 

 

$

—

 

 

$

86,335

 

 

Note 2 — Investments Available for Sale (Continued)

During 2024, several of the Company’s investments AFS with an aggregate fair value of $1,314,000 were subject to early redemption. The Company recognized a gain upon redemption of $3,000 for the year ended 2024. During 2023 and 2022, two of the Company’s investments AFS were the subject of a downgraded credit rating. The Company sold its investments of $1,300,000 and $359,000 during 2023 and 2022, respectively, in aggregate securities following the downgrade. The Company recognized a realized loss upon sale of less than $1,000 for the years ended 2023 and 2022.