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Investments Available for Sale
 3 Months Ended
Mar. 28, 2025
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):

 

 

 

March 28, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

6,851

 

 

$

2

 

 

$

—

 

 

$

6,853

 

 

$

—

 

 

$

6,853

 

Certificates of deposit

 

 

1,784

 

 

 

1

 

 

 

—

 

 

 

1,785

 

 

 

—

 

 

 

1,785

 

U.S. Treasury securities

 

 

8,368

 

 

 

1

 

 

 

(1

)

 

 

8,368

 

 

 

8,368

 

 

 

—

 

Corporate debt securities

 

 

32,656

 

 

 

1

 

 

 

(16

)

 

 

32,641

 

 

 

—

 

 

 

32,641

 

Total investments AFS

 

$

49,659

 

 

$

5

 

 

$

(17

)

 

$

49,647

 

 

$

8,368

 

 

$

41,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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 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 three months ended March 28, 2025 and March 29, 2024.

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

 

 

 

As of March 28, 2025

 

 

 

Within one year

 

 

After one year through five years

 

 

 

Total

 

Commercial paper

 

$

6,853

 

 

$

—

 

 

 

$

6,853

 

Certificates of deposit

 

 

1,785

 

 

 

—

 

 

 

 

1,785

 

U.S. Treasury securities

 

 

8,368

 

 

 

—

 

 

 

 

8,368

 

Corporate debt securities

 

 

32,641

 

 

 

—

 

 

 

 

32,641

 

Total investments AFS

 

$

49,647

 

 

$

—

 

 

 

$

49,647

 

 

Note 2 — Investments Available for Sale (Continued)

During the three months ended March 28, 2025, one of the Company’s investments AFS with an aggregate fair value of $362,000 was subject to early redemption. The Company recognized a gain of less than $1,000 for the three months ended March 28, 2025. During the three months ended March 29, 2024, two of the Company’s investments AFS with an aggregate fair value of $850,000 were subject to early redemption. The Company recognized a gain of $3,000 for the three months ended March 29, 2024.