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Short-Term Investments | 3 Months Ended
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Mar. 29, 2024
Investments, Debt and Equity Securities [Abstract] |
Short-Term Investments | Short-Term Investments 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 March 29, 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 March 29, 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 |  | $ | 115,297 |  |  | $ | 4 |  |  | $ | (176) |  |  | $ | 115,125 |
Corporate bonds |  | 62,128 |  |  | 1 |  |  | (53) |  |  | 62,076 |
Commercial paper instruments |  | 3,482 |  |  | — |  |  | (2) |  |  | 3,480 |
Asset-backed securities |  | 2,964 |  |  | — |  |  | (6) |  |  | 2,958 |
Total short-term investments |  | $ | 183,871 |  |  | $ | 5 |  |  | $ | (237) |  |  | $ | 183,639 |
As of March 29, 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 quarter of 2024. The sale and/or maturity of available-for-sale investments resulted in the following realized activity during the first quarter of 2024:
|  | First Quarter |  |
(in thousands) |  | 2024 |  |  |  |
Gross realized gains |  | $ | — |  |  |  |  |
Gross realized losses |  | — |  |  |  |  |
Proceeds |  | 1,116 |  |  |  |  |
There was no realized activity during the first quarter of 2023, as the Company did not have any short-term investments during that period.

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