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Short-Term Investments | 6 Months Ended
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Jun. 28, 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 June 28, 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 June 28, 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 |  | $ | 116,209 |  |  | $ | 3 |  |  | $ | (178) |  |  | $ | 116,034 |
Corporate bonds |  | 76,638 |  |  | 6 |  |  | (52) |  |  | 76,592 |
Commercial paper instruments |  | 3,574 |  |  | — |  |  | (1) |  |  | 3,573 |
Asset-backed securities |  | 2,578 |  |  | — |  |  | (6) |  |  | 2,572 |
Total short-term investments |  | $ | 198,999 |  |  | $ | 9 |  |  | $ | (237) |  |  | $ | 198,771 |
As of June 28, 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 half of 2024. The sale and/or maturity of available-for-sale investments resulted in the following realized activity during the second quarter of 2024 and the first half of 2024:
|  | Second Quarter |  | First Half |  |
(in thousands) |  | 2024 |  | 2024 |  |  |  |
Gross realized gains |  | $ | — |  |  | $ | — |  |  |  |  |
Gross realized losses |  | — |  |  | — |  |  |  |  |
Proceeds |  | 15,527 |  |  | 16,643 |  |  |  |  |
There was no realized activity during the second quarter of 2023 or the first half of 2023, as the Company did not have any short-term investments during those periods.

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