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Short-Term Investments | 3 Months Ended
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Mar. 28, 2025
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 28, 2025 and December 31, 2024, all of the Company’s short-term investments were classified as available-for-sale. 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 sheets as a component of accumulated other comprehensive income. As of March 28, 2025, 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 |  | $ | 204,941 |  |  | $ | 71 |  |  | $ | (31) |  |  | $ | 204,981 |
Corporate bonds |  | 123,894 |  |  | 29 |  |  | (53) |  |  | 123,870 |
Commercial paper instruments |  | 10,137 |  |  | — |  |  | — |  |  | 10,137 |
Asset-backed securities |  | 1,059 |  |  | 3 |  |  | — |  |  | 1,062 |
Total short-term investments |  | $ | 340,031 |  |  | $ | 103 |  |  | $ | (84) |  |  | $ | 340,050 |
As of December 31, 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 |  | $ | 178,016 |  |  | $ | 67 |  |  | $ | (44) |  |  | $ | 178,039 |
Corporate bonds |  | 103,970 |  |  | 77 |  |  | (78) |  |  | 103,969 |
Commercial paper instruments |  | 17,657 |  |  | 6 |  |  | — |  |  | 17,663 |
Asset-backed securities |  | 1,534 |  |  | 5 |  |  | — |  |  | 1,539 |
Total short-term investments |  | $ | 301,177 |  |  | $ | 155 |  |  | $ | (122) |  |  | $ | 301,210 |
As of March 28, 2025 and December 31, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheets 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 2025 or the first quarter of 2024. The sale and/or maturity of available-for-sale investments resulted in proceeds of $112.8 million during the first quarter of 2025 and $1.1 million during the first quarter of 2024. There were no gross realized gains or losses on the Company’s available-for-sale investments during the first quarter of 2025 or the first quarter of 2024.

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