XML 34 R15.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investments | 12 Months Ended
--- | ---
Dec. 28, 2024
Investments | (3) Investments Investments include primarily investment-grade corporate bonds, asset-backed securities and commercial paper having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on available-for-sale investments to determine whether an allowance for credit loss is necessary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of non-credit-related factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities, commercial paper and direct obligations of government agencies. Unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $3,573,000 and $6,382,000 at December 28, 2024 and December 30, 2023, respectively. The amortized cost and fair values of available-for-sale investments are as follows at December 28, 2024 and December 30, 2023 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
December 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 13,473 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,473 |
Asset-backed securities |  |  | 26,785 |  |  |  | 25 |  |  |  | 1,770 |  |  |  | 25,040 |
Corporate bonds, commercial paper and direct obligations of government agencies |  |  | 107,180 |  |  |  | 198 |  |  |  | 2,026 |  |  |  | 105,352 |
Total |  | $ | 147,438 |  |  | $ | 223 |  |  | $ | 3,796 |  |  | $ | 143,865 |
December 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market investments |  | $ | 16,832 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,832 |
Asset-backed securities |  |  | 16,543 |  |  |  | — |  |  |  | 2,236 |  |  |  | 14,307 |
Corporate bonds, commercial paper and direct obligations of government agencies |  |  | 118,481 |  |  |  | 279 |  |  |  | 4,384 |  |  |  | 114,376 |
U.S. Treasury obligations |  |  | 6,287 |  |  |  | 2 |  |  |  | 43 |  |  |  | 6,246 |
Total |  | $ | 158,143 |  |  | $ | 281 |  |  | $ | 6,663 |  |  | $ | 151,761 |
For those available-for-sale investments with unrealized losses at December 28, 2024 and December 30, 2023, the following table summarizes the duration of the unrealized loss (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
December 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 9,663 |  |  | $ | 37 |  |  | $ | 12,596 |  |  | $ | 1,733 |  |  | $ | 22,259 |  |  | $ | 1,770 |
Corporate bonds, commercial paper, and direct obligations of government agencies |  |  | 18,409 |  |  |  | 169 |  |  |  | 59,609 |  |  |  | 1,857 |  |  |  | 78,018 |  |  |  | 2,026 |
Total |  | $ | 28,072 |  |  | $ | 206 |  |  | $ | 72,205 |  |  | $ | 3,590 |  |  | $ | 100,277 |  |  | $ | 3,796 |
December 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 14,307 |  |  | $ | 2,236 |  |  | $ | 14,307 |  |  | $ | 2,236 |
Corporate bonds, commercial paper, and direct obligations of government agencies |  |  | 3,506 |  |  |  | 42 |  |  |  | 86,841 |  |  |  | 4,342 |  |  |  | 90,347 |  |  |  | 4,384 |
U.S. Treasury obligations |  |  | — |  |  |  | — |  |  |  | 2,305 |  |  |  | 43 |  |  |  | 2,305 |  |  |  | 43 |
Total |  | $ | 3,506 |  |  | $ | 42 |  |  | $ | 103,453 |  |  | $ | 6,621 |  |  | $ | 106,959 |  |  | $ | 6,663 |
The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. Short-term investments include $51,619,000 in current maturities of investments held by the Company’s insurance segment at December 28, 2024. The non-current portion of the bond portfolio of $92,246,000 is included in other assets. The short-term investments, together with $30,960,000 of non-current investments, provide collateral for the $74,321,000 of letters of credit issued to guarantee payment of insurance claims. Investment income represents the earnings on the insurance segment’s assets. Investment income earned from the assets of the insurance segment are included as a component of operating income as the investment of these assets is critical to providing collateral, liquidity and earnings with respect to the operation of the Company’s insurance programs.

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration