Balance Sheet Components

12 Months Ended

Dec. 30, 2023

Marketable Securities

Marketable securities consisted of the following (in thousands):


December 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasuries	$	45,772	$	91	$	(26)	$	45,837
Commercial paper	13,319		—		(2)		13,317
Corporate bonds	81,612		267		(529)		81,350

U.S. agency securities	10,086		9		(92)		10,003
	$	150,789	$	367	$	(649)	$	150,507


December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasuries	$	25,498	$	—	$	(479)	$	25,019
Commercial paper	24,893		—		(53)		24,840
Corporate bonds	68,845		—		(1,449)		67,396
Certificates of deposit	720		—		(14)		706
U.S. agency securities	11,295		—		(250)		11,045
	$	131,251	$	—	$	(2,245)	$	129,006

We typically invest in highly-rated securities with low probabilities of default. Our investment policy requires investments to be rated single A or better, limits the types of acceptable investments, concentration as to security holder and duration of the investment. The gross unrealized gains and losses in fiscal 2023 and 2022 were caused primarily by changes in interest rates.

The longer the duration of marketable securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. We anticipate recovering the full cost of the securities either as market conditions improve or as the securities mature. Accordingly, we believe that the unrealized losses are not as a result of a credit loss.

The contractual maturities of marketable securities were as follows (in thousands):


	December 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	94,772	$	94,370	$	77,663	$	76,902
Due after one year to five years	56,017		56,137		53,588		52,104
	$	150,789	$	150,507	$	131,251	$	129,006

See also Note 10, Fair Value.

Inventories, net

Inventories consisted of the following (in thousands):


	December 30, 2023		December 31, 2022
Raw materials	$	50,808	$	55,726
Work-in-progress	39,336		46,067
Finished goods	21,541		21,364
	$	111,685	$	123,157

Property, Plant and Equipment, net

Property, plant and equipment, net consisted of the following (in thousands):


	December 30, 2023		December 31, 2022
Land	$	17,124	$	17,136
Building and building improvements	46,526		44,932
Machinery and equipment	286,215		276,180
Computer equipment and software	46,866		45,813
Furniture and fixtures	7,490		7,540
Leasehold improvements	91,063		86,500
Sub-total	495,284		478,101
Less: Accumulated depreciation and amortization	(358,021)		(335,711)
Net property, plant and equipment	137,263		142,390
Construction-in-progress	67,136		47,458
Total	$	204,399	$	189,848

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 30, 2023		December 31, 2022
Accrued compensation and benefits	$	20,073	$	15,864
Accrued income and other taxes	8,205		12,817
Accrued employee stock purchase plan contributions withheld	4,263		4,585
Accrued warranty	3,177		4,199
Accrued restructuring charges	—		1,249

Other accrued expenses	5,319		3,401
	$	41,037	$	42,115