Balance Sheet Components

12 Months Ended

Dec. 28, 2024

Marketable Securities

Marketable securities consisted of the following (in thousands):


December 28, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasuries	$	71,188	$	139	$	(75)	$	71,252
Commercial paper	998		—		—		998
Corporate bonds	83,091		211		(126)		83,176

U.S. agency securities	13,881		15		(27)		13,869
	$	169,158	$	365	$	(228)	$	169,295


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

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 2024 and 2023 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 28, 2024				December 30, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	82,492	$	82,587	$	94,772	$	94,370
Due after one year to five years	86,666		86,708		56,017		56,137
	$	169,158	$	169,295	$	150,789	$	150,507

See also Note 9, Fair Value.

Inventories, net

Inventories consisted of the following (in thousands):


	December 28, 2024		December 30, 2023
Raw materials	$	45,547	$	50,808
Work-in-progress	38,366		39,336
Finished goods	17,763		21,541
	$	101,676	$	111,685

Property, Plant and Equipment, net

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


	December 28, 2024		December 30, 2023
Land	$	17,124	$	17,124
Building and building improvements	46,578		46,526
Machinery and equipment	307,201		286,215
Computer equipment and software	47,344		46,866
Furniture and fixtures	7,430		7,490
Leasehold improvements	101,374		91,063
Sub-total	527,051		495,284
Less: Accumulated depreciation and amortization	(379,968)		(358,021)
Net property, plant and equipment	147,083		137,263
Construction-in-progress	63,147		67,136
Total	$	210,230	$	204,399

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 28, 2024		December 30, 2023
Accrued compensation and benefits	$	26,077	$	20,073
Accrued income and other taxes	2,969		8,205
Accrued employee stock purchase plan contributions withheld	6,034		4,263
Accrued warranty	3,558		3,177


Other accrued expenses	5,104		5,319
	$	43,742	$	41,037