Balance Sheet Components

12 Months Ended

Dec. 27, 2025

Marketable Securities

Marketable securities consisted of the following (in thousands):


December 27, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasuries	$	76,397	$	229	$	—	$	76,626
Commercial paper	7,414		1		(1)		7,414
Corporate bonds	74,612		296		(11)		74,897

U.S. agency securities	12,887		24		(6)		12,905
	$	171,310	$	550	$	(18)	$	171,842


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

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 2025 and 2024 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 27, 2025				December 28, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	105,351	$	105,654	$	82,492	$	82,587
Due after one year to five years	65,959		66,188		86,666		86,708
	$	171,310	$	171,842	$	169,158	$	169,295

See also Note 10, Fair Value.

Inventories, net

Inventories consisted of the following (in thousands):


	December 27, 2025		December 28, 2024
Raw materials	$	47,969	$	45,547
Work-in-progress	42,812		38,366
Finished goods	20,103		17,763
	$	110,884	$	101,676

Property, Plant and Equipment, net

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


	December 27, 2025		December 28, 2024
Land	$	35,274	$	17,124
Building and building improvements	46,502		46,578
Machinery and equipment	317,024		307,201
Computer equipment and software	45,135		47,344
Furniture and fixtures	7,043		7,430
Leasehold improvements	104,262		101,374
Sub-total	555,240		527,051
Less: Accumulated depreciation and amortization	(390,323)		(379,968)
Net property, plant and equipment	164,917		147,083
Construction-in-progress	94,151		63,147
Total	$	259,068	$	210,230

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 27, 2025		December 28, 2024
Accrued compensation and benefits	$	31,495	$	26,077
Accrued income and other taxes	3,098		2,969
Accrued employee stock purchase plan contributions withheld	5,190		6,034
Accrued warranty	2,503		3,558


Other accrued expenses	5,249		5,104
	$	47,535	$	43,742