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Investments Available for Sale | 9 Months Ended
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Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments Available for Sale | Note 2 — Investments Available for Sale During the second half of 2022, the Company started to invest its cash in slightly higher yielding securities. Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands):
|  | September 29, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 17,102 |  |  | $ | 1 |  |  | $ | (5 | ) |  | $ | 17,098 |  |  | $ | — |  |  | $ | 17,098 |
Certificates of deposit |  |  | 4,080 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 4,079 |  |  |  | — |  |  |  | 4,079 |
U.S. Treasury securities |  |  | 24,828 |  |  |  | — |  |  |  | (188 | ) |  |  | 24,640 |  |  |  | 24,640 |  |  |  | — |
U.S. agency securities |  |  | 9,771 |  |  |  | — |  |  |  | (21 | ) |  |  | 9,750 |  |  |  | — |  |  |  | 9,750 |
Corporate debt securities |  |  | 18,812 |  |  |  | 2 |  |  |  | (73 | ) |  |  | 18,741 |  |  |  | — |  |  |  | 18,741 |
Total investments AFS |  | $ | 74,593 |  |  | $ | 4 |  |  | $ | (289 | ) |  | $ | 74,308 |  |  | $ | 24,640 |  |  | $ | 49,668 |
|  | December 30, 2022 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 44,054 |  |  | $ | 11 |  |  | $ | (62 | ) |  | $ | 44,003 |  |  | $ | — |  |  | $ | 44,003 |
Certificates of deposit |  |  | 17,355 |  |  |  | 4 |  |  |  | (75 | ) |  |  | 17,284 |  |  |  | — |  |  |  | 17,284 |
U.S. Treasury securities |  |  | 21,847 |  |  |  | 3 |  |  |  | (15 | ) |  |  | 21,835 |  |  |  | 21,835 |  |  |  | — |
U.S. agency securities |  |  | 10,688 |  |  |  | 16 |  |  |  | (3 | ) |  |  | 10,701 |  |  |  | — |  |  |  | 10,701 |
Corporate debt securities |  |  | 45,522 |  |  |  | 4 |  |  |  | (288 | ) |  |  | 45,238 |  |  |  | — |  |  |  | 45,238 |
Total investments AFS |  | $ | 139,466 |  |  | $ | 38 |  |  | $ | (443 | ) |  | $ | 139,061 |  |  | $ | 21,835 |  |  | $ | 117,226 |
The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events. Note 2 — Investments Available for Sale (Continued) The Company assessed each debt security with gross unrealized losses for impairment. As part of that assessment, the Company concluded that it does not intend to sell and it is more-likely-than-not that the Company will not be required to sell, prior to the recovery of the amortized cost basis. The Company did no t recognize impairment for the three and nine months ended September 29, 2023. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):
|  | As of September 29, 2023 |
|  | Within one year |  |  | After one year through five years |  |  |  | Total |
Commercial paper |  | $ | 17,098 |  |  | $ | — |  |  |  | $ | 17,098 |
Certificates of deposit |  |  | 4,079 |  |  |  | — |  |  |  |  | 4,079 |
U.S. Treasury securities |  |  | 14,855 |  |  |  | 9,785 |  |  |  |  | 24,640 |
U.S. agency securities |  |  | 9,354 |  |  |  | 396 |  |  |  |  | 9,750 |
Corporate debt securities |  |  | 15,295 |  |  |  | 3,446 |  |  |  |  | 18,741 |
Total investments AFS |  | $ | 60,681 |  |  | $ | 13,627 |  |  |  | $ | 74,308 |
During the nine months ended September 29, 2023, the Company sold $600,000 in securities during the first quarter of 2023 due to a downgraded credit rating. The Company recognized a realized gain upon sale of $2,000 during the nine months ended September 29, 2023.

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