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Investments Available for Sale | 12 Months Ended
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Dec. 29, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments Available for Sale | Note 2 — Investments Available for Sale During 2022, the Company started to invest its cash in investments AFS, in accordance with its investment policy. Investments AFS and the related fair value measurement consisted of the following (dollars in thousands):
|  | December 29, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 7,720 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 7,729 |  |  | $ | — |  |  | $ | 7,729 |
Certificates of deposit |  |  | 3,716 |  |  |  | 4 |  |  |  | — |  |  |  | 3,720 |  |  |  | — |  |  |  | 3,720 |
U.S. Treasury securities |  |  | 23,036 |  |  |  | 3 |  |  |  | (56 | ) |  |  | 22,983 |  |  |  | 22,983 |  |  |  | — |
U.S. agency securities |  |  | 3,423 |  |  |  | — |  |  |  | (4 | ) |  |  | 3,419 |  |  |  | — |  |  |  | 3,419 |
Corporate debt securities |  |  | 11,538 |  |  |  | 12 |  |  |  | (10 | ) |  |  | 11,540 |  |  |  | — |  |  |  | 11,540 |
Total investments AFS |  | $ | 49,433 |  |  | $ | 28 |  |  | $ | (70 | ) |  | $ | 49,391 |  |  | $ | 22,983 |  |  | $ | 26,408 |
|  | 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. The Company assessed each debt security (see Note 1 for information on composition of the portfolio) with gross unrealized losses for credit 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 years ended December 29, 2023 and December 30, 2022. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):
|  | As of December 29, 2023 |
|  | Within one year |  |  | After one year through five years |  |  | Total |
Commercial paper |  | $ | 7,729 |  |  | $ | — |  |  | $ | 7,729 |
Certificates of deposit |  |  | 3,720 |  |  |  | — |  |  |  | 3,720 |
U.S. Treasury securities |  |  | 14,533 |  |  |  | 8,450 |  |  |  | 22,983 |
U.S. agency securities |  |  | 3,419 |  |  |  | — |  |  |  | 3,419 |
Corporate debt securities |  |  | 8,287 |  |  |  | 3,253 |  |  |  | 11,540 |
Total investments AFS |  | $ | 37,688 |  |  | $ | 11,703 |  |  | $ | 49,391 |
Note 2 — Investments Available for Sale (Continued) During 2023 and 2022, two of the Company’s investments AFS were the subject of a downgraded credit rating. The Company sold its investments of $1,300,000 and $359,000 during 2023 and 2022, respectively, in aggregate securities following the downgrade. The Company recognized a realized loss upon sale of less than $1,000 for 2023 and 2022.

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