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Investments Available for Sale | 6 Months Ended
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Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments Available for Sale | Note 2 — Investments Available for Sale Investments available for sale (“AFS”) and the related fair value measurement consisted of the following (dollars in thousands):
|  | June 28, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 3,565 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3,566 |  |  | $ | — |  |  | $ | 3,566 |
Certificates of deposit |  |  | 1,762 |  |  |  | 1 |  |  |  | — |  |  |  | 1,763 |  |  |  | — |  |  |  | 1,763 |
U.S. Treasury securities |  |  | 13,943 |  |  |  | — |  |  |  | (66 | ) |  |  | 13,877 |  |  |  | 13,877 |  |  |  | — |
U.S. agency securities |  |  | 989 |  |  |  | — |  |  |  | (2 | ) |  |  | 987 |  |  |  | — |  |  |  | 987 |
Corporate debt securities |  |  | 22,503 |  |  |  | 3 |  |  |  | (10 | ) |  |  | 22,496 |  |  |  | — |  |  |  | 22,496 |
Total investments AFS |  | $ | 42,762 |  |  | $ | 5 |  |  | $ | (78 | ) |  | $ | 42,689 |  |  | $ | 13,877 |  |  | $ | 28,812 |
|  | 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 |
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 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 six months ended June 28, 2024. Note 2 — Investments Available for Sale (Continued) The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):
|  | As of June 28, 2024 |
|  | Within one year |  |  | After one year through five years |  |  |  | Total |
Commercial paper |  | $ | 3,566 |  |  | $ | — |  |  |  | $ | 3,566 |
Certificates of deposit |  |  | 1,763 |  |  |  | — |  |  |  |  | 1,763 |
U.S. Treasury securities |  |  | 13,877 |  |  |  | — |  |  |  |  | 13,877 |
U.S. agency securities |  |  | 987 |  |  |  | — |  |  |  |  | 987 |
Corporate debt securities |  |  | 22,231 |  |  |  | 265 |  |  |  |  | 22,496 |
Total investments AFS |  | $ | 42,424 |  |  | $ | 265 |  |  |  | $ | 42,689 |
During the six months ended June 28, 2024, two of the Company’s investments AFS of $850,000, were subject to early redemption. The Company recognized a gain upon redemption of $3,000 during the six months ended June 28, 2024. During the six months ended June 30, 2023, one of the Company’s investments AFS was the subject of a downgraded credit rating. The Company sold its investments of $600,000 following the downgrade. The Company recognized a realized gain upon sale of $2,000 during the six months ended June 30, 2023.

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