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Investments Available for Sale | 9 Months Ended
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Sep. 27, 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):
|  | September 27, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 10,582 |  |  | $ | 10 |  |  | $ | (1 | ) |  | $ | 10,591 |  |  | $ | — |  |  | $ | 10,591 |
Certificates of deposit |  |  | 253 |  |  |  | 1 |  |  |  | — |  |  |  | 254 |  |  |  | — |  |  |  | 254 |
U.S. Treasury securities |  |  | 10,089 |  |  |  | 4 |  |  |  | (6 | ) |  |  | 10,087 |  |  |  | 10,087 |  |  |  | — |
U.S. agency securities |  |  | 405 |  |  |  | — |  |  |  | — |  |  |  | 405 |  |  |  | — |  |  |  | 405 |
Corporate debt securities |  |  | 50,566 |  |  |  | 57 |  |  |  | (5 | ) |  |  | 50,618 |  |  |  | — |  |  |  | 50,618 |
Total investments AFS |  | $ | 71,895 |  |  | $ | 72 |  |  | $ | (12 | ) |  | $ | 71,955 |  |  | $ | 10,087 |  |  | $ | 61,868 |
|  | 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 determines the fair value of investments AFS with the assistance of 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 in a gross unrealized loss position to determine whether the decline in fair value below amortized cost was a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the debt security, the Company’s intent to sell and whether it is more-likely-than-not that the Company will not be required to sell the debt security before the recovery of the amortized cost basis. The Company records changes to the allowance for expected credit losses in other income (expense), net. There has been no allowance for expected credit losses recorded for the three and nine months ended September 27, 2024 and the three and nine months ended September 29, 2023. 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 September 27, 2024 |
|  | Within one year |  |  | After one year through five years |  |  |  | Total |
Commercial paper |  | $ | 10,591 |  |  | $ | — |  |  |  | $ | 10,591 |
Certificates of deposit |  |  | 254 |  |  |  | — |  |  |  |  | 254 |
U.S. Treasury securities |  |  | 10,087 |  |  |  | — |  |  |  |  | 10,087 |
U.S. agency securities |  |  | 405 |  |  |  | — |  |  |  |  | 405 |
Corporate debt securities |  |  | 50,618 |  |  |  | — |  |  |  |  | 50,618 |
Total investments AFS |  | $ | 71,955 |  |  | $ | — |  |  |  | $ | 71,955 |
During the nine months ended September 27, 2024, two of the Company’s investments AFS of $850,000, were subject to early redemption. The Company recognized a gain upon redemption of $2,000 during the nine months ended September 27, 2024. During the nine months ended September 29, 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 nine months ended September 29, 2023.

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