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Investments Available for Sale | 3 Months Ended
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Mar. 28, 2025
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):
|  | March 28, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 6,851 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 6,853 |  |  | $ | — |  |  | $ | 6,853 |
Certificates of deposit |  |  | 1,784 |  |  |  | 1 |  |  |  | — |  |  |  | 1,785 |  |  |  | — |  |  |  | 1,785 |
U.S. Treasury securities |  |  | 8,368 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 8,368 |  |  |  | 8,368 |  |  |  | — |
Corporate debt securities |  |  | 32,656 |  |  |  | 1 |  |  |  | (16 | ) |  |  | 32,641 |  |  |  | — |  |  |  | 32,641 |
Total investments AFS |  | $ | 49,659 |  |  | $ | 5 |  |  | $ | (17 | ) |  | $ | 49,647 |  |  | $ | 8,368 |  |  | $ | 41,279 |
|  | December 27, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value Measurements |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |
Commercial paper |  | $ | 21,466 |  |  | $ | 4 |  |  | $ | (2 | ) |  | $ | 21,468 |  |  | $ | — |  |  | $ | 21,468 |
Certificates of deposit |  |  | 1,997 |  |  |  | — |  |  |  | — |  |  |  | 1,997 |  |  |  | — |  |  |  | 1,997 |
U.S. Treasury securities |  |  | 11,356 |  |  |  | 3 |  |  |  | (4 | ) |  |  | 11,355 |  |  |  | 11,355 |  |  |  | — |
Corporate debt securities |  |  | 51,527 |  |  |  | 14 |  |  |  | (26 | ) |  |  | 51,515 |  |  |  | — |  |  |  | 51,515 |
Total investments AFS |  | $ | 86,346 |  |  | $ | 21 |  |  | $ | (32 | ) |  | $ | 86,335 |  |  | $ | 11,355 |  |  | $ | 74,980 |
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 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. There has been no allowance for expected credit losses recorded for the three months ended March 28, 2025 and March 29, 2024. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):
|  | As of March 28, 2025 |
|  | Within one year |  |  | After one year through five years |  |  |  | Total |
Commercial paper |  | $ | 6,853 |  |  | $ | — |  |  |  | $ | 6,853 |
Certificates of deposit |  |  | 1,785 |  |  |  | — |  |  |  |  | 1,785 |
U.S. Treasury securities |  |  | 8,368 |  |  |  | — |  |  |  |  | 8,368 |
Corporate debt securities |  |  | 32,641 |  |  |  | — |  |  |  |  | 32,641 |
Total investments AFS |  | $ | 49,647 |  |  | $ | — |  |  |  | $ | 49,647 |
Note 2 — Investments Available for Sale (Continued) During the three months ended March 28, 2025, one of the Company’s investments AFS with an aggregate fair value of $362,000 was subject to early redemption. The Company recognized a gain of less than $1,000 for the three months ended March 28, 2025. During the three months ended March 29, 2024, two of the Company’s investments AFS with an aggregate fair value of $850,000 were subject to early redemption. The Company recognized a gain of $3,000 for the three months ended March 29, 2024.

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