CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

9 Months Ended

Jun. 28, 2024

Investments, Debt and Equity Securities [Abstract]

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The Company considers all short-term investments in interest bearing accounts and all securities and other instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost which approximates market value.

During the third quarter of fiscal 2023, the Company invested in marketable securities. The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income in the Condensed Consolidated Statements of Shareholders' Equity.

At June 28, 2024, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the period presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s marketable securities measured at fair value as of June 28, 2024:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	14,984	$	14,975	$	—	$	9
Fixed rate Canadian Government Bonds	8,830		8,808		—		22
Total	$	23,814	$	23,783	$	—	$	31

The following table summarizes the Company’s marketable securities measured at fair value as of September 29, 2023:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	29,749	$	29,686	$	—	$	63
Fixed rate Canadian Government Bonds	11,121		11,021		—		100
Total	$	40,870	$	40,707	$	—	$	163

The following table summarizes the Company’s marketable securities measured at fair value as of June 30, 2023:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	29,614	$	29,526	$	—	$	87
Fixed rate Canadian Government Bonds	11,251		11,170		—		82
Total	$	40,865	$	40,696	$	—	$	169

Proceeds from the maturities of available for sale securities were $19,650 and $0 for the nine month periods ended June 28, 2024 and June 30, 2023, respectively. During the third quarter of fiscal 2024, $2,220 of investments were purchased with proceeds from maturities. There were no other sales or purchases of available-for-sale securities for the nine month periods ended June 28, 2024 or June 30, 2023. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The future contractual maturities of the marketable securities held at June 28, 2024 are as follows: $21,546 within one year, classified as Short-Term Investments on the Condensed Consolidated Balance Sheets, and $2,237 greater than one year, but less than five years, classified as Investments on the Condensed Consolidated Balance Sheets.