CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

3 Months Ended

Dec. 27, 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 December 27, 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 December 27, 2024:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	—	$	—	$	—	$	—
Fixed rate Canadian Government Bonds	6,325		6,347		22		—
Total	$	6,325	$	6,347	$	22	$	—

The following table summarizes the Company’s marketable securities measured at fair value as of September 27, 2024:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	7,493	$	7,496	$	3	$	—
Fixed rate Canadian Government Bonds	9,025		9,045		20		—
Total	$	16,518	$	16,541	$	23	$	—

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


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	22,365	$	22,371	$	6	$	—
Fixed rate Canadian Government Bonds	11,423		11,391		—		32
Total	$	33,788	$	33,762	$	6	$	32

Proceeds from the maturities of available for sale securities were $9,764 and $7,500 for the three month periods ended December 27, 2024 and December 29, 2023, respectively. There were no sales or purchases of available-for-sale securities for the three month periods ended December 27, 2024 or December 29, 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 December 27, 2024 are as follows: $6,347 within one year, classified as Short-Term Investments on the Condensed Consolidated Balance Sheets, and $0 greater than one year, but less than five years, classified as Investments on the Condensed Consolidated Balance Sheets.