XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.3
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE SECURITIES
 9 Months Ended
Sep. 28, 2024
Cash and Cash Equivalents [Abstract]  
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE SECURITIES

3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE SECURITIES

 

The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.

 

Restricted cash of approximately $1.1 million is included on the consolidated balance sheet as of September 28, 2024, and represents cash deposited by the Company into a separate account and designated as collateral for a standby letter of credit in the same amount in accordance with a contractual agreement with a vendor. The restricted cash balance at September 28, 2024 and December 30, 2023 is invested in certificates of deposit and money market funds. The restricted cash balance that is invested in certificates of deposit is classified as marketable securities.

 

Marketable securities consist primarily of commercial paper, medium-term corporate notes, and U.S. Government and agency-backed securities. The Company classifies these marketable securities as available-for-sale at fair value in “Marketable securities, at fair value.” The Company records the amortization of premiums and accretion of discounts on marketable securities in the results of operations.

 

The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable securities. The gross gains and losses realized related to sales and maturities of marketable securities were not material during the three and nine months ended September 28, 2024 and September 30, 2023.

 

Investments in available-for-sale marketable securities were as follows at September 28, 2024 and December 30, 2023:

 

   Amortized Cost   Unrealized Losses   Fair Value 
   2024   2023   2024   2023   2024   2023 
U.S. Government and agency-backed securities  $17,256,314   $4,500,030   $(1,609)  $(25,655)  $17,254,705   $4,474,375 
Corporate debt   4,954,096    7,750,174    3,442    (32,549)   4,957,538    7,717,625 
Total  $22,210,410   $12,250,204   $1,833   $(58,204)  $22,212,243   $12,192,000 

 

The contractual maturity of the Company’s marketable securities was as follows at September 28, 2024:

 

    Less than
One year		     One to
Five years		     Total  
U.S. Government and agency-backed securities   $ 16,758,720     $ 495,985     $ 17,254,705  
Corporate debt     4,957,538       —       4,957,538  
Total   $ 21,716,258     $ 495,985     $ 22,212,243