Short-term investments that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Short-term investments that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale. As of June 27, 2025 and December 31, 2024, all of the Company’s short-term investments were classified as available-for-sale. Realized gains and losses on available-for-sale investments are included in net income. Unrealized gains and losses, net of tax, on available-for-sale investments are included in the condensed consolidated balance sheets as a component of accumulated other comprehensive income.

As of June 27, 2025, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument:


			Gross Unrealized
(in thousands)	Cost		Gains		Losses		Estimated Fair Value
U.S. Treasury securities	$	215,996	$	33	$	(36)	$	215,993
Corporate bonds	122,010		24		(40)		121,994
Commercial paper instruments	11,589		—		—		11,589
Asset-backed securities	609		1		—		610
Total short-term investments	$	350,204	$	58	$	(76)	$	350,186

As of December 31, 2024, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument:


			Gross Unrealized
(in thousands)	Cost		Gains		Losses		Estimated Fair Value
U.S. Treasury securities	$	178,016	$	67	$	(44)	$	178,039
Corporate bonds	103,970		77		(78)		103,969
Commercial paper instruments	17,657		6		—		17,663
Asset-backed securities	1,534		5		—		1,539
Total short-term investments	$	301,177	$	155	$	(122)	$	301,210

As of June 27, 2025 and December 31, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheets and had weighted average maturities of less than one year. The Company did not identify any other-than-temporary impairment on its available-for-sale investments during the first half of 2025 or the first half of 2024.

The sale and/or maturity of available-for-sale investments resulted in proceeds of $111.7 million during the second quarter of 2025 and $15.5 million during the second quarter of 2024. There were no gross realized gains or losses on the Company’s available-for-sale investments during the second quarter of 2025 or the second quarter of 2024.

The sale and/or maturity of available-for-sale investments resulted in proceeds of $224.5 million during the first half of 2025 and $16.6 million during the first half of 2024. There were no gross realized gains or losses on the Company’s available-for-sale investments during the first half of 2025 or the first half of 2024.