v3.26.1
Investments Available for Sale
 6 Months Ended
Jul. 03, 2026
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):

 

 

 

July 3, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

8,195

 

 

$

—

 

 

$

(5

)

 

$

8,190

 

 

$

—

 

 

$

8,190

 

Certificates of deposit

 

 

2,394

 

 

 

—

 

 

 

(1

)

 

 

2,393

 

 

 

—

 

 

 

2,393

 

U.S. Treasury securities

 

 

19,791

 

 

 

1

 

 

 

(6

)

 

 

19,786

 

 

 

19,786

 

 

 

—

 

Corporate debt securities

 

 

2,542

 

 

 

—

 

 

 

(1

)

 

 

2,541

 

 

 

—

 

 

 

2,541

 

Total investments AFS

 

$

32,922

 

 

$

1

 

 

$

(13

)

 

$

32,910

 

 

$

19,786

 

 

$

13,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 2, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Level 1

 

 

Level 2

 

Commercial paper

 

$

14,682

 

 

$

1

 

 

$

(1

)

 

$

14,682

 

 

$

—

 

 

$

14,682

 

Certificates of deposit

 

 

816

 

 

 

—

 

 

 

—

 

 

 

816

 

 

 

—

 

 

 

816

 

U.S. Treasury securities

 

 

990

 

 

 

—

 

 

 

—

 

 

 

990

 

 

 

990

 

 

 

—

 

Corporate debt securities

 

 

17,897

 

 

 

3

 

 

 

(2

)

 

 

17,898

 

 

 

—

 

 

 

17,898

 

Total investments AFS

 

$

34,385

 

 

$

4

 

 

$

(3

)

 

$

34,386

 

 

$

990

 

 

$

33,396

 

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 July 3, 2026 and June 27, 2025.

The following table shows the fair value of investments AFS by contractual maturity (in thousands):

 

 

 

As of July 3, 2026

 

 

 

Within one year

 

 

After one year through five years

 

 

 

Total

 

Commercial paper

 

$

8,190

 

 

$

—

 

 

 

$

8,190

 

Certificates of deposit

 

 

2,393

 

 

 

—

 

 

 

 

2,393

 

U.S. Treasury securities

 

 

19,786

 

 

 

—

 

 

 

 

19,786

 

Corporate debt securities

 

 

2,541

 

 

 

—

 

 

 

 

2,541

 

Total investments AFS

 

$

32,910

 

 

$

—

 

 

 

$

32,910

 

 

Note 2 — Investments Available for Sale (Continued)

 

During the six months ended July 3, 2026 several of the Company’s investments AFS with an aggregate fair value of $1,950,000 were subject to early redemption. The Company recognized a gain upon redemption of less than $1,000 for the six months ended July 3, 2026. During the six months ended June 27, 2025, two of the Company’s investments AFS with an aggregate fair value of $862,000 were subject to early redemption. The Company recognized a gain upon redemption of $1,000 for the six months ended June 27, 2025.