Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 30, 2019

Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments

Cash and cash equivalents, short-term investments and long-term investments consist of:

	March 30, 2019
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	14,671	$	—	$	—	$	14,671
Money market funds		5,064		—		—		5,064
Commercial paper		1,497		—		—		1,497
Municipal bonds		500		—		—		500
U.S. treasury and agency securities		1,804		1		—		1,805
Total cash and cash equivalents	$	23,536	$	1	$	—	$	23,537
Short-term investments:
Certificates of deposit	$	3,000	$	4	$	—	$	3,004
Commercial paper		1,899		—		—		1,899
Corporate bonds and medium-term notes		2,807		2		3		2,806
Municipal bonds		500		—		—		500
U.S. treasury and agency securities		3,560		—		5		3,555
Total short-term investments	$	11,766	$	6	$	8	$	11,764
Long-term investments:
Certificates of deposit	$	500	$	—	$	—	$	500
Corporate bonds and medium-term notes		4,875		20		1		4,894
Total long-term investments	$	5,375	$	20	$	1	$	5,394
Total cash, cash equivalents, and investments	$	40,677	$	27	$	9	$	40,695

	December 29, 2018
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	13,334	$	—	$	—	$	13,334
Money market funds		3,335		—		—		3,335
U.S. treasury and agency securities		2,046		—		—		2,046
Total cash and cash equivalents	$	18,715	$	—	$	—	$	18,715
Short-term investments:
Certificates of deposit	$	5,299	$	1	$	1	$	5,299
Commercial paper		2,242		—		1		2,241
Corporate bonds and medium-term notes		4,759		—		13		4,746
Municipal bonds		500		—		2		498
U.S. treasury and agency securities		3,297		—		5		3,292
Total short-term investments	$	16,097	$	1	$	22	$	16,076
Long-term investments:
Certificates of deposit	$	500	$	—	$	—	$	500
Corporate bonds and medium-term notes		2,879		4		4		2,879
U.S. treasury and agency securities		999		—		6		993
Total long-term investments	$	4,378	$	4	$	10	$	4,372
Total cash, cash equivalents, and investments	$	39,190	$	5	$	32	$	39,163

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of available-for-sale securities at March 30, 2019 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	20,631	$	20,630
Due after one through five years		5,375		5,394
	$	26,006	$	26,024

Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired

The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of March 30, 2019.

	March 30, 2019
	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In thousands)
Corporate bonds and medium-term notes	$	—	$	—	$	1,097	$	4
U.S. treasury and agency securities		—		—		1,994		5
	$	—	$	—	$	3,091	$	9

Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis

The following table represents the fair value hierarchy of Intevac’s available-for-sale securities measured at fair value on a recurring basis as of March 30, 2019.

	Fair Value Measurements at March 30, 2019
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	5,064	$	5,064	$	—
U.S. treasury and agency securities		5,360		5,360		—
Certificates of deposit		3,504		—		3,504
Commercial paper		3,396		—		3,396
Corporate bonds and medium-term notes		7,700		—		7,700
Municipal bonds		1,000		—		1,000
Total recurring fair value measurements	$	26,024	$	10,424	$	15,600