Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 27, 2020

Investments Debt And Equity Securities [Abstract]

Cash, Cash Equivalents and Investments

9. Cash, Cash Equivalents and Investments

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

	June 27, 2020
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	19,185	$	—	$	—	$	19,185
Money market funds		4,759		—		—		4,759
Total cash and cash equivalents	$	23,944	$	—	$	—	$	23,944
Short-term investments:
Certificates of deposit	$	5,200	$	10	$	1	$	5,209
Commercial paper		1,897		2		—		1,899
Corporate bonds and medium-term notes		3,846		33		1		3,878
U.S. treasury and agency securities		3,448		1		—		3,449
Total short-term investments	$	14,391	$	46	$	2	$	14,435
Long-term investments:
Certificates of deposit	$	1,000	$	—	$	—	$	1,000
Corporate bonds and medium-term notes		2,056		9		—		2,065
U.S. treasury and agency securities		2,496		43		—		2,539
Total long-term investments	$	5,552	$	52	$	—	$	5,604
Total cash, cash equivalents, and investments	$	43,887	$	98	$	2	$	43,983

	December 28, 2019
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	16,512	$	—	$	—	$	16,512
Money market funds		3,255		—		—		3,255
Total cash and cash equivalents	$	19,767	$	—	$	—	$	19,767
Short-term investments:
Certificates of deposit	$	3,000	$	1	$	—	$	3,001
Commercial paper		1,891		2		—		1,893
Corporate bonds and medium-term notes		6,383		25		—		6,408
U.S. treasury and agency securities		5,417		1		—		5,418
Total short-term investments	$	16,691	$	29	$	—	$	16,720
Long-term investments:
Certificates of deposit	$	499	$	1	$	—	$	500
Corporate bonds and medium-term notes		2,530		12		—		2,542
U.S. treasury and agency securities		2,494		1		—		2,495
Total long-term investments	$	5,523	$	14	$	—	$	5,537
Total cash, cash equivalents, and investments	$	41,981	$	43	$	—	$	42,024

The contractual maturities of available-for-sale securities at June 27, 2020 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	19,150	$	19,194
Due after one through five years		5,552		5,604
	$	24,702	$	24,798

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 June 27, 2020.

	June 27, 2020
	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)
Certificates of deposit	$	2,199	$	1	$	—	$	—
Corporate bonds and medium-term notes		1,027		1		—		—
	$	3,226	$	2	$	—	$	—

All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset backed securities and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received to sell a security in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs.

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 June 27, 2020.

	Fair Value Measurements at June 27, 2020
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Available-for-sale securities
Money market funds	$	4,759	$	4,759	$	—
U.S. treasury and agency securities		5,988		5,988		—
Certificates of deposit		6,209		—		6,209
Commercial paper		1,899		—		1,899
Corporate bonds and medium-term notes		5,943		—		5,943
Total recurring fair value measurements	$	24,798	$	10,747	$	14,051