Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]

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

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

	December 31, 2022
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	26,465	$	—	$	—	$	26,465
Money market funds		9,589		—		—		9,589
Commercial paper		32,856		—		6		32,850
Total cash and cash equivalents	$	68,910	$	—	$	6	$	68,904
Short-term investments:
Asset backed securities	$	2,012	$	—	$	13	$	1,999
Certificates of deposit		3,850		—		10		3,840
Commercial paper		9,443		—		28		9,415
Corporate bonds and medium-term notes		4,210		—		32		4,178
Municipal bonds		1,486		—		25		1,461
U.S. treasury securities		4,771		—		123		4,648
Total short-term investments	$	25,772	$	—	$	231	$	25,541
Long-term investments:
Asset backed securities	$	6,749	$	—	$	85	$	6,664
Corporate bonds and medium-term notes		5,366		—		102		5,264
Municipal bonds		224		—		6		218
U.S. treasury and agency securities		5,493		—		54		5,439
Total long-term investments	$	17,832	$	—	$	247	$	17,585
Total cash, cash equivalents, and investments	$	112,514	$	—	$	484	$	112,030

	January 1, 2022
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash	$	102,494	$	—	$	—	$	102,494
Money market funds		234		—		—		234
Total cash and cash equivalents	$	102,728	$	—	$	—	$	102,728
Short-term investments:
Certificates of deposit	$	4,300	$	—	$	—	$	4,300
Commercial paper		400		—		—		400
Corporate bonds and medium-term notes		2,916		—		3		2,913
Municipal bonds		700		—		—		700
U.S. treasury securities		1,910		—		2		1,908
Total short-term investments	$	10,226	$	—	$	5	$	10,221
Long-term investments:
Asset backed securities	$	2,040	$	—	$	3	$	2,037
Certificates of deposit		500		—		3		497
Corporate bonds and medium-term notes		1,521		—		6		1,515
Municipal bonds		145		—		1		144
U.S. treasury securities		3,246		—		12		3,234
Total long-term investments	$	7,452	$	—	$	25	$	7,427
Total cash, cash equivalents, and investments	$	120,406	$	—	$	30	$	120,376

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of investment securities at December 31, 2022 are presented in the following table.

	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	68,217	$	67,981
Due after one through five years		17,832		17,584
	$	86,049	$	85,565

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 December 31, 2022.

	December 31, 2022
	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)
Asset backed securities	$	7,917	$	90	$	746	$	8
Certificates of deposit		1,992		8		498		2
Commercial paper		37,887		34		—		—
Corporate bonds and medium-term notes		7,955		124		1,486		10
Municipal bond		1,535		30		144		1
U.S. treasury and agency securities		6,917		97		3,170		80
	$	64,203	$	383	$	6,044	$	101

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 investment securities measured at fair value on a recurring basis as of December 31, 2022.

	Fair Value Measurements at December 31, 2022
	Total		Level 1		Level 2
	(in thousands)
Recurring fair value measurements:
Money market funds	$	9,589	$	9,589	$	—
U.S. treasury and agency securities		10,087		6,592		3,495
Asset backed securities		8,663		—		8,663
Certificates of deposit		3,840		—		3,840
Commercial paper		42,265		—		42,265
Corporate bonds and medium-term notes		9,442		—		9,442
Municipal bonds		1,679		—		1,679
Total recurring fair value measurements	$	85,565	$	16,181	$	69,384

Summary of Outstanding Derivative Instruments on Gross Basis as Recorded in Consolidated Balance Sheets

The following table summarizes the Company’s outstanding derivative instruments on a gross basis as recorded in its consolidated balance sheets as of December 31, 2022 and January 1, 2022:

	Notional Amounts				Derivative Assets					Derivative Assets
Derivative Instrument	December 31, 2022		January 1, 2022		December 31, 2022					January 1, 2022
					Balance Sheet Line			Fair Value		Balance Sheet Line			Fair Value
	(in thousands)
Undesignated Hedges:
Forward Foreign Currency Contracts	$	2,240		815		(a	)	$	4		(a	)	$	14
Total Hedges	$	2,240		815				$	4				$	14

(a) Other current assets