Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

Jul. 01, 2023

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:

	July 1, 2023
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Fair Value
	(In thousands)
Cash and cash equivalents:
Cash	$	22,389	$	—	$	—	$	22,389
Money market funds		16,188		—		—		16,188
Commercial paper		5,401		—		2		5,399
Total cash and cash equivalents	$	43,978	$	—	$	2	$	43,976
Short-term investments:
Asset-backed securities	$	1,015	$	—	$	1	$	1,014
Certificates of deposit		1,700		—		1		1,699
Commercial paper		5,212		—		3		5,209
Corporate bonds and medium-term notes		5,673		—		101		5,572
Municipal bonds		1,220		—		13		1,207
U.S. treasury securities		9,024		—		99		8,925
Total short-term investments	$	23,844	$	—	$	218	$	23,626
Long-term investments:
Asset-backed securities	$	3,162	$	—	$	29	$	3,133
Corporate bonds and medium-term notes		2,430		—		13		2,417
Total long-term investments	$	5,592	$	—	$	42	$	5,550
Total cash, cash equivalents, and investments	$	73,414	$	—	$	262	$	73,152

	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

Contractual Maturities of Available-for-Sale Securities

The contractual maturities of investment securities at July 1, 2023 are presented in the following table.

	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	45,433	$	45,213
Due after one through five years		5,592		5,550
	$	51,025	$	50,763

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 July 1, 2023.

	July 1, 2023
	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	$	288	$	2	$	3,778	$	28
Certificates of deposit		499		1		—		—
Commercial paper		9,458		5		—		—
Corporate bonds and medium-term notes		3,171		30		4,103		84
Municipal bonds		—		—		1,207		13
U.S. treasury securities		4,025		4		4,900		95
	$	17,441	$	42	$	13,988	$	220

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 July 1, 2023.

	Fair Value Measurements at July 1, 2023
	Total		Level 1		Level 2
	(In thousands)
Recurring fair value measurements:
Investment securities
Money market funds	$	16,188	$	16,188	$	—
U.S. treasury and agency securities		8,925		5,429		3,496
Asset-backed securities		4,147		—		4,147
Certificates of deposit		1,699		—		1,699
Commercial paper		10,608		—		10,608
Corporate bonds and medium-term notes		7,989		—		7,989
Municipal bonds		1,207		—		1,207
Total recurring fair value measurements	$	50,763	$	21,617	$	29,146