Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Summary of valuation of the financial instruments

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.

	Fair Value Measurements at March 30, 2024 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash equivalents:
Money market funds	$	107,746	$	—	$	107,746
Total cash equivalents	$	107,746	$	—	$	107,746
Short-term investments:
Corporate debt securities	$	—	$	58,743	$	58,743
Government debt securities	—		82,458		82,458
Total short-term investments	$	—	$	141,201	$	141,201
Total	$	107,746	$	141,201	$	248,947

	Fair Value Measurements at December 30, 2023 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Cash equivalents:
Money market funds	$	137,195	$	—	$	137,195
Total cash equivalents	$	137,195	$	—	$	137,195
Short-term investments:
Corporate debt securities	$	—	$	130,047	$	130,047
Government debt securities	—		81,673		81,673
Total short-term investments	$	—	$	211,720	$	211,720
Total	$	137,195	$	211,720	$	348,915

Summary of components of available-for-sale investments

The following summarizes the components of available-for-sale investments:

									Reported As
As of March 30, 2024	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	59,107	$	46	$	(410)	$	58,743	$	—	$	58,743
Government debt securities	82,685		19		(246)		82,458		—		82,458
Money market funds	107,746		—		—		107,746		107,746		—
Total	$	249,538	$	65	$	(656)	$	248,947	$	107,746	$	141,201

									Reported As
As of December 30, 2023	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	130,858	$	69	$	(880)	$	130,047	$	—	$	130,047
Government debt securities	82,091		137		(555)		81,673		—		81,673
Money market funds	137,195		—		—		137,195		137,195		—
Total	$	350,144	$	206	$	(1,435)	$	348,915	$	137,195	$	211,720

Schedule of maturities of the Company's available-for-sale investments and money market funds

The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at March 30, 2024 (in thousands):

	Cost		Fair Value
Due in one year or less	$	112,498	$	112,010
Due after one year through five years	29,294		29,191
	$	141,792	$	141,201

Schedule of available-for-sale investments in continuous unrealized loss position

The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):

	Less Than 12 Months				12 Months or Greater				Total
As of March 30, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	2,501	$	(1)	$	30,323	$	(410)	$	32,824	$	(411)
Government debt securities	36,642		(166)		30,174		(79)		66,816		(245)
	$	39,143	$	(167)	$	60,497	$	(489)	$	99,640	$	(656)

	Less Than 12 Months				12 Months or Greater				Total
As of December 30, 2023	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	12,449	$	(13)	$	95,760	$	(867)	$	108,209	$	(880)
Government debt securities	28,255		(115)		31,122		(440)		59,377		(555)
	$	40,704	$	(128)	$	126,882	$	(1,307)	$	167,586	$	(1,435)