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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2024

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 June 29, 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	$	147,307	$	—	$	147,307
Total cash equivalents	$	147,307	$	—	$	147,307

Short-term investments:
Corporate debt securities	$	—	$	47,322	$	47,322
Government debt securities	—		51,014		51,014
Total short-term investments	$	—	$	98,336	$	98,336

Total	$	147,307	$	98,336	$	245,643


	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 June 29, 2024	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalent		Marketable Securities
Corporate debt securities	$	47,485	$	19	$	(182)	$	47,322	$	—	$	47,322
Government debt securities	51,168		11		(165)		51,014		—		51,014
Money market funds	147,307		—		—		147,307		147,307		—
Total	$	245,960	$	30	$	(347)	$	245,643	$	147,307	$	98,336


									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 June 29, 2024 (in thousands):


	Cost		Fair Value
Due in one year or less	$	71,328	$	71,133
Due after one year through five years	27,326		27,203
	$	98,653	$	98,336

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 June 29, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	15,530	$	(6)	$	19,457	$	(176)	$	34,987	$	(182)
Government debt securities	32,959		(108)		9,754		(57)		42,713		(165)
	$	48,489	$	(114)	$	29,211	$	(233)	$	77,700	$	(347)


	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)