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Marketable Securities (Tables)
 6 Months Ended
Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities Classified as Available-for-sale Securities

Marketable securities classified as available-for-sale securities are summarized below:

 

 

 

Available-For-Sale Securities
as of July 1, 2023

 

 

 

Fair Value Level

 

Amortized Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

Agency securities

 

Level 2

 

$

11,002

 

 

$

—

 

 

$

(765

)

 

$

10,237

 

Mortgage-backed securities

 

Level 2

 

 

41,559

 

 

 

—

 

 

 

(5,586

)

 

 

35,973

 

Corporate debt securities

 

Level 2

 

 

1,086,519

 

 

 

158

 

 

 

(72,130

)

 

 

1,014,547

 

Municipal securities

 

Level 2

 

 

312,851

 

 

 

1

 

 

 

(25,429

)

 

 

287,423

 

Other

 

Level 2

 

 

6,629

 

 

 

—

 

 

 

(861

)

 

 

5,768

 

Total

 

 

 

$

1,458,560

 

 

$

159

 

 

$

(104,771

)

 

$

1,353,948

 

 

 

 

Available-For-Sale Securities
as of December 31, 2022

 

 

 

Fair Value Level

 

Amortized Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

Agency securities

 

Level 2

 

$

7,000

 

 

$

—

 

 

$

(786

)

 

$

6,214

 

Mortgage-backed securities

 

Level 2

 

 

45,373

 

 

 

—

 

 

 

(4,525

)

 

 

40,848

 

Corporate debt securities

 

Level 2

 

 

1,106,688

 

 

 

188

 

 

 

(77,802

)

 

 

1,029,074

 

Municipal securities

 

Level 2

 

 

326,058

 

 

 

3

 

 

 

(28,861

)

 

 

297,200

 

Other

 

Level 2

 

 

10,466

 

 

 

—

 

 

 

(2,154

)

 

 

8,312

 

Total

 

 

 

$

1,495,585

 

 

$

191

 

 

$

(114,128

)

 

$

1,381,648

 
Schedule of Gross Unrealized Losses and Fair Value by Major Security Type

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of July 1, 2023 and December 31, 2022.

 

 

 

As of July 1, 2023

 

 

 

Less than 12 Consecutive Months

 

 

12 Consecutive Months or Longer

 

 

Total

 

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Agency securities

 

$

(16

)

 

$

3,987

 

 

$

(749

)

 

$

6,250

 

 

$

(765

)

 

$

10,237

 

Mortgage-backed securities

 

 

(15

)

 

 

176

 

 

 

(5,571

)

 

 

35,797

 

 

 

(5,586

)

 

 

35,973

 

Corporate debt securities

 

 

(5,114

)

 

 

152,214

 

 

 

(67,016

)

 

 

844,933

 

 

 

(72,130

)

 

 

997,147

 

Municipal securities

 

 

(155

)

 

 

8,817

 

 

 

(25,274

)

 

 

276,105

 

 

 

(25,429

)

 

 

284,922

 

Other

 

 

—

 

 

 

—

 

 

 

(861

)

 

 

5,768

 

 

 

(861

)

 

 

5,768

 

Total

 

$

(5,300

)

 

$

165,194

 

 

$

(99,471

)

 

$

1,168,853

 

 

$

(104,771

)

 

$

1,334,047

 

 

 

 

 

As of December 31, 2022

 

 

 

Less than 12 Consecutive Months

 

 

12 Consecutive Months or Longer

 

 

Total

 

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Agency securities

 

$

—

 

 

$

—

 

 

$

(786

)

 

$

6,214

 

 

$

(786

)

 

$

6,214

 

Mortgage-backed securities

 

 

(1,900

)

 

 

23,229

 

 

 

(2,625

)

 

 

17,619

 

 

 

(4,525

)

 

 

40,848

 

Corporate debt securities

 

 

(26,680

)

 

 

508,956

 

 

 

(51,122

)

 

 

498,834

 

 

 

(77,802

)

 

 

1,007,790

 

Municipal securities

 

 

(2,136

)

 

 

69,017

 

 

 

(26,725

)

 

 

225,679

 

 

 

(28,861

)

 

 

294,696

 

Other

 

 

—

 

 

 

—

 

 

 

(2,154

)

 

 

8,067

 

 

 

(2,154

)

 

 

8,067

 

Total

 

$

(30,716

)

 

$

601,202

 

 

$

(83,412

)

 

$

756,413

 

 

$

(114,128

)

 

$

1,357,615

 
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity

The amortized cost and fair value of marketable securities at July 1, 2023, by maturity, are shown below.

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

$

259,584

 

 

$

253,689

 

Due after one year through five years

 

 

1,172,343

 

 

 

1,076,583

 

Due after five years through ten years

 

 

17,908

 

 

 

16,363

 

Due after ten years

 

 

8,725

 

 

 

7,313

 

Total

 

$

1,458,560

 

 

$

1,353,948