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Marketable Securities (Tables)
 12 Months Ended
Dec. 30, 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 December 30, 2023

 

 

 

Fair Value Level

 

Amortized Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

U.S. Treasury securities

 

Level 2

 

$

2,971

 

 

$

1

 

 

$

—

 

 

$

2,972

 

Agency securities

 

Level 2

 

 

23,692

 

 

 

32

 

 

 

(585

)

 

 

23,139

 

Mortgage-backed securities

 

Level 2

 

 

38,743

 

 

 

—

 

 

 

(4,731

)

 

 

34,012

 

Corporate debt securities

 

Level 2

 

 

1,104,834

 

 

 

1,680

 

 

 

(46,073

)

 

 

1,060,441

 

Municipal securities

 

Level 2

 

 

294,240

 

 

 

98

 

 

 

(18,430

)

 

 

275,908

 

Other

 

Level 2

 

 

3,760

 

 

 

—

 

 

 

(423

)

 

 

3,337

 

Total

 

 

 

$

1,468,240

 

 

$

1,811

 

 

$

(70,242

)

 

$

1,399,809

 

 

 

 

 

 

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

 

 

 

Fair Value Level

 

Amortized Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

U.S. Treasury securities

 

Level 2

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

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 December 30, 2023 and December 31, 2022.

 

 

 

As of December 30, 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

 

U.S. Treasury securities

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agency securities

 

 

(31

)

 

 

10,923

 

 

 

(554

)

 

 

6,446

 

 

 

(585

)

 

 

17,369

 

Mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

(4,731

)

 

 

34,012

 

 

 

(4,731

)

 

 

34,012

 

Corporate debt securities

 

 

(702

)

 

 

64,637

 

 

 

(45,371

)

 

 

889,785

 

 

 

(46,073

)

 

 

954,422

 

Municipal securities

 

 

(32

)

 

 

2,654

 

 

 

(18,398

)

 

 

261,651

 

 

 

(18,430

)

 

 

264,305

 

Other

 

 

—

 

 

 

—

 

 

 

(423

)

 

 

3,337

 

 

 

(423

)

 

 

3,337

 

Total

 

$

(765

)

 

$

78,214

 

 

$

(69,477

)

 

$

1,195,231

 

 

$

(70,242

)

 

$

1,273,445

 

 

 

 

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

 

U.S. Treasury securities

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

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 December 30, 2023, by maturity, are shown below.

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

$

279,137

 

 

$

274,618

 

Due after one year through five years

 

 

1,170,760

 

 

 

1,109,093

 

Due after five years through ten years

 

 

10,067

 

 

 

9,187

 

Due after ten years

 

 

8,276

 

 

 

6,911

 

Total

 

$

1,468,240

 

 

$

1,399,809