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Fair Value Measurements
 12 Months Ended
Dec. 29, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:
•Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities;
•Level 2 - inputs other than level 1 that are observable either directly or indirectly, such as quoted prices in active markets for similar instruments or on industry models using data inputs, such as interest rates and prices that can be directly observed or corroborated in active markets; and
•Level 3 - unobservable inputs that are supported by little or no market activity that are significant to the fair value measurement.
The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):
December 31, 2023
Level 1
Level 2
Total
Commercial paper$— $214,016 $214,016 
Corporate bonds— 868,245 868,245 
U.S. Treasury and government-sponsored enterprises— 407,321 407,321 
Municipal bonds— 7,841 7,841 
Total debt securities available-for-sale— 1,497,423 1,497,423 
Money market funds154,287 — 154,287 
Certificates of deposit— 72,309 72,309 
Total financial assets carried at fair value$154,287 $1,569,732 $1,724,019 
December 31, 2022
Level 1
Level 2
Total
Commercial paper$— $722,018 $722,018 
Corporate bonds— 797,848 797,848 
U.S. Treasury and government-sponsored enterprises— 332,587 332,587 
Municipal bonds— 16,162 16,162 
Total debt securities available-for-sale— 1,868,615 1,868,615 
Money market funds94,344 — 94,344 
Certificates of deposit— 103,681 103,681 
Total financial assets carried at fair value$94,344 $1,972,296 $2,066,640 
When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals for similar assets as observable inputs for pricing, which is a Level 2 input.
The carrying amount of our remaining financial assets and liabilities, which include receivables and payables, approximate their fair values due to their short-term nature.
Forward Foreign Currency Contracts
We have entered into forward foreign currency exchange contracts that are not designated as hedges for accounting purposes to hedge certain operational exposures for the changes in foreign currency exchange rates associated with assets or liabilities denominated in foreign currencies, primarily the Euro.
As of December 31, 2023, we had one forward contract outstanding to sell €4.0 million. The forward contract with a maturity of three months is recorded at fair value and is included in other current liabilities in the Consolidated Balance Sheets. The unrealized gain on the forward contract is immaterial as of December 31, 2023. The forward contract is considered a Level 2 in the fair value hierarchy of our fair value measurements. The net realized gains (losses) we recognized on the maturity of forward contracts were immaterial, $1.2 million and $0.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Realized and unrealized gains and losses on our forward contracts are included in other income (expense), net on our Consolidated Statements of Income.