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Marketable Securities | 6 Months Ended
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Jul. 02, 2022
Marketable Securities [Abstract] |
Marketable Securities | NOTE 4. Marketable Securities At July 2, 2022 and January 1, 2022, marketable securities are categorized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
July 2, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds |  | $ | 180,552 |  |  | $ | 28 |  |  | $ | 2,215 |  |  | $ | 178,365 |
Asset-backed securities |  |  | 1,939 |  |  |  | — |  |  |  | 29 |  |  |  | 1,910 |
Certificates of deposit |  |  | 27,200 |  |  |  | — |  |  |  | 90 |  |  |  | 27,110 |
Commercial paper |  |  | 89,920 |  |  |  | 5 |  |  |  | 209 |  |  |  | 89,716 |
Corporate bonds |  |  | 68,798 |  |  |  | — |  |  |  | 1,074 |  |  |  | 67,724 |
Total marketable securities |  | $ | 368,409 |  |  | $ | 33 |  |  | $ | 3,617 |  |  | $ | 364,825 |
January 1, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds |  | $ | 171,203 |  |  | $ | 38 |  |  | $ | 261 |  |  | $ | 170,980 |
Asset-backed securities |  |  | 2,009 |  |  |  | — |  |  |  | — |  |  |  | 2,009 |
Certificates of deposit |  |  | 33,200 |  |  |  | 2 |  |  |  | 10 |  |  |  | 33,192 |
Commercial paper |  |  | 73,152 |  |  |  | 2 |  |  |  | 41 |  |  |  | 73,113 |
Corporate bonds |  |  | 62,634 |  |  |  | 29 |  |  |  | 216 |  |  |  | 62,447 |
Total marketable securities |  | $ | 342,198 |  |  | $ | 71 |  |  | $ | 528 |  |  | $ | 341,741 |
The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Condensed Consolidated Balance Sheets classification, is as follows at July 2, 2022 and January 1, 2022:
|  | July 2, 2022 |  |  | January 1, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 286,174 |  |  | $ | 284,096 |  |  | $ | 219,353 |  |  | $ | 219,211 |
Due after one through five years |  |  | 82,235 |  |  |  | 80,729 |  |  |  | 122,845 |  |  |  | 122,530 |
Due after five years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total marketable securities |  | $ | 368,409 |  |  | $ | 364,825 |  |  | $ | 342,198 |  |  | $ | 341,741 |
The Company has evaluated its investment policies and determined that all of its marketable securities, which are comprised of debt securities, are to be classified as available-for-sale. The Company’s available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in Stockholders’ equity under the caption “Accumulated other comprehensive income (loss).” Gross realized gains and losses on available-for-sale securities are included in “Other expense (income)” on the Condensed Consolidated Statements of Operations and were not material during the three and six months ended July 2, 2022 and January 1, 2022. The Company records credit losses for its available-for-sale debt securities when it intends to sell the securities, it is more-likely-than not that it will be required to sell the securities before a recovery, or when it does not expect to recover the entire amortized cost basis of the securities. The cost of securities sold is based on the specific identification method. The Company has determined that the gross unrealized losses on its marketable securities at July 2, 2022 and January 1, 2022 are temporary in nature. The Company regularly reviews its investment portfolio to identify and evaluate marketable securities that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include the length of time and extent to which fair value has been less than the cost basis, credit quality and the Company’s ability and intent to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at July 2, 2022 and January 1, 2022:
|  | In Unrealized Loss Position For Less Than 12 Months |  |  | In Unrealized Loss Position For Greater Than 12 Months |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
July 2, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds |  | $ | 173,915 |  |  | $ | 2,120 |  |  | $ | 6,636 |  |  | $ | 95 |
Asset-backed securities |  |  | 1,939 |  |  |  | 29 |  |  |  | — |  |  |  | — |
Certificates of deposit |  |  | 27,200 |  |  |  | 90 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 89,920 |  |  |  | 209 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 66,653 |  |  |  | 1,028 |  |  |  | 2,145 |  |  |  | 46 |
Total |  | $ | 359,627 |  |  | $ | 3,476 |  |  | $ | 8,781 |  |  | $ | 141 |
January 1, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal notes and bonds |  | $ | 113,790 |  |  | $ | 262 |  |  | $ | — |  |  | $ | — |
Certificates of deposit |  |  | 16,300 |  |  |  | 10 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 58,681 |  |  |  | 40 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 53,661 |  |  |  | 150 |  |  |  | 2,587 |  |  |  | 66 |
Total |  | $ | 242,432 |  |  | $ | 462 |  |  | $ | 2,587 |  |  | $ | 66 |
See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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