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Marketable Securities | 9 Months Ended
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Sep. 28, 2024
Marketable Securities [Abstract] |
Marketable Securities | NOTE 3. Marketable Securities At September 28, 2024 and December 30, 2023, marketable securities are categorized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Fair Value |
September 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Government notes and bonds |  | $ | 286,447 |  |  | $ | 1,064 |  |  | $ | 2 |  |  | $ | 287,509 |
Certificates of deposit |  |  | 75,320 |  |  |  | 115 |  |  |  | — |  |  |  | 75,435 |
Commercial paper |  |  | 157,641 |  |  |  | 278 |  |  |  | 4 |  |  |  | 157,915 |
Corporate bonds |  |  | 145,028 |  |  |  | 788 |  |  |  | 9 |  |  |  | 145,807 |
Total marketable securities |  | $ | 664,436 |  |  | $ | 2,245 |  |  | $ | 15 |  |  | $ | 666,666 |
December 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Government notes and bonds |  | $ | 195,733 |  |  | $ | 393 |  |  | $ | 326 |  |  | $ | 195,800 |
Certificates of deposit |  |  | 67,377 |  |  |  | 93 |  |  |  | 3 |  |  |  | 67,467 |
Commercial paper |  |  | 99,591 |  |  |  | 54 |  |  |  | 10 |  |  |  | 99,635 |
Corporate bonds |  |  | 101,146 |  |  |  | 391 |  |  |  | 136 |  |  |  | 101,401 |
Total marketable securities |  | $ | 463,847 |  |  | $ | 931 |  |  | $ | 475 |  |  | $ | 464,303 |
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 September 28, 2024 and December 30, 2023:
|  | September 28, 2024 |  |  | December 30, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 481,132 |  |  | $ | 482,238 |  |  | $ | 331,136 |  |  | $ | 330,937 |
Due after one through five years |  |  | 135,329 |  |  |  | 136,453 |  |  |  | 132,711 |  |  |  | 133,366 |
Due after five through ten years |  |  | 235 |  |  |  | 235 |  |  |  | — |  |  |  | — |
Due after ten years |  |  | 47,740 |  |  |  | 47,740 |  |  |  | — |  |  |  | — |
Total marketable securities |  | $ | 664,436 |  |  | $ | 666,666 |  |  | $ | 463,847 |  |  | $ | 464,303 |
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 loss.” Gross realized gains and losses on available-for-sale securities are included in “Other (expense) income, net” on the Condensed Consolidated Statements of Operations and were not material during the three and nine months ended September 28, 2024 and September 30, 2023. 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 September 28, 2024 and December 30, 2023 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 September 28, 2024 and December 30, 2023:
|  | 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 |
September 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Government notes and bonds |  | $ | 12,439 |  |  | $ | 1 |  |  | $ | 1,996 |  |  | $ | 1 |
Certificates of deposit |  |  | 4,360 |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 20,624 |  |  |  | 4 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 16,930 |  |  |  | 7 |  |  |  | 6,700 |  |  |  | 2 |
Total |  | $ | 54,353 |  |  | $ | 12 |  |  | $ | 8,696 |  |  | $ | 3 |
December 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Government notes and bonds |  | $ | 82,776 |  |  | $ | 325 |  |  | $ | 180 |  |  | $ | 1 |
Certificates of deposit |  |  | 11,839 |  |  |  | 3 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | 20,121 |  |  |  | 10 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 20,268 |  |  |  | 103 |  |  |  | 5,999 |  |  |  | 33 |
Total |  | $ | 135,004 |  |  | $ | 441 |  |  | $ | 6,179 |  |  | $ | 34 |
See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.

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