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Marketable Securities
 9 Months Ended
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.