Marketable Securities

3 Months Ended

Mar. 29, 2025

NOTE 3. Marketable Securities

At March 29, 2025 and December 28, 2024, marketable securities are categorized as follows:


	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
	(in thousands)
March 29, 2025
Government notes and bonds	$	272,438	$	552	$	109	$	272,881
Certificates of deposit		87,180		52		8		87,224
Commercial paper		151,630		45		24		151,651
Corporate bonds		134,799		345		16		135,128
Total marketable securities	$	646,047	$	994	$	157	$	646,884
December 28, 2024
Government notes and bonds	$	284,763	$	387	$	287	$	284,863
Certificates of deposit		73,390		49		18		73,421
Commercial paper		136,496		103		42		136,557
Corporate bonds		144,331		283		72		144,542
Total marketable securities	$	638,980	$	822	$	419	$	639,383

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, are as follows at March 29, 2025 and December 28, 2024:


	March 29, 2025				December 28, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	453,458	$	453,877	$	432,088	$	432,616
Due after one through five years		169,544		169,962		140,917		140,792
Due after five through ten years		235		235		235		235
Due after ten years		22,810		22,810		65,740		65,740
Total marketable securities	$	646,047	$	646,884	$	638,980	$	639,383

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 months ended March 29, 2025 and March 30, 2024. 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 March 29, 2025 and December 28, 2024 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 March 29, 2025 and December 28, 2024:


	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
	(in thousands)
March 29, 2025
Government notes and bonds	$	42,961	$	109	$	—	$	—
Certificates of deposit		26,790		8		—		—
Commercial paper		61,339		24		—		—
Corporate bonds		21,912		16		—		—
Total	$	153,002	$	157	$	—	$	—
December 28, 2024
Government notes and bonds	$	37,636	$	287	$	—	$	—
Certificates of deposit		8,260		18		—		—
Commercial paper		18,317		42		—		—
Corporate bonds		13,260		71		3,200		1
Total	$	77,473	$	418	$	3,200	$	1

See Note 2 for additional discussion regarding the fair value of the Company’s marketable securities.