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CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES

3 Months Ended

Mar. 27, 2021

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES

3. CASH AND CASH EQUIVALENTS AND MARKETABLE DEBT SECURITIES

The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.

Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at fair value.” The Company records the amortization of premium and accretion of discounts on marketable debt securities in the results of operations.

The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three months ended March 27, 2021 and March 28, 2020.

Investments in available-for-sale marketable debt securities were as follows at March 27, 2021 and December 26, 2020:

	Amortized Cost				Unrealized Gains				Fair Value
	2021		2020		2021		2020		2021		2020
U.S. government and agency backed securities	$	1,002,993	$	1,003,941	$	14,997	$	19,179	$	1,017,990	$	1,023,120
Corporate debt		2,403,119		2,603,704		9,262		8,857		2,412,381		2,612,561
Total	$	3,406,112	$	3,607,645	$	24,259	$	28,036	$	3,430,371	$	3,635,681

The contractual maturity of the Company’s marketable debt securities was as follows at March 27, 2021:

SCHEDULE OF MARKETABLE DEBT SECURITIES

	Less than One year		One to Five years		Total
U.S. government and agency backed securities	$	1,017,990	$	—	$	1,017,990
Corporate debt		901,611		1,510,770		2,412,381
Total	$	1,919,601	$	1,510,770	$	3,430,371