Marketable Securities

3 Months Ended

Mar. 30, 2024

NOTE 3. Marketable Securities

At March 30, 2024 and December 30, 2023, marketable securities are categorized as follows:


	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
March 30, 2024
Government notes and bonds	$	249,211	$	90	$	373	$	248,928
Certificates of deposit		54,800		37		15		54,822
Commercial paper		123,380		15		50		123,345
Corporate bonds		122,896		177		130		122,943
Total marketable securities	$	550,287	$	319	$	568	$	550,038
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 March 30, 2024 and December 30, 2023:


	March 30, 2024				December 30, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	355,655	$	355,387	$	331,136	$	330,937
Due after one through five years		145,917		145,936		132,711		133,366
Due after five through ten years		115		115		—		—
Due after ten years		48,600		48,600		—		—
Total marketable securities	$	550,287	$	550,038	$	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 income (expense), net” on the Condensed Consolidated Statements of Operations and were not material during the three months ended March 30, 2024 and December 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 March 30, 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 March 30, 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
March 30, 2024
Government notes and bonds	$	95,000	$	200	$	41,367	$	173
Certificates of deposit		18,340		16		—		—
Commercial paper		88,615		50		—		—
Corporate bonds		48,457		98		6,270		31
Total	$	250,412	$	364	$	47,637	$	204
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.