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Marketable Securities
 9 Months Ended
Oct. 01, 2022
Marketable Securities [Abstract]  
Marketable Securities

NOTE 4. Marketable Securities

At October 1, 2022 and January 1, 2022, marketable securities are categorized as follows:

 

 

 

Amortized Cost

 

 

Gross Unrealized Holding Gains

 

 

Gross Unrealized Holding Losses

 

 

Fair Value

 

October 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal notes and bonds

 

$

174,570

 

 

$

3

 

 

$

3,223

 

 

$

171,350

 

Asset-backed securities

 

 

1,889

 

 

 

—

 

 

 

31

 

 

 

1,858

 

Certificates of deposit

 

 

40,400

 

 

 

10

 

 

 

130

 

 

 

40,280

 

Commercial paper

 

 

78,253

 

 

 

4

 

 

 

174

 

 

 

78,083

 

Corporate bonds

 

 

62,081

 

 

 

—

 

 

 

1,323

 

 

 

60,758

 

Total marketable securities

 

$

357,193

 

 

$

17

 

 

$

4,881

 

 

$

352,329

 

January 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal notes and bonds

 

$

171,203

 

 

$

38

 

 

$

261

 

 

$

170,980

 

Asset-backed securities

 

 

2,009

 

 

 

—

 

 

 

—

 

 

 

2,009

 

Certificates of deposit

 

 

33,200

 

 

 

2

 

 

 

10

 

 

 

33,192

 

Commercial paper

 

 

73,152

 

 

 

2

 

 

 

41

 

 

 

73,113

 

Corporate bonds

 

 

62,634

 

 

 

29

 

 

 

216

 

 

 

62,447

 

Total marketable securities

 

$

342,198

 

 

$

71

 

 

$

528

 

 

$

341,741

 

 

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 October 1, 2022 and January 1, 2022:

 

 

 

October 1, 2022

 

 

January 1, 2022

 

 

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

276,724

 

 

$

273,654

 

 

$

219,353

 

 

$

219,211

 

Due after one through five years

 

 

80,469

 

 

 

78,675

 

 

 

122,845

 

 

 

122,530

 

Due after five years

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total marketable securities

 

$

357,193

 

 

$

352,329

 

 

$

342,198

 

 

$

341,741

 

 

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 income (loss).”  Gross realized gains and losses on available-for-sale securities are included in “Other expense (income)” on the Condensed Consolidated Statements of Operations and were not material during the three and nine months ended October 1, 2022 and January 1, 2022. 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 October 1, 2022 and January 1, 2022 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 October 1, 2022 and January 1, 2022:

 

 

 

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

 

October 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal notes and bonds

 

$

123,978

 

 

$

2,082

 

 

$

50,280

 

 

$

1,140

 

Asset-backed securities

 

 

1,889

 

 

 

31

 

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

29,400

 

 

 

127

 

 

 

2,500

 

 

 

4

 

Commercial paper

 

 

71,754

 

 

 

174

 

 

 

500

 

 

 

1

 

Corporate bonds

 

 

39,749

 

 

 

891

 

 

 

22,331

 

 

 

431

 

Total

 

$

266,770

 

 

$

3,305

 

 

$

75,611

 

 

$

1,576

 

January 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal notes and bonds

 

$

113,790

 

 

$

262

 

 

$

—

 

 

$

—

 

Certificates of deposit

 

 

16,300

 

 

 

10

 

 

 

—

 

 

 

—

 

Commercial paper

 

 

58,681

 

 

 

40

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

53,661

 

 

 

150

 

 

 

2,587

 

 

 

66

 

Total

 

$

242,432

 

 

$

462

 

 

$

2,587

 

 

$

66

 

 

See Note 3 for additional discussion regarding the fair value of the Company’s marketable securities.