Marketable Securities

6 Months Ended

Jun. 25, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

Our marketable debt securities consisted of the following:

(In thousands)	June 25, 2017		December 25, 2016
Short-term marketable securities
U.S Treasury securities	$	111,222	$	150,623
Corporate debt securities	178,869		150,599
U.S. governmental agency securities	50,488		64,135
Certificates of deposit	11,102		—
Commercial paper	30,888		84,178
Total short-term marketable securities	$	382,569	$	449,535
Long-term marketable securities
U.S. governmental agency securities	$	107,692	$	110,732
Corporate debt securities	64,076		61,775
U.S Treasury securities	48,940		14,792
Total long-term marketable securities	$	220,708	$	187,299

As of June 25, 2017, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 32 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.

On June 29, 2017, our Board of Directors approved a change to the Company’s cash reserve investment policy to allow the Company to sell marketable securities prior to maturity. Beginning in the third quarter of 2017, the Company will reclassify all marketable securities from held to maturity to available for sale. If the marketable securities were classified as available for sale as of June 25, 2017, the Company would have recorded approximately a $1 million net unrecognized loss in other comprehensive income.