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Marketable Securities
 9 Months Ended
Sep. 29, 2019
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $0.9 million and $2.8 million of net unrealized gains and net unrealized losses, respectively, in Accumulated other comprehensive income (“AOCI”) as of September 29, 2019, and December 30, 2018, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of September 29, 2019, and December 30, 2018:
 
 
September 29, 2019
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
123,224

 
$
46

 
$
(47
)
 
$
123,223

Corporate debt securities
 
109,792

 
263

 
(36
)
 
110,019

Commercial paper
 
69,298

 
—

 
—

 
69,298

U.S. governmental agency securities
 
60,515

 
15

 
(17
)
 
60,513

Certificates of deposit
 
13,810

 
—

 
—

 
13,810

Total short-term AFS securities
 
$
376,639

 
$
324

 
$
(100
)
 
$
376,863

Long-term AFS securities
 
 
 
 
 
 
 

Corporate debt securities
 
$
93,989

 
$
696

 
$
(22
)
 
$
94,663

U.S. Treasury securities
 
71,313

 
121

 
(67
)
 
71,367

U.S. governmental agency securities
 
51,258

 
27

 
(50
)
 
51,235

Total long-term AFS securities
 
$
216,560

 
$
844

 
$
(139
)
 
$
217,265


 
 
December 30, 2018
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
107,717

 
$
—

 
$
(232
)
 
$
107,485

Corporate debt securities
 
140,631

 
1

 
(464
)
 
140,168

Commercial paper
 
8,177

 
—

 
—

 
8,177

U.S. governmental agency securities
 
92,628

 
—

 
(654
)
 
91,974

Certificates of deposit
 
23,497

 
—

 
—

 
23,497

Total short-term AFS securities
 
$
372,650

 
$
1

 
$
(1,350
)
 
$
371,301

Long-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
130,612

 
$
44

 
$
(1,032
)
 
$
129,624

U.S. Treasury securities
 
47,079

 
5

 
(347
)
 
46,737

U.S. governmental agency securities
 
37,362

 
3

 
(168
)
 
37,197

Total long-term AFS securities
 
$
215,053

 
$
52

 
$
(1,547
)
 
$
213,558


The following tables represent the AFS securities as of September 29, 2019, and December 30, 2018, that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:
 
 
September 29, 2019
 
 
Less than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Short-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
14,863

 
$
(7
)
 
$
23,113

 
$
(40
)
 
$
37,976

 
$
(47
)
Corporate debt securities
 
12,678

 
(3
)
 
36,975

 
(33
)
 
49,653

 
(36
)
U.S. governmental agency securities
 
4,998

 
—

 
23,188

 
(17
)
 
28,186

 
(17
)
Total short-term AFS securities
 
$
32,539

 
$
(10
)
 
$
83,276

 
$
(90
)
 
$
115,815

 
$
(100
)
Long-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
11,008

 
$
(15
)
 
$
8,004

 
$
(7
)
 
$
19,012

 
$
(22
)
U.S. Treasury securities
 
35,727

 
(67
)
 
—

 
—

 
35,727

 
(67
)
U.S. governmental agency securities
 
41,958

 
(50
)
 
—

 
—

 
41,958

 
(50
)
Total long-term AFS securities
 
$
88,693

 
$
(132
)
 
$
8,004

 
$
(7
)
 
$
96,697

 
$
(139
)
 
 
December 30, 2018
 
 
Less than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Short-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
70,830

 
$
(31
)
 
$
28,207

 
$
(201
)
 
$
99,037

 
$
(232
)
Corporate debt securities
 
76,886

 
(115
)
 
61,459

 
(349
)
 
138,345

 
(464
)
U.S. governmental agency securities
 
11,664

 
(4
)
 
80,311

 
(650
)
 
91,975

 
(654
)
Total short-term AFS securities
 
$
159,380

 
$
(150
)
 
$
169,977

 
$
(1,200
)
 
$
329,357

 
$
(1,350
)
Long-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
81,655

 
$
(570
)
 
$
27,265

 
$
(462
)
 
$
108,920

 
$
(1,032
)
U.S. governmental agency securities
 
21,579

 
(36
)
 
11,868

 
(132
)
 
33,447

 
(168
)
U.S. Treasury securities
 
20,479

 
(29
)
 
23,762

 
(318
)
 
44,241

 
(347
)
Total long-term AFS securities
 
$
123,713

 
$
(635
)
 
$
62,895

 
$
(912
)
 
$
186,608

 
$
(1,547
)

We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. We also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses.
As of September 29, 2019, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of September 29, 2019, we have recognized no OTTI loss.
As of September 29, 2019, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 34 months, respectively. See Note 9 for more information regarding the fair value of our marketable securities.