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Marketable Securities
 3 Months Ended
Mar. 29, 2020
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 $1.5 million and $0.8 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 29, 2020, and December 29, 2019, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of March 29, 2020, and December 29, 2019:
 
 
March 29, 2020
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
90,893

 
$
23

 
$
(570
)
 
$
90,346

U.S. Treasury securities
 
66,792

 
393

 
(2
)
 
67,183

U.S. governmental agency securities
 
29,613

 
137

 
(1
)
 
29,749

Commercial paper
 
18,779

 
—

 
—

 
18,779

Certificates of deposit
 
10,601

 
—

 
—

 
10,601

Total short-term AFS securities
 
$
216,678

 
$
553

 
$
(573
)
 
$
216,658

Long-term AFS securities
 
 
 
 
 
 
 

Corporate debt securities
 
$
99,044

 
$
141

 
$
(1,740
)
 
$
97,445

U.S. Treasury securities
 
92,720

 
2,857

 
—

 
95,577

U.S. governmental agency securities
 
58,646

 
261

 
(3
)
 
58,904

Total long-term AFS securities
 
$
250,410

 
$
3,259

 
$
(1,743
)
 
$
251,926


 
 
December 29, 2019
(In thousands)
 
Amortized Cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair Value
Short-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
98,864

 
$
271

 
$
(9
)
 
$
99,126

U.S. Treasury securities
 
43,098

 
8

 
(11
)
 
43,095

U.S. governmental agency securities
 
37,471

 
35

 
(4
)
 
37,502

Commercial paper
 
12,561

 
—

 
—

 
12,561

Certificates of deposit
 
9,501

 
—

 
—

 
9,501

Total short-term AFS securities
 
$
201,495

 
$
314

 
$
(24
)
 
$
201,785

Long-term AFS securities
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
103,149

 
$
617

 
$
(29
)
 
$
103,737

U.S. Treasury securities
 
101,457

 
84

 
(103
)
 
101,438

U.S. governmental agency securities
 
46,600

 
5

 
(84
)
 
46,521

Total long-term AFS securities
 
$
251,206

 
$
706

 
$
(216
)
 
$
251,696


The following tables represent the AFS securities as of March 29, 2020, and December 29, 2019, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
 
 
March 29, 2020
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
76,998

 
$
(570
)
 
$
—

 
$
—

 
$
76,998

 
$
(570
)
U.S. Treasury securities
 
—

 
—

 
9,501

 
(2
)
 
9,501

 
(2
)
U.S. governmental agency securities
 
4,999

 
(1
)
 
—

 
—

 
4,999

 
(1
)
Total short-term AFS securities
 
$
81,997

 
$
(571
)
 
$
9,501

 
$
(2
)
 
$
91,498

 
$
(573
)
Long-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
76,311

 
$
(1,740
)
 
$
—

 
$
—

 
$
76,311

 
$
(1,740
)
U.S. governmental agency securities
 
8,747

 
(3
)
 
—

 
—

 
8,747

 
(3
)
Total long-term AFS securities
 
$
85,058

 
$
(1,743
)
 
$
—

 
$
—

 
$
85,058

 
$
(1,743
)
 
 
December 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
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
20,975

 
$
(6
)
 
$
8,251

 
$
(3
)
 
$
29,226

 
$
(9
)
U.S. Treasury securities
 
13,296

 
(3
)
 
11,147

 
(8
)
 
24,443

 
(11
)
U.S. governmental agency securities
 
—

 
—

 
15,000

 
(4
)
 
15,000

 
(4
)
Total short-term AFS securities
 
$
34,271

 
$
(9
)
 
$
34,398

 
$
(15
)
 
$
68,669

 
$
(24
)
Long-term AFS securities
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
35,891

 
$
(25
)
 
$
4,502

 
$
(4
)
 
$
40,393

 
$
(29
)
U.S. Treasury securities
 
60,935

 
(103
)
 
—

 
—

 
60,935

 
(103
)
U.S. governmental agency securities
 
34,167

 
(84
)
 
—

 
—

 
34,167

 
(84
)
Total long-term AFS securities
 
$
130,993

 
$
(212
)
 
$
4,502

 
$
(4
)
 
$
135,495

 
$
(216
)

We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.
As of March 29, 2020, 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 perceived credit quality resulting from temporary liquidity issues and interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 29, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 29, 2020, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.