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Marketable Securities
 9 Months Ended
Sep. 27, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities MARKETABLE SECURITIESThe Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $4.7 million and $0.8 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of September 27, 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 September 27, 2020, and December 29, 2019:
September 27, 2020
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$119,042 $561 $(17)$119,586 
U.S. Treasury securities97,712 94 (4)97,802 
U.S. governmental agency securities47,759 68 (4)47,823 
Commercial paper43,523 — — 43,523 
Total short-term AFS securities$308,036 $723 $(25)$308,734 
Long-term AFS securities
Corporate debt securities$118,690 $1,713 $(22)$120,381 
U.S. Treasury securities88,059 2,343 — 90,402 
U.S. governmental agency securities64,881 89 (104)64,866 
Total long-term AFS securities$271,630 $4,145 $(126)$275,649 
December 29, 2019
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$98,864 $271 $(9)$99,126 
U.S. Treasury securities43,098 8 (11)43,095 
U.S. governmental agency securities37,471 35 (4)37,502 
Commercial paper12,561 — — 12,561 
Certificates of deposit9,501 — — 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 securities101,457 84 (103)101,438 
U.S. governmental agency securities46,600 5 (84)46,521 
Total long-term AFS securities$251,206 $706 $(216)$251,696 
The following tables represent the AFS securities as of September 27, 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:
September 27, 2020
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross unrealized lossesFair ValueGross unrealized lossesFair ValueGross unrealized losses
Short-term AFS securities
Corporate debt securities$22,174 $(17)$— $— $22,174 $(17)
U.S. Treasury securities43,982 (4)— — 43,982 (4)
U.S. governmental agency securities4,999 (2)8,748 (2)13,747 (4)
Total short-term AFS securities$71,155 $(23)$8,748 $(2)$79,903 $(25)
Long-term AFS securities
Corporate debt securities$10,466 $(22)$— $— $10,466 $(22)
U.S. governmental agency securities22,146 (104)— — 22,146 (104)
Total long-term AFS securities$32,612 $(126)$— $— $32,612 $(126)
    
December 29, 2019
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross unrealized lossesFair ValueGross unrealized lossesFair ValueGross unrealized losses
Short-term AFS securities
Corporate debt securities$20,975 $(6)$8,251 $(3)$29,226 $(9)
U.S. Treasury securities13,296 (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 securities60,935 (103)— — 60,935 (103)
U.S. governmental agency securities34,167 (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 September 27, 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. As of September 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.
As of September 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 36 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.