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Marketable Securities
 12 Months Ended
Dec. 27, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company accounts for its marketable securities as AFS. The Company recorded $4.3 million and $0.8 million of net unrealized gains in Accumulated Other Comprehensive Income (“AOCI”) as of December 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 securities as of December 27, 2020, and December 29, 2019:
December 27, 2020
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$129,805 $504 $(8)$130,301 
U.S. Treasury securities79,467 39 (3)79,503 
Commercial paper37,580 — — 37,580 
Certificates of deposit36,525 — — 36,525 
U.S. governmental agency securities25,113 61 (3)25,171 
Total short-term AFS securities$308,490 $604 $(14)$309,080 
Long-term AFS securities
Corporate debt securities$134,296 $1,643 $(5)$135,934 
U.S. Treasury securities95,511 2,054 — 97,565 
U.S. governmental agency securities48,342 19 (13)48,348 
Municipal securities4,994 — (10)4,984 
Total long-term AFS securities$283,143 $3,716 $(28)$286,831 
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 
Commercial paper12,561 — — 12,561 
Certificates of deposit9,501 — — 9,501 
U.S. governmental agency securities37,471 35 (4)37,502 
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 present the AFS securities as of December 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 loss position:
December 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$33,735 $(8)$— $— $33,735 $(8)
U.S. Treasury securities20,133 (3)— — 20,133 (3)
U.S. governmental agency securities4,999 (2)8,749 (1)13,748 (3)
Total short-term AFS securities$58,867 $(13)$8,749 $(1)$67,616 $(14)
Long-term AFS securities
Corporate debt securities$6,717 $(5)$— $— $6,717 $(5)
U.S. governmental agency securities26,236 (13)— — 26,236 (13)
Municipal securities4,984 (10)— — 4,984 (10)
Total long-term AFS securities$37,937 $(28)$— $— $37,937 $(28)
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. See Note 2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses.
As of December 27, 2020, and December 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 December 27, 2020, and December 29, 2019, we have recognized no losses or allowance for credit losses related to AFS securities.
As of December 27, 2020, and December 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 36 months, respectively. See Note 8 for additional information regarding the fair value hierarchy of our marketable securities.