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Marketable Securities
 3 Months Ended
Mar. 28, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities MARKETABLE SECURITIESThe Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $3.2 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 28, 2021, and December 27, 2020, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 28, 2021, and December 27, 2020:
March 28, 2021
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$125,933 $417 $(19)$126,331 
Certificates of deposit59,083 — — 59,083 
U.S. Treasury securities51,225 27 (1)51,251 
U.S. governmental agency securities39,362 42 — 39,404 
Commercial paper21,385 — — 21,385 
Total short-term AFS securities$296,988 $486 $(20)$297,454 
Long-term AFS securities
Corporate debt securities$150,272 $1,125 $(119)$151,278 
U.S. Treasury securities101,222 1,751 (8)102,965 
U.S. governmental agency securities51,588 15 (13)51,590 
Municipal securities12,161 1 (7)12,155 
Total long-term AFS securities$315,243 $2,892 $(147)$317,988 
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 
Certificates of deposit36,525 — — 36,525 
U.S. Treasury securities79,467 39 (3)79,503 
U.S. governmental agency securities25,113 61 (3)25,171 
Commercial paper37,580 — — 37,580 
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 
The following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, 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 28, 2021
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$50,264 $(19)$— $— $50,264 $(19)
U.S. Treasury securities10,563 (1)— — 10,563 (1)
Total short-term AFS securities$60,827 $(20)$— $— $60,827 $(20)
Long-term AFS securities
Corporate debt securities$42,532 $(119)$— $— $42,532 $(119)
U.S. Treasury securities9,493 (8)— — 9,493 (8)
U.S. governmental agency securities21,235 (13)— — 21,235 (13)
Municipal securities7,161 (7)— — 7,161 (7)
Total long-term AFS securities$80,421 $(147)$— $— $80,421 $(147)
    
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)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 28, 2021, and December 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. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 28, 2021, and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 28, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one 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.