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Marketable Securities
 3 Months Ended
Mar. 27, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities MARKETABLE SECURITIESThe Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $9.7 million and $1.7 million of net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of March 27, 2022, and December 26, 2021, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 27, 2022, and December 26, 2021:
March 27, 2022
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$28,481 $4 $(217)$28,268 
Corporate debt securities22,681 12 (157)22,536 
Municipal securities2,000 — (16)1,984 
Total short-term AFS securities$53,162 $16 $(390)$52,788 
Long-term AFS securities
Corporate debt securities$167,793 $— $(6,365)$161,428 
U.S. Treasury securities56,576 — (1,892)54,684 
U.S. governmental agency securities28,804 — (850)27,954 
Municipal securities8,932 — (183)8,749 
Total long-term AFS securities$262,105 $— $(9,290)$252,815 
December 26, 2021
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$148,899 $692 $(43)$149,548 
Corporate debt securities107,158 245 (69)107,334 
Certificates of deposit55,551 — — 55,551 
Commercial paper21,145 — — 21,145 
Municipal securities3,999 — (2)3,997 
U.S. governmental agency securities3,500 — — 3,500 
Total short-term AFS securities$340,252 $937 $(114)$341,075 
Long-term AFS securities
Corporate debt securities$242,764 $149 $(1,858)$241,055 
U.S. Treasury securities119,695 — (549)119,146 
U.S. governmental agency securities39,498 — (252)39,246 
Municipal securities13,994 — (61)13,933 
Total long-term AFS securities$415,951 $149 $(2,720)$413,380 
The following tables represent the AFS securities as of March 27, 2022, and December 26, 2021, 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 27, 2022
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$24,589 $(217)$— $— $24,589 $(217)
Corporate debt securities13,887 (157)— — 13,887 (157)
Municipal securities1,984 (16)— — 1,984 (16)
Total short-term AFS securities$40,460 $(390)$— $— $40,460 $(390)
Long-term AFS securities
Corporate debt securities$154,995 $(6,253)$6,433 $(112)$161,428 $(6,365)
U.S. Treasury securities51,923 (1,805)2,761 (87)54,684 (1,892)
U.S. governmental agency securities27,954 (850)— — 27,954 (850)
Municipal securities8,749 (183)— — 8,749 (183)
Total long-term AFS securities$243,621 $(9,091)$9,194 $(199)$252,815 $(9,290)
    
December 26, 2021
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$61,018 $(43)$— $— $61,018 $(43)
Corporate debt securities53,148 (69)— — 53,148 (69)
Municipal securities1,998 (2)— — 1,998 (2)
Total short-term AFS securities$116,164 $(114)$— $— $116,164 $(114)
Long-term AFS securities
Corporate debt securities$224,022 $(1,858)$— $— $224,022 $(1,858)
U.S. Treasury securities119,146 (549)— — 119,146 (549)
U.S. governmental agency securities39,246 (252)— — 39,246 (252)
Municipal securities13,933 (61)— — 13,933 (61)
Total long-term AFS securities$396,347 $(2,720)$— $— $396,347 $(2,720)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 27, 2022, and December 26, 2021, 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 27, 2022, and December 26, 2021, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 27, 2022, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 32 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.