Marketable Securities (Tables)
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9 Months Ended |
Sep. 28, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Marketable Securities Classified as Available-for-sale Securities |
Marketable securities classified as available-for-sale securities are summarized below:
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Available-For-Sale Securities
as of September 28, 2024 |
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Fair Value Level |
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Amortized Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair Value |
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U.S. Treasury securities |
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Level 2 |
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$ |
4,869 |
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$ |
20 |
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$ |
— |
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$ |
4,889 |
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Agency securities |
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Level 2 |
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25,955 |
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145 |
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(333 |
) |
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25,767 |
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Mortgage-backed securities |
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Level 2 |
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34,910 |
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— |
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(3,605 |
) |
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31,305 |
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Corporate debt securities |
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Level 2 |
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1,203,805 |
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9,573 |
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(21,262 |
) |
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1,192,116 |
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Municipal securities |
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Level 2 |
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274,323 |
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508 |
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(10,435 |
) |
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264,396 |
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Other |
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Level 2 |
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2,874 |
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— |
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(114 |
) |
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2,760 |
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Total |
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$ |
1,546,736 |
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$ |
10,246 |
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$ |
(35,749 |
) |
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$ |
1,521,233 |
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Available-For-Sale Securities
as of December 30, 2023 |
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Fair Value Level |
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Amortized Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair Value |
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U.S. Treasury securities |
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Level 2 |
|
$ |
2,971 |
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$ |
1 |
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$ |
— |
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$ |
2,972 |
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Agency securities |
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Level 2 |
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23,692 |
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32 |
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(585 |
) |
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23,139 |
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Mortgage-backed securities |
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Level 2 |
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38,743 |
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— |
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(4,731 |
) |
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34,012 |
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Corporate debt securities |
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Level 2 |
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1,104,834 |
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1,680 |
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(46,073 |
) |
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1,060,441 |
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Municipal securities |
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Level 2 |
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294,240 |
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98 |
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(18,430 |
) |
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275,908 |
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Other |
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Level 2 |
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3,760 |
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— |
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(423 |
) |
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3,337 |
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Total |
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$ |
1,468,240 |
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$ |
1,811 |
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$ |
(70,242 |
) |
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$ |
1,399,809 |
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| Schedule of Gross Unrealized Losses and Fair Value by Major Security Type |
The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of September 28, 2024 and December 30, 2023.
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As of September 28, 2024 |
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Less than 12 Consecutive Months |
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12 Consecutive Months or Longer |
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Total |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Agency securities |
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$ |
— |
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$ |
1,000 |
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$ |
(333 |
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$ |
6,667 |
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$ |
(333 |
) |
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$ |
7,667 |
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Mortgage-backed securities |
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— |
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— |
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(3,605 |
) |
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31,305 |
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(3,605 |
) |
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31,305 |
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Corporate debt securities |
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(127 |
) |
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36,935 |
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(21,135 |
) |
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688,156 |
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(21,262 |
) |
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725,091 |
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Municipal securities |
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— |
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— |
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(10,435 |
) |
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235,171 |
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(10,435 |
) |
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235,171 |
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Other |
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— |
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— |
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(114 |
) |
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2,760 |
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(114 |
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2,760 |
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Total |
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$ |
(127 |
) |
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$ |
37,935 |
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$ |
(35,622 |
) |
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$ |
964,059 |
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$ |
(35,749 |
) |
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$ |
1,001,994 |
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As of December 30, 2023 |
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Less than 12 Consecutive Months |
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12 Consecutive Months or Longer |
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Total |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Gross Unrealized Losses |
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Fair Value |
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Agency securities |
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$ |
(31 |
) |
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$ |
10,923 |
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$ |
(554 |
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$ |
6,446 |
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$ |
(585 |
) |
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$ |
17,369 |
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Mortgage-backed securities |
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— |
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— |
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(4,731 |
) |
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34,012 |
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(4,731 |
) |
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34,012 |
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Corporate debt securities |
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(702 |
) |
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64,637 |
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(45,371 |
) |
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889,785 |
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(46,073 |
) |
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954,422 |
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Municipal securities |
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(32 |
) |
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2,654 |
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(18,398 |
) |
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261,651 |
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(18,430 |
) |
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264,305 |
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Other |
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— |
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— |
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(423 |
) |
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3,337 |
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(423 |
) |
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3,337 |
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Total |
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$ |
(765 |
) |
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$ |
78,214 |
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$ |
(69,477 |
) |
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$ |
1,195,231 |
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$ |
(70,242 |
) |
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$ |
1,273,445 |
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| Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity |
The amortized cost and fair value of marketable securities at September 28, 2024, by maturity, are shown below.
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Amortized Cost |
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Fair Value |
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Due in one year or less |
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$ |
421,840 |
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$ |
414,701 |
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Due after one year through five years |
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1,108,518 |
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1,092,026 |
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Due after five years through ten years |
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7,588 |
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7,001 |
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Due after ten years |
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8,790 |
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7,505 |
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Total |
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$ |
1,546,736 |
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$ |
1,521,233 |
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