Marketable Securities and Investments

12 Months Ended

Dec. 31, 2023

Investments consisted of the following:


	December 31, 2023		January 1, 2023
	(In thousands)
Marketable securities - held to maturity (current)	$	689,916	$	—
Marketable securities - available for sale	13,913		11,083
Equity investments	57,206		54,503
Notes receivables and other investments	12,280		42,500
	$	773,315	$	108,086

Marketable securities - held to maturity. The Company’s investments in U.S. treasury securities are classified as held-to-maturity and measured at amortized cost. All the outstanding investments in U.S. treasury securities had a contractual maturity of less than one year as of December 31, 2023 and have been classified as current in the consolidated balance sheet to match the maturities of the long-term debt expected to be retired concurrently with the maturity of the marketable securities.

Marketable securities - available for sale. Marketable securities, which are included in Other assets, net, are accounted for as available for sale and include equity and fixed-income securities. The net unrealized holding gain and loss on marketable securities, net of deferred income taxes, reported as a component of other comprehensive income (loss) in the consolidated statements of stockholders’ equity, was not material. The proceeds from the sales of securities and the related gains and losses are not material for any period presented.

Equity Investments. The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control. Equity investments, which are included in Other assets, net, as of December 31, 2023 and January 1, 2023 consisted of the following:


	December 31, 2023		January 1, 2023
	(In thousands)
Equity investments, carried at cost minus impairment, if any	$	47,260	$	50,654
Equity investments, carried at fair value	9,946		3,849
	$	57,206	$	54,503

The amount of upward adjustments during the periods presented were not material. The cumulative amount of upward adjustments as of December 31, 2023 and January 1, 2023 was $31.3 million and $30.7 million, respectively. The cumulative amount of impairments and downward adjustments as of each of December 31, 2023 and January 1, 2023 was $5.0 million.

Notes receivables and other investments. Notes receivables and other investments, which are included in Other assets, net, are carried at cost less allowance for credit losses. The amortized cost of these investments are not materially different than the fair value. Notes receivables and other investments with a notional amount of $19.8 million are due within one to five years. Notes receivables and other investments with a notional amount of $25.0 million and a carrying value of $12.3 million are convertible into equity securities or are due and payable upon an event of default (as defined in the applicable agreement). The credit losses, included in Interest and other expense, net, in the consolidated statements of operations, during fiscal year 2023 were $34.5 million.