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Investments | 12 Months Ended
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Dec. 29, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS Investments Available-for-Sale Cash equivalents and investments by security type were as follows. The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands):
| December 31, 2017
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 45,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,478 |
Commercial paper | 199,647 |  |  | — |  |  | — |  |  | 199,647 |
Corporate bonds | 179,336 |  |  | 18 |  |  | (332 | ) |  | 179,022 |
U.S. Treasury and government sponsored enterprises | 16,295 |  |  | — |  |  | (32 | ) |  | 16,263 |
Total | $ | 440,756 |  |  | $ | 18 |  |  | $ | (364 | ) |  | $ | 440,410 |
| December 31, 2016
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 71,457 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,457 |
Commercial paper | 165,375 |  |  | — |  |  | — |  |  | 165,375 |
Corporate bonds | 152,712 |  |  | 3 |  |  | (308 | ) |  | 152,407 |
U.S. Treasury and government sponsored enterprises | 70,730 |  |  | 11 |  |  | (14 | ) |  | 70,727 |
Total | $ | 460,274 |  |  | $ | 14 |  |  | $ | (322 | ) |  | $ | 459,966 |
Gains and losses on the sales of investments available-for-sale were nominal or zero during the years ended December 31, 2017, 2016 and 2015. The fair value and gross unrealized losses of investments available-for-sale in an unrealized loss position were as follows (in thousands):
| December 31, 2017
| In an Unrealized Loss Position Less than 12 Months |  | In an Unrealized Loss Position 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate bonds | $ | 140,746 |  |  | $ | (296 | ) |  | $ | 20,047 |  |  | $ | (36 | ) |  | $ | 160,793 |  |  | $ | (332 | )
U.S. Treasury and government sponsored enterprises | 13,611 |  |  | (23 | ) |  | 2,651 |  |  | (9 | ) |  | 16,262 |  |  | (32 | )
Total | $ | 154,357 |  |  | $ | (319 | ) |  | $ | 22,698 |  |  | $ | (45 | ) |  | $ | 177,055 |  |  | $ | (364 | )
| December 31, 2016
| In an Unrealized Loss Position Less than 12 Months |  | In an Unrealized Loss Position 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate bonds | $ | 140,559 |  |  | $ | (305 | ) |  | $ | 3,001 |  |  | $ | (3 | ) |  | $ | 143,560 |  |  | $ | (308 | )
U.S. Treasury and government sponsored enterprises | 27,657 |  |  | (14 | ) |  | — |  |  | — |  |  | 27,657 |  |  | (14 | )
Commercial paper (1) | 998 |  |  | — |  |  | — |  |  | — |  |  | 998 |  |  | — |
Total | $ | 169,214 |  |  | $ | (319 | ) |  | $ | 3,001 |  |  | $ | (3 | ) |  | $ | 172,215 |  |  | $ | (322 | )
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(1) | Gross unrealized losses on commercial paper were less than $1 thousand.
There were 134 and 86 investments in an unrealized loss position as of December 31, 2017 and 2016, respectively. During the years ended December 31, 2017, 2016 and 2015 we did not record any other-than-temporary impairment charges on our available-for-sale securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk, but were primarily associated with changes in interest rates. Based on the scheduled maturities of our investments and our determination that it was more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis, we concluded that the unrealized losses in our investment securities were not other-than-temporary. The fair value of cash equivalents and investments by contractual maturity were as follows (in thousands):
| December 31,
| 2017 |  | 2016
Maturing in one year or less | $ | 377,155 |  |  | $ | 404,365 |
Maturing after one year through five years | 63,255 |  |  | 55,601 |
Total | $ | 440,410 |  |  | $ | 459,966 |
Cash is excluded from the table above. The classification of certain restricted investments was dependent upon the term of the underlying restriction on the asset and not the maturity date of the investment. As a result, certain investments with contractual maturities within one year were classified as long-term restricted cash and investments. As of December 31, 2016, we were required to maintain compensating balances of $81.6 million in connection with our term loan payable to Silicon Valley Bank, which was included in short-term investments on the accompanying Consolidated Balance Sheet; as a result of our repayment of the term loan, the compensating balance requirement was terminated in March 2017. Other Cost Method Equity Investments During the years ended December 31, 2017 and 2016 we recognized gains of $3.0 million and $2.5 million, respectively, related to the August 2016 sale of our 9% interest in Akarna Therapeutics, Ltd. (“Akarna”) to Allergan Holdco UK Limited (“Allergan”). We acquired our interest in Akarna in 2015 in exchange for intellectual property rights related to the Exelixis discovered compound XL335. The gain on sale was included in Other expenses, net on the accompanying Consolidated Statements of Operations. We are eligible to earn additional such gains in the future as Allergan continues its development of XL335. The gain on sale of other cost method equity investments was nominal during the year ended December 31, 2015.

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