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Cash and Investments | 12 Months Ended
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Dec. 28, 2018
Investments, Debt and Equity Securities [Abstract] |
Cash and Investments | CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash A reconciliation of Cash, cash equivalents, and restricted cash reported within our Consolidated Balance Sheets to the amount reported within the accompanying Consolidated Statements of Cash Flows was as follows (in thousands):
| December 31, 2018 |  | December 31, 2017 |  | December 31, 2016
Cash and cash equivalents | $ | 314,775 |  |  | $ | 183,164 |  |  | $ | 151,686 |
Restricted cash included in short-term restricted cash and investments | — |  |  | 504 |  |  | — |
Restricted cash included in long-term restricted cash and investments | 1,100 |  |  | 4,646 |  |  | 4,150 |
Cash, cash equivalents, and restricted cash as reported within the accompanying Consolidated Statements of Cash Flows | $ | 315,875 |  |  | $ | 188,314 |  |  | $ | 155,836 |
Restricted cash includes certificates of deposit used to collateralize letters of credit and, in prior periods, a purchasing card program. Cash and Investments Cash and investments by security type were as follows (in thousands):
| December 31, 2018
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investments available-for-sale: |  |  |  |  |  |  |
Money market funds | $ | 47,744 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,744 |
Commercial paper | 381,134 |  |  | — |  |  | (1 | ) |  | 381,133 |
Corporate bonds | 344,741 |  |  | 180 |  |  | (857 | ) |  | 344,064 |
U.S. Treasury and government sponsored enterprises | 55,224 |  |  | 2 |  |  | (25 | ) |  | 55,201 |
Total investments available-for-sale | 828,843 |  |  | 182 |  |  | (883 | ) |  | 828,142 |
Cash and restricted cash | 6,883 |  |  | — |  |  | — |  |  | 6,883 |
Certificates of deposit | 16,596 |  |  | — |  |  | — |  |  | 16,596 |
Total cash and investments | $ | 852,322 |  |  | $ | 182 |  |  | $ | (883 | ) |  | $ | 851,621 |
| December 31, 2017
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investments available-for-sale: |  |  |  |  |  |  |
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 investments available-for-sale | 440,756 |  |  | 18 |  |  | (364 | ) |  | 440,410 |
Cash and restricted cash | 3,268 |  |  | — |  |  | — |  |  | 3,268 |
Certificates of deposit | 13,498 |  |  | — |  |  | — |  |  | 13,498 |
Total cash and investments | $ | 457,522 |  |  | $ | 18 |  |  | $ | (364 | ) |  | $ | 457,176 |
Gains and losses on the sales of investments available-for-sale were nominal or zero during the years ended December 31, 2018, 2017 and 2016. The fair value of gross unrealized losses on investments available-for-sale in an unrealized loss position were as follows (in thousands):
| December 31, 2018
| 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 | $ | 236,162 |  |  | $ | (606 | ) |  | $ | 39,627 |  |  | $ | (251 | ) |  | $ | 275,789 |  |  | $ | (857 | )
U.S. Treasury and government sponsored enterprises | 28,105 |  |  | (16 | ) |  | 9,182 |  |  | (9 | ) |  | 37,287 |  |  | (25 | )
Commercial paper | 7,091 |  |  | (1 | ) |  | — |  |  | — |  |  | 7,091 |  |  | (1 | )
Total | $ | 271,358 |  |  | $ | (623 | ) |  | $ | 48,809 |  |  | $ | (260 | ) |  | $ | 320,167 |  |  | $ | (883 | )
| 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 | )
There were 199 and 134 investments in an unrealized loss position as of December 31, 2018 and 2017, respectively. During the years ended December 31, 2018, 2017 and 2016 we did no t 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 investments available-for-sale by contractual maturity were as follows (in thousands):
| December 31,
| 2018 |  | 2017
Maturing in one year or less | $ | 674,455 |  |  | $ | 377,155 |
Maturing after one year through five years | 153,687 |  |  | 63,255 |
Total investments available-for-sale | $ | 828,142 |  |  | $ | 440,410 |
Other Cost Method Equity Investments During the years ended December 31, 2018, 2017 and 2016, we recognized gains of $0.2 million, $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, net in the accompanying Consolidated Statements of Operations. We are eligible to earn additional such gains in the future as Allergan continues its development of XL335. Related Party Transactions During 2018, BlackRock, Inc. (BlackRock), a global provider of investment, advisory and risk management solutions, reported that their beneficial ownership increased to more than 10% of our outstanding common stock. BlackRock manages a portion of our cash and investments portfolio. As of December 31, 2018 and 2017, respectively, the fair value of cash and investments managed by BlackRock was $298.5 million and $141.0 million, which included $3.0 million and $1.0 million invested in the BlackRock Liquidity Money Market Fund. We incurred $0.2 million in fees for BlackRock advisory services performed during the year ended December 31, 2018.

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