Cash and Investments

6 Months Ended

Jun. 28, 2019

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Restricted Cash

A reconciliation of Cash, cash equivalents, and restricted cash reported within our Condensed Consolidated Balance Sheets to the amount reported within the accompanying Condensed Consolidated Statements of Cash Flows was as follows (in thousands):



	June 30, 2019		December 31, 2018		June 30, 2018		December 31, 2017
Cash and cash equivalents	$	369,789	$	314,775	$	248,407	$	183,164
Restricted cash included in short-term restricted cash and investments	—		—		504		504
Restricted cash included in long-term restricted cash and investments	1,100		1,100		1,100		4,646
Cash, cash equivalents, and restricted cash as reported within the accompanying Condensed Consolidated Statements of Cash Flows	$	370,889	$	315,875	$	250,011	$	188,314

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):



	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments available-for-sale:
Money market funds	$	54,457	$	—	$	—		$	54,457
Commercial paper	406,238		—		—			406,238
Corporate bonds	559,906		2,885		(41		)	562,750
U.S. Treasury and government sponsored enterprises	112,083		171		—			112,254
Total investments available-for-sale	1,132,684		3,056		(41		)	1,135,699
Cash and restricted cash	2,311		—		—			2,311
Certificates of deposit	22,992		—		—			22,992
Total cash and investments	$	1,157,987	$	3,056	$	(41	)	$	1,161,002



	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

Gains and losses on the sales of investments available-for-sale were nominal during the three and six months ended June 30, 2019 and 2018.

The fair value and gross unrealized losses on investments available-for-sale in an unrealized loss position were as follows (in thousands):



	June 30, 2019
	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	$	33,571	$	(14	)	$	23,738	$	(27	)	$	57,309	$	(41	)
Total	$	33,571	$	(14	)	$	23,738	$	(27	)	$	57,309	$	(41	)



	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	)

There were 42 and 199 investments in an unrealized loss position as of June 30, 2019 and December 31, 2018, respectively. During the three and six months ended June 30, 2019 and 2018 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 investments available-for-sale by contractual maturity were as follows (in thousands):



	June 30, 2019		December 31, 2018
Maturing in one year or less	$	809,607	$	674,455
Maturing after one year through five years	326,092		153,687
Total investments available-for-sale	$	1,135,699	$	828,142

Related Party Transactions

BlackRock, Inc. (BlackRock), a global provider of investment, advisory and risk management solutions, reported that as of December 31, 2018, the most recent date for which they reported ownership data, their beneficial ownership was more than 10% of our outstanding common stock. BlackRock manages a portion of our cash and investments portfolio. As of June 30, 2019 and December 31, 2018, respectively, the fair value of cash and investments managed by BlackRock was $421.0 million and $298.5 million, which included $0.3 million and $3.0 million invested in the BlackRock Liquidity Money Market Fund. We incurred $0.1 million in fees for BlackRock advisory services performed during the six months ended June 30, 2019.