Cash and Investments

12 Months Ended

Jan. 03, 2020

Investments, Debt and Equity Securities [Abstract]

CASH AND INVESTMENTS

Cash, Cash Equivalents and Restricted Cash Equivalents

A reconciliation of cash, cash equivalents, and restricted cash equivalents 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,
	2019		2018		2017
Cash and cash equivalents	$	266,501	$	314,775	$	183,164
Short-term restricted cash equivalents	—		—		504
Restricted cash equivalents included in long-term investments	1,636		1,100		4,646
Cash, cash equivalents, and restricted cash equivalents as reported within the accompanying Consolidated Statements of Cash Flows	$	268,137	$	315,875	$	188,314

Restricted cash equivalents consisted of certificates of deposit with original maturities of 90 days or less used to collateralize letters of credit and, during prior periods, a purchasing card program. The classification of restricted cash

equivalents as short-term or long-term is dependent upon the longer of the remaining term to maturity of the investment or the remaining term of the related restriction.

Cash and Investments

Cash and investments consisted of the following (in thousands):



	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investment securities available-for-sale:
Commercial paper	$	389,573	$	—	$	—		$	389,573
Corporate bonds	752,295		3,934		(3		)	756,226
U.S. Treasury and government sponsored enterprises	166,483		187		(5		)	166,665
Total investment securities available-for-sale	1,308,351		4,121		(8		)	1,312,464
Cash	40,964		—		—			40,964
Money market funds	2,467		—		—			2,467
Certificates of deposit	32,728		5		—			32,733
Total cash and investments	$	1,384,510	$	4,126	$	(8	)	$	1,388,628



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investment securities available-for-sale:
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 investment securities available-for-sale	781,099		182		(883		)	780,398
Cash	6,883		—		—			6,883
Money market funds	47,744		—		—			47,744
Certificates of deposit	16,596		—		—			16,596
Total cash and investments	$	852,322	$	182	$	(883	)	$	851,621

Gains and losses on the sales of investment securities available-for-sale were insignificant during the years ended December 31, 2019, 2018 and 2017.

We manage credit risk associated with our investment portfolio through our investment policy, which limits purchases to high-quality issuers and limits the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on investment securities available-for-sale in an unrealized loss position were as follows (in thousands):



	December 31, 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	$	14,529	$	(3	)	$	—	$	—	$	14,529	$	(3	)
U.S. Treasury and government sponsored enterprises	2,848		(5		)	—		—		2,848		(5		)
Total	$	17,377	$	(8	)	$	—	$	—	$	17,377	$	(8	)



	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 9 and 199 investment securities in an unrealized loss position as of December 31, 2019 and 2018, respectively. During the years ended December 31, 2019, 2018 and 2017 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, we determined 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.

The fair value of investment securities available-for-sale by contractual maturity were as follows (in thousands):



	December 31,
	2019		2018
Maturing in one year or less	$	789,913	$	626,711
Maturing after one year through five years	522,551		153,687
Total investment securities available-for-sale	$	1,312,464	$	780,398