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Cash and Investments | 3 Months Ended
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Apr. 03, 2020
Investments, Debt and Equity Securities [Abstract] |
CASH AND INVESTMENTS | CASH AND INVESTMENTS Cash, Cash Equivalents and Restricted Cash Equivalents A reconciliation of cash, cash equivalents, and restricted cash equivalents 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):
| March 31, 2020 |  | December 31, 2019
Cash and cash equivalents | $ | 357,340 |  |  | $ | 266,501 |
Restricted cash equivalents included in long-term investments | 1,636 |  |  | 1,636 |
Cash, cash equivalents, and restricted cash equivalents as reported within the accompanying Condensed Consolidated Statements of Cash Flows | $ | 358,976 |  |  | $ | 268,137 |
Restricted cash equivalents consisted of certificates of deposit with original maturities of 90 days or less used to collateralize letters of credit. The classification of restricted cash equivalents as long-term is based upon the remaining term of the underlying restriction. Cash and Investments Cash and investments consisted of the following (in thousands):
| March 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt securities available-for-sale: |  |  |  |  |  |  |
Commercial paper | $ | 202,452 |  |  | $ | — |  |  | $ | — |  |  | $ | 202,452 |
Corporate bonds | 741,315 |  |  | 2,404 |  |  | (3,448 | ) |  | 740,271 |
U.S. Treasury and government-sponsored enterprises | 152,922 |  |  | 788 |  |  | — |  |  | 153,710 |
Municipal bonds | 15,148 |  |  | 140 |  |  | — |  |  | 15,288 |
Total debt securities available-for-sale | 1,111,837 |  |  | 3,332 |  |  | (3,448 | ) |  | 1,111,721 |
Cash | 8,905 |  |  | — |  |  | — |  |  | 8,905 |
Money market funds | 273,497 |  |  | — |  |  | — |  |  | 273,497 |
Certificates of deposit | 46,279 |  |  | 2 |  |  | — |  |  | 46,281 |
Total cash and investments | $ | 1,440,518 |  |  | $ | 3,334 |  |  | $ | (3,448 | ) |  | $ | 1,440,404 |
| December 31, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt 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 debt 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 |
Interest receivable was $5.4 million and $6.2 million as of March 31, 2020 and December 31, 2019, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Realized gains and losses on the sales of investments available-for-sale were insignificant during the three months ended March 31, 2020 and 2019. 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):
| March 31, 2020
| Fair Value |  | Gross Unrealized Losses
Corporate bonds | $ | 351,135 |  |  | $ | (3,448 | )
Total | $ | 351,135 |  |  | $ | (3,448 | )
| December 31, 2019
| Fair Value |  | Gross Unrealized Losses
Corporate bonds | $ | 14,529 |  |  | $ | (3 | )
U.S. Treasury and government-sponsored enterprises | 2,848 |  |  | (5 | )
Total | $ | 17,377 |  |  | $ | (8 | )
All securities presented have been in an unrealized loss position less than 12 months as of March 31, 2020 and December 31, 2019. There were 144 and 9 investments in an unrealized loss position as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020 and 2019, we did no t record an allowance for credit losses or other impairment charges on our investment 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 and market liquidity. 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 debt securities available-for-sale by contractual maturity was as follows (in thousands):
| March 31, 2020 |  | December 31, 2019
Maturing in one year or less | $ | 641,070 |  |  | $ | 789,913 |
Maturing after one year through five years | 470,651 |  |  | 522,551 |
Total debt securities available-for-sale | $ | 1,111,721 |  |  | $ | 1,312,464 |

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