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Cash, Cash Equivalents, and Investments | 9 Months Ended
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Oct. 01, 2017
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| October 1, 2017 |  | December 31, 2016
Cash | $ | 104,649 |  |  | $ | 77,307 |
Money market instruments | 6,700 |  |  | 2,334 |
Cash and cash equivalents | 111,349 |  |  | 79,641 |
Treasury bills | 70,184 |  |  | 67,175 |
Corporate bonds | 65,569 |  |  | 141,188 |
Euro liquidity fund | 52,312 |  |  | 46,499 |
Asset-backed securities | 47,840 |  |  | 69,614 |
Sovereign bonds | 20,945 |  |  | 7,298 |
Municipal bonds | 8,805 |  |  | 6,517 |
Agency bonds | 7,606 |  |  | 2,903 |
Short-term investments | 273,261 |  |  | 341,194 |
Corporate bonds | 245,940 |  |  | 169,952 |
Treasury bills | 63,602 |  |  | 92,280 |
Asset-backed securities | 59,069 |  |  | 26,946 |
Sovereign bonds | 8,026 |  |  | 23,585 |
Agency bonds | 5,639 |  |  | 10,339 |
Municipal bonds | 4,225 |  |  | 1,233 |
Long-term investments | 386,501 |  |  | 324,335 |
| $ | 771,111 |  |  | $ | 745,170 |
Treasury bills consist of debt securities issued by the U.S. government; corporate bonds consist of debt securities issued by both domestic and foreign companies; the Euro liquidity fund invests in a portfolio of investment-grade bonds; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. The Euro liquidity fund is denominated in Euros, and the remaining securities are denominated in U.S. Dollars. The following table summarizes the Company’s available-for-sale investments as of October 1, 2017 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term: |  |  |  |  |  |  |
Treasury bills | $ | 70,311 |  |  | $ | — |  |  | $ | (127 | ) |  | 70,184 |
Corporate bonds | 65,484 |  |  | 91 |  |  | (6 | ) |  | 65,569 |
Euro liquidity fund | 51,929 |  |  | 383 |  |  | — |  |  | 52,312 |
Asset-backed securities | 47,839 |  |  | 13 |  |  | (12 | ) |  | 47,840 |
Sovereign bonds | 20,974 |  |  | 5 |  |  | (34 | ) |  | 20,945 |
Municipal bonds | 8,805 |  |  | — |  |  | — |  |  | 8,805 |
Agency bonds | 7,600 |  |  | 6 |  |  | — |  |  | 7,606 |
Long-term: |  |  |  |  |  |  |
Corporate bonds | 245,046 |  |  | 1,013 |  |  | (119 | ) |  | 245,940 |
Treasury bills | 63,704 |  |  | — |  |  | (102 | ) |  | 63,602 |
Asset-backed securities | 59,038 |  |  | 76 |  |  | (45 | ) |  | 59,069 |
Sovereign bonds | 8,059 |  |  | 7 |  |  | (40 | ) |  | 8,026 |
Agency bonds | 5,630 |  |  | 9 |  |  | — |  |  | 5,639 |
Municipal bonds | 4,219 |  |  | 9 |  |  | (3 | ) |  | 4,225 |
| $ | 658,638 |  |  | $ | 1,612 |  |  | $ | (488 | ) |  | $ | 659,762 |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of October 1, 2017 (in thousands):
| Unrealized Loss Position For: |  |
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Treasury bills | $ | 95,174 |  |  | $ | (150 | ) |  | $ | 33,627 |  |  | $ | (79 | ) |  | $ | 128,801 |  |  | $ | (229 | )
Asset-backed securities | 51,878 |  |  | (55 | ) |  | 8,770 |  |  | (2 | ) |  | 60,648 |  |  | (57 | )
Corporate bonds | 20,106 |  |  | (33 | ) |  | 15,154 |  |  | (92 | ) |  | 35,260 |  |  | (125 | )
Sovereign bonds | 2,495 |  |  | (5 | ) |  | 19,854 |  |  | (69 | ) |  | 22,349 |  |  | (74 | )
Municipal bonds | 1,356 |  |  | (3 | ) |  | — |  |  | — |  |  | 1,356 |  |  | (3 | )
| $ | 171,009 |  |  | $ | (246 | ) |  | $ | 77,405 |  |  | $ | (242 | ) |  | $ | 248,414 |  |  | $ | (488 | )
As of October 1, 2017, the Company did not recognize any other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, the Company's intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before their effective maturity or market price recovery. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $306,000 and $43,000, respectively, during the three-month period ended October 1, 2017 and $55,000 and $0, respectively, during the three-month period ended October 2, 2016. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $449,000 and $79,000, respectively, during the nine-month period ended October 1, 2017 and $280,000 and $97,000, respectively, during the nine-month period ended October 2, 2016. These gains and losses are included in "Investment income" on the Consolidated Statement of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, are recorded in shareholders’ equity as other comprehensive income (loss). The following table presents the effective maturity dates of the Company’s available-for-sale investments as of October 1, 2017 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 65,569 |  |  | $ | 109,918 |  |  | $ | 77,430 |  |  | $ | 17,223 |  |  | $ | 39,956 |  |  | $ | 1,413 |  |  | $ | 311,509 |
Treasury bills | 70,184 |  |  | 63,602 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 133,786 |
Asset-backed securities | 47,840 |  |  | 35,502 |  |  | 16,075 |  |  | — |  |  | 2,328 |  |  | 5,164 |  |  | 106,909 |
Euro liquidity fund | 52,312 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,312 |
Sovereign bonds | 20,945 |  |  | 4,599 |  |  | 3,427 |  |  | — |  |  | — |  |  | — |  |  | 28,971 |
Agency bonds | 7,606 |  |  | 2,719 |  |  | — |  |  | — |  |  | 2,920 |  |  | — |  |  | 13,245 |
Municipal bonds | 8,805 |  |  | 2,869 |  |  | 1,356 |  |  | — |  |  | — |  |  | — |  |  | 13,030 |
| $ | 273,261 |  |  | $ | 219,209 |  |  | $ | 98,288 |  |  | $ | 17,223 |  |  | $ | 45,204 |  |  | $ | 6,577 |  |  | $ | 659,762 |

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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