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Cash, Cash Equivalents, and Investments | 9 Months Ended
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Sep. 29, 2019
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):
| September 29, 2019 |  | December 31, 2018
Cash | $ | 105,620 |  |  | $ | 104,655 |
Money market instruments | 16,081 |  |  | 3,557 |
Cash and cash equivalents | 121,701 |  |  | 108,212 |
Treasury bills | 105,454 |  |  | 198,477 |
Asset-backed securities | 89,576 |  |  | 78,407 |
Corporate bonds | 87,209 |  |  | 137,871 |
Sovereign bonds | 6,300 |  |  | 8,101 |
Municipal bonds | 3,533 |  |  | 4,492 |
Current investments | 292,072 |  |  | 427,348 |
Treasury bills | 256,615 |  |  | 32,760 |
Corporate bonds | 167,998 |  |  | 162,566 |
Asset-backed securities | 56,816 |  |  | 53,631 |
Sovereign bonds | 16,000 |  |  | 6,316 |
Agency bonds | 5,905 |  |  | 5,921 |
Municipal bonds | 1,307 |  |  | 845 |
Non-current investments | 504,641 |  |  | 262,039 |
| $ | 918,414 |  |  | $ | 797,599 |
Treasury bills consist of debt securities issued by the U.S. government; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; corporate bonds consist of debt securities issued by both domestic and foreign companies; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. All securities are denominated in U.S. Dollars. The following table summarizes the Company’s available-for-sale investments as of September 29, 2019 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Treasury bills | $ | 105,254 |  |  | $ | 212 |  |  | $ | (12 | ) |  | $ | 105,454 |
Asset-backed securities | 89,226 |  |  | 359 |  |  | (9 | ) |  | 89,576 |
Corporate bonds | 86,990 |  |  | 222 |  |  | (3 | ) |  | 87,209 |
Sovereign bonds | 6,286 |  |  | 14 |  |  | — |  |  | 6,300 |
Municipal bonds | 3,535 |  |  | — |  |  | (2 | ) |  | 3,533 |
Non-current: |  |  |  |  |  |  |
Treasury bills | 255,441 |  |  | 1,253 |  |  | (79 | ) |  | 256,615 |
Corporate bonds | 167,464 |  |  | 584 |  |  | (50 | ) |  | 167,998 |
Asset-backed securities | 56,636 |  |  | 195 |  |  | (15 | ) |  | 56,816 |
Sovereign bonds | 15,969 |  |  | 43 |  |  | (12 | ) |  | 16,000 |
Agency bonds | 5,930 |  |  | — |  |  | (25 | ) |  | 5,905 |
Municipal bonds | 1,300 |  |  | 7 |  |  | — |  |  | 1,307 |
| $ | 794,031 |  |  | $ | 2,889 |  |  | $ | (207 | ) |  | $ | 796,713 |
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 September 29, 2019 (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 | $ | 108,863 |  |  | $ | (91 | ) |  | $ | — |  |  | $ | — |  |  | $ | 108,863 |  |  | $ | (91 | )
Corporate bonds | 23,263 |  |  | (17 | ) |  | 20,713 |  |  | (36 | ) |  | 43,976 |  |  | (53 | )
Asset-backed securities | 11,149 |  |  | (15 | ) |  | 8,093 |  |  | (9 | ) |  | 19,242 |  |  | (24 | )
Sovereign bonds | 11,558 |  |  | (12 | ) |  | — |  |  | — |  |  | 11,558 |  |  | (12 | )
Agency bonds | 5,905 |  |  | (25 | ) |  | — |  |  | — |  |  | 5,905 |  |  | (25 | )
Municipal bonds | — |  |  | — |  |  | 343 |  |  | (2 | ) |  | 343 |  |  | (2 | )
| $ | 160,738 |  |  | $ | (160 | ) |  | $ | 29,149 |  |  | $ | (47 | ) |  | $ | 189,887 |  |  | $ | (207 | )
As of September 29, 2019, 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 $361,000 and $67,000, respectively, during the three-month period ended September 29, 2019 and $283,000 and $17,000, respectively, during the three-month period ended September 30, 2018. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $818,000 and $103,000, respectively, during the nine-month period ended September 29, 2019 and $646,000 and $111,000, respectively, during the nine-month period ended September 30, 2018. These gains and losses are included in "Investment income" on the Consolidated Statements 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 accumulated other comprehensive loss. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 29, 2019 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | Total
Treasury bills | $ | 105,454 |  |  | $ | 188,398 |  |  | $ | 68,217 |  |  | $ | — |  |  | $ | — |  |  | $ | 362,069 |
Corporate bonds | 87,209 |  |  | 115,941 |  |  | 47,842 |  |  | 1,348 |  |  | 2,867 |  |  | 255,207 |
Asset-backed securities | 89,576 |  |  | 21,425 |  |  | 26,142 |  |  | 7,633 |  |  | 1,616 |  |  | 146,392 |
Sovereign bonds | 6,300 |  |  | 16,000 |  |  | — |  |  | — |  |  | — |  |  | 22,300 |
Agency bonds | — |  |  | — |  |  | 5,905 |  |  | — |  |  | — |  |  | 5,905 |
Municipal bonds | 3,533 |  |  | — |  |  | 1,307 |  |  | — |  |  | — |  |  | 4,840 |
| $ | 292,072 |  |  | $ | 341,764 |  |  | $ | 149,413 |  |  | $ | 8,981 |  |  | $ | 4,483 |  |  | $ | 796,713 |

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