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Cash, Cash Equivalents, and Investments | 6 Months Ended
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Jul. 04, 2021
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):
| July 4, 2021 |  | December 31, 2020
Cash | $ | 216,837 |  |  | $ | 266,609 |
Money market instruments | 200 |  |  | 2,464 |
Cash and cash equivalents | 217,037 |  |  | 269,073 |
Treasury bills | 92,939 |  |  | 35,403 |
Corporate bonds | 66,452 |  |  | 32,714 |
Asset-backed securities | 24,756 |  |  | 25,160 |
Sovereign bonds | 4,196 |  |  | 8,660 |
Municipal bonds | 2,404 |  |  | 1,303 |
Current investments | 190,747 |  |  | 103,240 |
Corporate bonds | 415,784 |  |  | 203,428 |
Asset-backed securities | 65,509 |  |  | 67,058 |
Treasury bills | 38,022 |  |  | 96,458 |
Agency bonds | 18,960 |  |  | 19,006 |
Municipal bonds | 4,593 |  |  | 5,735 |
Sovereign bonds | 1,097 |  |  | 3,440 |
Non-current investments | 543,965 |  |  | 395,125 |
| $ | 951,749 |  |  | $ | 767,438 |
Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of ninety days or less at the time of acquisition. Cash equivalents consist primarily of government and institutional money market funds; 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; 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. All of the Company's securities as of July 4, 2021 and December 31, 2020 were denominated in U.S. Dollars. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $2,992,000 and $1,560,000 as of July 4, 2021 and December 31, 2020, respectively. The following table summarizes the Company’s available-for-sale investments as of July 4, 2021 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Current: |  |  |  |  |  |  |
Treasury bills | $ | 92,502 |  |  | $ | 437 |  |  | $ | — |  |  | $ | 92,939 |
Corporate bonds | 66,164 |  |  | 291 |  |  | (3) |  |  | 66,452 |
Asset-backed securities | 24,562 |  |  | 197 |  |  | (3) |  |  | 24,756 |
Sovereign bonds | 4,189 |  |  | 7 |  |  | — |  |  | 4,196 |
Municipal bonds | 2,401 |  |  | 3 |  |  | — |  |  | 2,404 |
Non-current: |  |  |  |  |  |  |
Corporate bonds | 414,453 |  |  | 1,874 |  |  | (543) |  |  | 415,784 |
Asset-backed securities | 65,276 |  |  | 315 |  |  | (82) |  |  | 65,509 |
Treasury bills | 37,677 |  |  | 345 |  |  | — |  |  | 38,022 |
Agency bonds | 18,921 |  |  | 39 |  |  | — |  |  | 18,960 |
Municipal bonds | 4,592 |  |  | 12 |  |  | (11) |  |  | 4,593 |
Sovereign bonds | 1,096 |  |  | 1 |  |  | — |  |  | 1,097 |
| $ | 731,833 |  |  | $ | 3,521 |  |  | $ | (642) |  |  | $ | 734,712 |
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 July 4, 2021 (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
Corporate bonds | $ | 179,565 |  |  | $ | (546) |  |  | $ | — |  |  | $ | — |  |  | $ | 179,565 |  |  | $ | (546) |
Asset-backed securities | 13,088 |  |  | (85) |  |  | — |  |  | — |  |  | 13,088 |  |  | (85) |
Municipal bonds | 3,946 |  |  | (11) |  |  | — |  |  | — |  |  | 3,946 |  |  | (11) |
| $ | 196,599 |  |  | $ | (642) |  |  | $ | — |  |  | $ | — |  |  | $ | 196,599 |  |  | $ | (642) |
The Company's allowance for credit losses on debt securities was zero as of July 4, 2021 and December 31, 2020. There was no activity recorded in the allowance for credit losses during the three-month and six-month periods ended July 4, 2021. The Company recorded gross credit losses and gross credit recoveries totaling $0 and $85,000, respectively, for the three-month period ended June 28, 2020, and $160,000 and $85,000, respectively, for the six-month period ended June 28, 2020. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $68,000 and $0, respectively, for both the three-month and six-month periods ended July 4, 2021. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $962,000 and $7,000, respectively, for the three-month period ended June 28, 2020, and $2,826,000 and $21,000, respectively, for the six-month period ended June 28, 2020. 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 July 4, 2021 (in thousands):
| <1 year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-8 Years |  | Total
Corporate bonds | $ | 66,452 |  |  | $ | 161,596 |  |  | $ | 139,870 |  |  | $ | 77,234 |  |  | $ | 30,143 |  |  | $ | 6,941 |  |  | $ | 482,236 |
Treasury bills | 92,939 |  |  | 37,917 |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | 130,961 |
Asset-backed securities | 24,756 |  |  | 30,896 |  |  | 20,090 |  |  | 9,510 |  |  | — |  |  | 5,013 |  |  | 90,265 |
Agency bonds | — |  |  | 18,960 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,960 |
Municipal bonds | 2,404 |  |  | 4,593 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,997 |
Sovereign bonds | 4,196 |  |  | — |  |  | — |  |  | — |  |  | 1,097 |  |  | — |  |  | 5,293 |
| $ | 190,747 |  |  | $ | 253,962 |  |  | $ | 160,065 |  |  | $ | 86,744 |  |  | $ | 31,240 |  |  | $ | 11,954 |  |  | $ | 734,712 |

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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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