Investments

12 Months Ended

Dec. 28, 2019

Investments [Abstract]

Investments

Investments

Available-for-sale investments at the end of 2019 were as follows:

(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	185,666	$	—	$	—		$	185,666
Time deposits	64,286		—		—			64,286
Total cash equivalents	249,952		—		—			249,952
Short-term investments:
Time deposits	2,506		—		—			2,506
Government and corporate bonds	83,272		52		(11		)	83,313
Total short-term investments	85,778		52		(11		)	85,819
Long-term investments:
Government and corporate bonds	96,186		91		(67		)	96,210
Total available-for-sale investments	$	431,916	$	143	$	(78	)	$	431,981

Available-for-sale investments at the end of 2018 were as follows:

(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	76,471	$	—	$	—		$	76,471
Time deposits	71,461		—		—			71,461
Commercial paper	10,000		—		—			10,000
Total cash equivalents	157,932		—		—			157,932
Short-term investments:
Time deposits	31,947		—		—			31,947
Commercial paper	75,445		—		(91		)	75,354
Government and corporate bonds	294,941		1		(958		)	293,984
Total short-term investments	402,333		1		(1,049		)	401,285
Long-term investments:
Government and corporate bonds	18,247		—		(55		)	18,192
Total available-for-sale investments	$	578,512	$	1	$	(1,104	)	$	577,409

We sold available-for-sale investments for proceeds of $233 million, $45 million and $29 million in 2019, 2018 and 2017, respectively, resulting in insignificant gains/losses in each period.

Other Investments

At December 28, 2019 and December 29, 2018, we had investments in equity securities that do not have readily determinable fair values of $314 million and $277 million, respectively, accounted for in accordance with ASC 321. Such investments are included in long-term investments in our consolidated balance sheets. We did not record any changes in the measurement of such investments in 2019 or 2018, respectively.

At December 28, 2019, we had investments in equity securities with readily determinable fair values of $14 million, accounted for in accordance with ASC 321. Such investments are included in short-term investments in our consolidated balance sheets. Changes in the measurement of such investments in 2019 of $14 million favorably impacted other income, net.

At December 28, 2019 and December 29, 2018, we had investments in equity securities reported under the equity method of accounting of $9 million and $5 million, respectively.

Essence Group Holdings Corporation

On July 27, 2018, we acquired a minority interest in Essence Group Holdings Corporation ("Essence Group") for cash consideration of $266 million under a Stock Purchase Agreement ("SPA") dated July 9, 2018. Such investment is presented in long-term investments in our consolidated balance sheets and is accounted for in accordance with ASC 321.

Concurrently with the execution of the SPA, we announced a strategic operating relationship with Lumeris Healthcare Outcomes, LLC ("Lumeris"), a subsidiary of Essence Group, pursuant to which we will collaborate to bring to market an EHR-agnostic offering, Maestro Advantage^TM, designed to help providers who participate in value-based arrangements, including Medicare Advantage and provider-sponsored health plans, control costs and improve outcomes. Additionally, in July 2018, we sold certain solutions to Lumeris for an aggregate contract value of $28 million, of which we recognized $12 million and $5 million as revenues in 2019 and 2018, respectively.