Investments

3 Months Ended

Mar. 31, 2020

Available-for-sale investments at March 31, 2020 were as follows:


(In thousands)	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Cash equivalents:
Money market funds	$	149,756	$	—	$	—	$	149,756
Time deposits	60,614		—		—		60,614
Total cash equivalents	210,370		—		—		210,370

Short-term investments:
Time deposits	14,737		—		—		14,737
Commercial paper	5,000		—		(26)		4,974
Government and corporate bonds	79,298		69		(304)		79,063
Total short-term investments	99,035		69		(330)		98,774

Long-term investments:
Government and corporate bonds	86,192		50		(853)		85,389

Total available-for-sale investments	$	395,597	$	119	$	(1,183)	$	394,533

Available-for-sale investments at December 28, 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

We sold available-for-sale investments for proceeds of $5 million during the three months ended March 31, 2020, resulting in insignificant losses in the period.

Other Investments

At March 31, 2020 and December 28, 2019, we had investments in equity securities that do not have readily determinable fair values of $315 million and $314 million, respectively, accounted for in accordance with Accounting Standards Codification Topic ("ASC") 321, Investments-Equity Securities. Such investments are included in long-term investments in

our condensed consolidated balance sheets. We did not record any changes in the measurement of such investments during the three months ended March 31, 2020 and March 30, 2019, respectively.

Impairment Assessment

We adopted ASU 2016-13 in the first quarter of 2020, which made certain amendments to the model used to assess available-for-sale debt securities for impairment. Such guidance provides that an available-for-sale debt security is impaired if the fair value of the security is less than its amortized cost basis. A determination is made whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors, such as market liquidity or changes in interest rates. Impairment related to credit losses is recognized in net earnings, whereas impairment related to other factors is recognized as a component of accumulated other comprehensive loss, net. During the three months ended March 31, 2020, we did not recognize any impairment on our available-for-sale debt securities through net earnings.