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Cash, Cash Equivalents, and Investments
 9 Months Ended
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