Investments

Available-for-sale investments at June 30, 2018 were as follows:



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

Cash equivalents:
Money market funds	$	42,195	$	—	$	—		$	42,195
Time deposits	78,581		—		—			78,581
Total cash equivalents	120,776		—		—			120,776

Short-term investments:
Time deposits	28,988		—		—			28,988
Commercial paper	77,950		—		(98		)	77,852
Government and corporate bonds	268,884		—		(1,128		)	267,756
Total short-term investments	375,822		—		(1,226		)	374,596

Long-term investments:
Government and corporate bonds	105,251		—		(753		)	104,498

Total available-for-sale investments	$	601,849	$	—	$	(1,979	)	$	599,870

Available-for-sale investments at December 30, 2017 were as follows:



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

Cash equivalents:
Money market funds	$	99,472	$	—	$	—		$	99,472
Time deposits	60,226		—		—			60,226
Government and corporate bonds	850		—		—			850
Total cash equivalents	160,548		—		—			160,548

Short-term investments:
Time deposits	40,186		—		—			40,186
Commercial paper	147,646		2		(139		)	147,509
Government and corporate bonds	247,626		—		(477		)	247,149
Total short-term investments	435,458		2		(616		)	434,844

Long-term investments:
Government and corporate bonds	185,478		—		(1,026		)	184,452

Total available-for-sale investments	$	781,484	$	2	$	(1,642	)	$	779,844

We sold available-for-sale investments for proceeds of $45 million and $20 million during the six months ended June 30, 2018 and July 1, 2017, respectively, resulting in insignificant gains/losses in each period.

Other Investments

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. 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.