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Cash, Cash Equivalents, and Investments
 9 Months Ended
Sep. 30, 2018
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 30, 2018
 
December 31, 2017
Cash
$
104,654

 
$
97,951

Money market instruments
2,717

 
8,631

Cash and cash equivalents
107,371

 
106,582

Treasury bills
193,347

 
150,371

Corporate bonds
138,099

 
47,395

Asset-backed securities
71,438

 
59,203

Sovereign bonds
8,119

 
21,579

Municipal bonds
6,044

 
8,805

Agency bonds
2,969

 
10,608

Short-term investments
420,016

 
297,961

Corporate bonds
176,007

 
296,014

Asset-backed securities
60,111

 
71,727

Treasury bills
32,711

 
23,459

Sovereign bonds
6,318

 
13,147

Agency bonds
5,940

 
14,890

Municipal bonds
842

 
4,204

Long-term investments
281,929

 
423,441

 
$
809,316

 
$
827,984



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 securities are denominated in U.S. Dollars.
The following table summarizes the Company’s available-for-sale investments as of September 30, 2018 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Short-term:
 
 
 
 
 
 

Treasury bills
$
193,631

 
$
—

 
$
(284
)
 
$
193,347

Corporate bonds
138,383

 
56

 
(340
)
 
138,099

Asset-backed securities
71,646

 
1

 
(209
)
 
71,438

Sovereign bonds
8,172

 
—

 
(53
)
 
8,119

Municipal bonds
6,050

 
—

 
(6
)
 
6,044

Agency bonds
2,969

 
—

 
—

 
2,969

Long-term:
 
 
 
 
 
 

Corporate bonds
175,881

 
469

 
(343
)
 
176,007

Asset-backed securities
60,276

 
33

 
(198
)
 
60,111

Treasury bills
32,718

 
7

 
(14
)
 
32,711

Sovereign bonds
6,286

 
32

 
—

 
6,318

Agency bonds
5,930

 
10

 
—

 
5,940

Municipal bonds
855

 
—

 
(13
)
 
842

 
$
702,797

 
$
608

 
$
(1,460
)
 
$
701,945


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 30, 2018 (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
$
137,108

 
$
(174
)
 
$
63,030

 
$
(124
)
 
$
200,138

 
$
(298
)
Corporate bonds
116,028

 
(386
)
 
42,922

 
(297
)
 
158,950

 
(683
)
Asset-backed securities
57,678

 
(207
)
 
38,256

 
(200
)
 
95,934

 
(407
)
Sovereign bonds
3,527

 
(6
)
 
4,592

 
(47
)
 
8,119

 
(53
)
Municipal bonds
2,854

 
(6
)
 
842

 
(13
)
 
3,696

 
(19
)
 
$
317,195


$
(779
)

$
149,642


$
(681
)

$
466,837


$
(1,460
)

As of September 30, 2018, 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 $283,000 and $17,000, respectively, during the three-month period ended September 30, 2018 and $306,000 and $43,000, respectively, during the three-month period ended October 1, 2017. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $646,000 and $111,000, respectively, during the nine-month period ended September 30, 2018 and $449,000 and $79,000, respectively, during the nine-month period ended October 1, 2017. These gains and losses are included in "Investment income" on the Consolidated Statement 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 income (loss).
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 30, 2018 (in thousands):
 
<1 year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Corporate bonds
$
138,099

 
$
80,605

 
$
68,684

 
$
22,429

 
$
1,434

 
$
2,855

 
$
314,106

Treasury bills
193,347

 
32,711

 
—

 
—

 
—

 
—

 
226,058

Asset-backed securities
71,438

 
30,840

 
5,431

 
12,102

 
5,138

 
6,600

 
131,549

Sovereign bonds
8,119

 
6,318

 
—

 
—

 
—

 
—

 
14,437

Agency bonds
2,969

 
—

 
—

 
5,940

 
—

 
—

 
8,909

Municipal bonds
6,044

 
842

 
—

 
—

 
—

 
—

 
6,886

 
$
420,016


$
151,316


$
74,115


$
40,471


$
6,572


$
9,455


$
701,945