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Cash, Cash Equivalents, and Investments
 6 Months Ended
Jun. 30, 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):
 
June 30, 2019
 
December 31, 2018
Cash
$
86,005

 
$
104,655

Money market instruments
3,099

 
3,557

Cash and cash equivalents
89,104

 
108,212

Treasury bills
138,600

 
198,477

Asset-backed securities
104,998

 
78,407

Corporate bonds
101,868

 
137,871

Agency bonds
7,783

 
—

Sovereign bonds
5,990

 
8,101

Municipal bonds
5,248

 
4,492

Current investments
364,487

 
427,348

Corporate bonds
177,123

 
162,566

Treasury bills
168,890

 
32,760

Asset-backed securities
40,434

 
53,631

Sovereign bonds
14,833

 
6,316

Agency bonds
5,903

 
5,921

Municipal bonds
849

 
845

Non-current investments
408,032

 
262,039

 
$
861,623

 
$
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; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing; sovereign bonds consist of direct debt issued by foreign governments; and municipal bonds consist of debt securities issued by state and local government entities. All securities are denominated in U.S. Dollars.
The following table summarizes the Company’s available-for-sale investments as of June 30, 2019 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Current:
 
 
 
 
 
 

Treasury bills
$
138,217

 
$
383

 
$
—

 
$
138,600

Asset-backed securities
104,717

 
317

 
(36
)
 
104,998

Corporate bonds
101,722

 
182

 
(36
)
 
101,868

Agency bonds
7,780

 
3

 
—

 
7,783

Sovereign bonds
5,979

 
12

 
(1
)
 
5,990

Municipal bonds
5,241

 
7

 
—

 
5,248

Non-current:
 
 
 
 
 
 

Corporate bonds
176,726

 
537

 
(140
)
 
177,123

Treasury bills
167,653

 
1,257

 
(20
)
 
168,890

Asset-backed securities
40,198

 
237

 
(1
)
 
40,434

Sovereign bonds
14,783

 
50

 
—

 
14,833

Agency bonds
5,930

 
—

 
(27
)
 
5,903

Municipal bonds
855

 
—

 
(6
)
 
849

 
$
769,801

 
$
2,985

 
$
(267
)
 
$
772,519


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 June 30, 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
Corporate bonds
$
26,243

 
$
(90
)
 
$
42,031

 
$
(86
)
 
$
68,274

 
$
(176
)
Asset-backed securities
4,378

 
(1
)
 
21,331

 
(36
)
 
25,709

 
(37
)
Treasury bills
24,855

 
(20
)
 
—

 
—

 
24,855

 
(20
)
Agency bonds
5,903

 
(27
)
 
—

 
—

 
5,903

 
(27
)
Sovereign bonds
—

 
—

 
2,689

 
(1
)
 
2,689

 
(1
)
Municipal bonds
—

 
—

 
849

 
(6
)
 
849

 
(6
)
 
$
61,379


$
(138
)

$
66,900


$
(129
)

$
128,279


$
(267
)

As of June 30, 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 $394,000 and $12,000, respectively, during the three-month period ended June 30, 2019 and $308,000 and $61,000, respectively, during the three-month period ended July 1, 2018. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $458,000 and $36,000, respectively, during the six-month period ended June 30, 2019 and $363,000 and $94,000, respectively, during the six-month period ended July 1, 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 June 30, 2019 (in thousands):
 
<1 year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-7 Years
 
Total
Treasury bills
$
138,600

 
$
158,777

 
$
10,113

 
$
—

 
$
—

 
$
—

 
$
307,490

Corporate bonds
101,868

 
103,324

 
65,231

 
5,710

 
2,858

 
—

 
278,991

Asset-backed securities
104,998

 
15,771

 
8,760

 
11,199

 
—

 
4,704

 
145,432

Sovereign bonds
5,990

 
14,833

 
—

 
—

 
—

 


 
20,823

Agency bonds
7,783

 
—

 
—

 
5,903

 
—

 
—

 
13,686

Municipal bonds
5,248

 
849

 
—

 
—

 
—

 
—

 
6,097

 
$
364,487


$
293,554


$
84,104


$
22,812


$
2,858


$
4,704


$
772,519