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Cash, Cash Equivalents, and Investments
 9 Months Ended
Sep. 27, 2020
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 27, 2020December 31, 2019
Cash$294,430 $155,498 
Money market instruments3,926 15,933 
Cash and cash equivalents298,356 171,431 
Corporate bonds43,436 65,624 
Asset-backed securities34,536 66,680 
Sovereign bonds16,086 6,294 
Municipal bonds1,307 4,630 
Treasury bills— 92,914 
Certificate of deposit— 4,328 
Current investments95,365 240,470 
Treasury bills270,091 216,334 
Corporate bonds216,451 146,474 
Asset-backed securities95,007 46,403 
Agency bonds28,274 5,914 
Sovereign bonds8,410 16,005 
Municipal bonds1,110 2,322 
Non-current investments619,343 433,452 
$1,013,064 $845,353 

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; treasury bills consist of debt securities issued by the U.S. government; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; certificates of deposit are time deposits held by financial institutions with a fixed interest rate; 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, with the exception of the certificate of deposit held as of December 31, 2019 that was denominated in Korean Won.

Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $1,912,000 and $2,874,000 as of September 27, 2020 and December 31, 2019, respectively.
On January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments,” using the modified-retrospective approach, which requires the Company to apply the standard on a prospective basis with a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the guidance is effective. The Company did not record an adjustment to retained earnings, as there were no debt securities with credit losses as of the adoption date.
The following table summarizes the Company’s available-for-sale investments as of September 27, 2020 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$43,208 $254 $(26)$43,436 
Asset-backed securities34,277 259 — 34,536 
Sovereign bonds15,978 108 — 16,086 
Municipal bonds1,298 9 — 1,307 
Non-current:
Treasury bills268,071 2,030 (10)270,091 
Corporate bonds213,850 2,717 (116)216,451 
Asset-backed securities94,270 737 — 95,007 
Agency bonds28,193 81 — 28,274 
Sovereign bonds8,349 61 — 8,410 
Municipal bonds1,105 5 — 1,110 
$708,599 $6,261 $(152)$714,708 

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 27, 2020 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$42,058 $(142)$— $— $42,058 $(142)
Treasury bills11,543 (10)— — 11,543 (10)
$53,601 $(152)$— $— $53,601 $(152)

The Company recorded no gross credit losses or gross credit recoveries on debt securities for the three-month period ended September 27, 2020, and $160,000 and $85,000, respectively, for the nine-month period ended September 27, 2020. No credit losses or recoveries on debt securities were recorded for the three-month or nine-month periods ended September 29, 2019. Credit losses and recoveries are included in "Other income (expense)" on the Consolidated Statements of Operations.
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 27, 2020 (in thousands):
Balance as of December 31, 2019$— 
Increases to the allowance for credit losses160 
Decreases to the allowance for credit losses(85)
Write-offs — 
Balance as of September 27, 2020$75 
The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $787,000 and $1,000, respectively, for the three-month period ended September 27, 2020, and $361,000 and $67,000, respectively, for the three-month period ended September 29, 2019. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $3,613,000 and $22,000, respectively, for the nine-month period ended September 27, 2020, and $818,000 and $103,000, respectively, for the nine-month period ended September 29, 2019. These gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, are recorded in shareholders’ equity as accumulated other comprehensive loss.
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 27, 2020 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Treasury bills$— $167,677 $98,353 $4,061 $— $270,091 
Corporate bonds43,436 86,619 126,966 2,866 — 259,887 
Asset-backed securities34,536 45,513 45,457 52 3,985 129,543 
Agency bonds— 5,933 22,341 — — 28,274 
Sovereign bonds16,086 4,973 3,437 — — 24,496 
Municipal bonds1,307 1,110 — — — 2,417 
$95,365 $311,825 $296,554 $6,979 $3,985 $714,708