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Cash, Cash Equivalents, and Investments (Tables)
9 Months Ended
Sep. 27, 2020
Cash and Cash Equivalents [Abstract]  
Components of 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 
Summary of Available-for-Sale Investments
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 — 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 — 1,110 
$708,599 $6,261 $(152)$714,708 
Gross Unrealized Losses and Fair Values for Available-for-Sale Investments
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 $(152)
Schedule of Allowance for Credit Loss Activity
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 27, 2020 (in thousands):
Balance as of December 31, 2019$— 
Increases to the allowance for credit losses160 
Decreases to the allowance for credit losses(85)
Write-offs — 
Balance as of September 27, 2020$75 
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 27, 2020 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Treasury bills$— $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