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Cash, Cash Equivalents, and Investments
 3 Months Ended
Apr. 04, 2021
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):
April 4, 2021December 31, 2020
Cash$207,313 $266,609 
Commercial paper10,000 — 
Money market instruments25,375 2,464 
Cash and cash equivalents242,688 269,073 
Treasury bills66,261 35,403 
Corporate bonds50,410 32,714 
Asset-backed securities16,645 25,160 
Sovereign bonds8,621 8,660 
Municipal bonds1,296 1,303 
Current investments143,233 103,240 
Corporate bonds334,351 203,428 
Treasury bills65,148 96,458 
Asset-backed securities62,755 67,058 
Agency bonds18,961 19,006 
Municipal bonds5,719 5,735 
Sovereign bonds3,429 3,440 
Non-current investments490,363 395,125 
$876,284 $767,438 

Cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of ninety days or less at the time of acquisition. Cash equivalents consist primarily of government and institutional money market funds as well as corporate obligations such as commercial paper; 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 of the Company's securities as of April 4, 2021 and December 31, 2020 were denominated in U.S. Dollars.

Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $2,467,000 and $1,560,000 as of April 4, 2021 and December 31, 2020, respectively.
The following table summarizes the Company’s available-for-sale investments as of April 4, 2021 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Treasury bills$65,830 $431 $— $66,261 
Corporate bonds50,164 261 (15)50,410 
Asset-backed securities16,587 64 (6)16,645 
Sovereign bonds8,592 29 — 8,621 
Municipal bonds1,296 — — 1,296 
Non-current:
Corporate bonds333,094 1,962 (705)334,351 
Treasury bills64,506 642 — 65,148 
Asset-backed securities62,368 393 (6)62,755 
Agency bonds18,917 44 — 18,961 
Municipal bonds5,714 18 (13)5,719 
Sovereign bonds3,379 50 — 3,429 
$630,447 $3,894 $(745)$633,596 

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 April 4, 2021 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$176,773 $(720)$— $— $176,773 $(720)
Municipal bonds5,257 (13)— — 5,257 (13)
Asset-backed securities4,533 (12)— — 4,533 (12)
$186,563 $(745)$— $— $186,563 $(745)
The Company's allowance for credit losses on debt securities was zero as of April 4, 2021 and December 31, 2020. There was no activity recorded in the allowance for credit losses during the three-month period ended April 4, 2021. The Company recorded credit losses on debt securities totaling $160,000 during the three-month period ended March 29, 2020.

The Company recorded no gross realized gains or gross realized losses on the sale of debt securities for the three-month period ended April 4, 2021. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $1,865,000 and $15,000, respectively, for the three-month period ended March 29, 2020. 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 April 4, 2021 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Corporate bonds$50,410 $130,867 $143,430 $58,992 $1,062 $384,761 
Treasury bills66,261 64,035 1,113 — — 131,409 
Asset-backed securities16,645 42,114 20,159 482 — 79,400 
Agency bonds— 2,800 16,161 — — 18,961 
Sovereign bonds8,621 — 3,429 — — 12,050 
Municipal bonds1,296 5,068 651 — — 7,015 
$143,233 $244,884 $184,943 $59,474 $1,062 $633,596