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Cash, Cash Equivalents, and Investments
 6 Months Ended
Jul. 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):
July 4, 2021December 31, 2020
Cash$216,837 $266,609 
Money market instruments200 2,464 
Cash and cash equivalents217,037 269,073 
Treasury bills92,939 35,403 
Corporate bonds66,452 32,714 
Asset-backed securities24,756 25,160 
Sovereign bonds4,196 8,660 
Municipal bonds2,404 1,303 
Current investments190,747 103,240 
Corporate bonds415,784 203,428 
Asset-backed securities65,509 67,058 
Treasury bills38,022 96,458 
Agency bonds18,960 19,006 
Municipal bonds4,593 5,735 
Sovereign bonds1,097 3,440 
Non-current investments543,965 395,125 
$951,749 $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; 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 July 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 $2,992,000 and $1,560,000 as of July 4, 2021 and December 31, 2020, respectively.
The following table summarizes the Company’s available-for-sale investments as of July 4, 2021 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Treasury bills$92,502 $437 $— $92,939 
Corporate bonds66,164 291 (3)66,452 
Asset-backed securities24,562 197 (3)24,756 
Sovereign bonds4,189 7 — 4,196 
Municipal bonds2,401 3 — 2,404 
Non-current:
Corporate bonds414,453 1,874 (543)415,784 
Asset-backed securities65,276 315 (82)65,509 
Treasury bills37,677 345 — 38,022 
Agency bonds18,921 39 — 18,960 
Municipal bonds4,592 12 (11)4,593 
Sovereign bonds1,096 1 — 1,097 
$731,833 $3,521 $(642)$734,712 
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 July 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$179,565 $(546)$— $— $179,565 $(546)
Asset-backed securities13,088 (85)— — 13,088 (85)
Municipal bonds3,946 (11)— — 3,946 (11)
$196,599 $(642)$— $— $196,599 $(642)
The Company's allowance for credit losses on debt securities was zero as of July 4, 2021 and December 31, 2020. There was no activity recorded in the allowance for credit losses during the three-month and six-month periods ended July 4, 2021. The Company recorded gross credit losses and gross credit recoveries totaling $0 and $85,000, respectively, for the three-month period ended June 28, 2020, and $160,000 and $85,000, respectively, for the six-month period ended June 28, 2020.

The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $68,000 and $0, respectively, for both the three-month and six-month periods ended July 4, 2021. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $962,000 and $7,000, respectively, for the three-month period ended June 28, 2020, and $2,826,000 and $21,000, respectively, for the six-month period ended June 28, 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 July 4, 2021 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$66,452 $161,596 $139,870 $77,234 $30,143 $6,941 $482,236 
Treasury bills92,939 37,917 105 — — — 130,961 
Asset-backed securities24,756 30,896 20,090 9,510 — 5,013 90,265 
Agency bonds— 18,960 — — — — 18,960 
Municipal bonds2,404 4,593 — — — — 6,997 
Sovereign bonds4,196 — — — 1,097 — 5,293 
$190,747 $253,962 $160,065 $86,744 $31,240 $11,954 $734,712