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Cash, Cash Equivalents, and Investments
 6 Months Ended
Jul. 03, 2022
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 3, 2022December 31, 2021
Cash$173,373 $185,624 
Money market instruments3,149 537 
Treasury bills524 — 
Cash and cash equivalents177,046 186,161 
Corporate bonds124,805 73,088 
Asset-backed securities26,465 37,655 
Agency bonds18,578 2,802 
Treasury bills12,162 18,912 
Municipal bonds624 4,998 
Current investments182,634 137,455 
Corporate bonds370,383 481,218 
Asset-backed securities43,698 43,940 
Treasury bills12,344 39,753 
Sovereign bonds1,976 2,119 
Agency bonds— 16,077 
Municipal bonds— 641 
Non-current investments428,401 583,748 
$788,081 $907,364 
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; agency bonds consist of domestic or foreign obligations of government agencies and government-sponsored enterprises that have government backing; municipal bonds consist of debt securities issued by state and local government entities; and sovereign bonds consist of direct debt issued by foreign governments. All of the Company's securities as of July 3, 2022 and December 31, 2021 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 $2,732,000 and $3,037,000 as of July 3, 2022 and December 31, 2021, respectively.
The following table summarizes the Company’s available-for-sale investments as of July 3, 2022 (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Current:
Corporate bonds$126,286 $— $(1,481)$124,805 
Asset-backed securities26,756 — (291)26,465 
Agency bonds18,936 — (358)18,578 
Treasury bills12,236 — (74)12,162 
Municipal bonds635 — (11)624 
Non-current:
Corporate bonds390,702 — (20,319)370,383 
Asset-backed securities45,269 8 (1,579)43,698 
Treasury bills12,580 — (236)12,344 
Sovereign bonds2,118 — (142)1,976 
$635,518 $8 $(24,491)$611,035 
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 3, 2022 (in thousands):
 Unrealized Loss Position For: 
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$443,391 $(19,208)$51,797 $(2,592)$495,188 $(21,800)
Asset-backed securities67,533 (1,867)323 (3)67,856 (1,870)
Treasury bills22,246 (307)102 (3)22,348 (310)
Agency bonds18,578 (358)— — 18,578 (358)
Sovereign bonds1,976 (142)— — 1,976 (142)
Municipal bonds624 (11)— — 624 (11)
$554,348 $(21,893)$52,222 $(2,598)$606,570 $(24,491)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of July 3, 2022 or December 31, 2021. There was no activity recorded in the allowance for credit losses during the three-month or six-month periods ended July 3, 2022 or July 4, 2021.
The Company recorded gross realized gains on the sale of debt securities totaling $15,000 and $133,000 for the three-month and six-month periods ended July 3, 2022, respectively, and gross realized losses on the sale of debt securities totaling $3,000 and $157,000 for the three-month and six-month periods ended July 3, 2022. 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. Realized 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, were 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 3, 2022 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 YearsTotal
Corporate bonds$124,805 $177,030 $129,638 $51,152 $12,563 $495,188 
Asset-backed securities26,465 27,660 6,176 9,862 — 70,163 
Treasury bills12,162 9,852 2,492 — — 24,506 
Agency bonds18,578 — — — — 18,578 
Sovereign bonds— — 992 984 — 1,976 
Municipal bonds624 — — — — 624 
$182,634 $214,542 $139,298 $61,998 $12,563 $611,035