Investments include primarily investment-grade corporate bonds and U.S. Treasury obligations having maturities of up to

five years

(the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as

available-for-sale

and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on

available-for-sale

investments to determine whether such losses are other-than-temporary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be other-than-temporary, are to be included as a charge in the statement of income, while unrealized losses

considered to be temporary are to be included as a component of equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were $1,115,000 at June 29, 2019, while unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $1,184,000 at December 29, 2018, respectively.

The amortized cost and fair values of

available-for-sale

investments are as follows at June 29, 2019 and December 29, 2018 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 29, 2019
Money market investments	$	17,207	$	—	$	—	$	17,207
Asset-backed securities		112		—		—		112
Corporate bonds and direct obligations of government agencies		96,282		1,155		49		97,388
U.S. Treasury obligations		1,104		9		—		1,113

Total	$	114,705	$	1,164	$	49	$	115,820

December 29, 2018
Money market investments	$	11,714	$	—	$	—	$	11,714
Asset-backed securities		624		—		4		620
Corporate bonds and direct obligations of government agencies		101,021		33		1,213		99,841

Total	$	113,359	$	33	$	1,217	$	112,175

For those

available-for-sale

investments with unrealized losses at June 29, 2019 and December 29, 2018, the following table summarizes the duration of the unrealized loss (in thousands):


	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
June 29, 2019
Corporate bonds and direct obligations of government agencies	$	288	$	1	$	17,420	$	48	$	17,708	$	49
December 29, 2018
Asset-backed securities	$	—	$	—	$	620	$	4	$	620	$	4
Corporate bonds and direct obligations of government agencies		45,960		354		42,803		859		88,763		1,213

Total	$	45,960	$	354	$	43,423	$	863	$	89,383	$	1,217

The Company expects to recover the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, the Company does not consider the unrealized losses on these securities to be other-than-temporary at June 29, 2019.