Cash, Cash Equivalents, and Investments

Cash, cash equivalents, and investments consisted of the following (in thousands):



	June 29, 2014		December 31, 2013
Cash	$	38,814	$	40,124
Money market instruments	1,358		520
Cash and cash equivalents	40,172		40,644
Asset-backed securities	33,733		53,559
Corporate bonds	28,013		109,040
Treasury bills	12,996		—
Municipal bonds	5,707		9,276
Sovereign bonds	3,228		11,448
Agency bonds	—		1,499
Short-term investments	83,677		184,822
Corporate bonds	207,767		109,909
Treasury bills	74,971		73,666
Asset-backed securities	36,959		21,820
Sovereign bonds	15,687		16,385
Municipal bonds	4,885		5,919
Agency bonds	1,500		—
Limited partnership interest	1,956		1,956
Long-term investments	343,725		229,655
	$	467,574	$	455,121

The Company’s investment portfolio includes asset-backed securities, corporate bonds, treasury bills, municipal bonds, sovereign bonds, and agency bonds. Asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; corporate bonds consist of debt securities issued by both domestic and foreign companies; treasury bills consist of debt securities issued by both the U.S. and foreign governments; municipal bonds consist of debt securities issued by state and local government entities; sovereign bonds consist of direct debt issued by foreign governments; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing.

The following table summarizes the Company’s available-for-sale investments as of June 29, 2014 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Asset-backed securities	$	33,721	$	32	$	(20	)	$	33,733
Corporate bonds	27,927		86		—			28,013
Treasury bills	12,995		1		—			12,996
Municipal bonds	5,699		8		—			5,707
Sovereign bonds	3,219		9		—			3,228
Long-term:
Corporate bonds	206,863		920		(16		)	207,767
Treasury bills	74,953		20		(2		)	74,971
Asset-backed securities	36,930		36		(7		)	36,959
Sovereign bonds	15,631		58		(2		)	15,687
Municipal bonds	4,838		47		—			4,885
Agency bonds	1,500		—		—			1,500
	$	424,276	$	1,217	$	(47	)	$	425,446

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 June 29, 2014 (in thousands):



	Unrealized Loss Position For:
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	19,003	$	(15	)	$	1,729	$	(1	)	$	20,732	$	(16	)
Treasury bills	19,147		(2		)	—		—			19,147		(2		)
Asset-backed securities	8,050		(2		)	5,679		(25		)	13,729		(27		)
Sovereign bonds	3,363		(2		)	—		—			3,363		(2		)
	$	49,563	$	(21	)	$	7,408	$	(26	)	$	56,971	$	(47	)

As of June 29, 2014, the Company did not recognize an other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before its effective maturity or market price recovery.

The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $117,000 and $12,000, respectively, during the three-month period ended June 29, 2014 and $101,000 and $49,000, respectively, during the three-month period ended June 30, 2013. The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $629,000 and $23,000, respectively, during the six-month period ended June 29, 2014 and $150,000 and $67,000, respectively, during the six-month period ended June 30, 2013. These gains and losses are included in "Investment income" on the Consolidated Statements of Operations.

The following table presents the effective maturity dates of the Company’s available-for-sale investments as of June 29, 2014 (in thousands):



	1 Year or Less		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	28,013	$	70,775	$	102,454	$	12,061	$	22,477	$	235,780
Treasury bills	12,996		66,770		8,201		—		—		87,967
Asset-backed securities	33,733		17,947		5,506		8,087		5,419		70,692
Sovereign bonds	3,228		12,324		3,363		—		—		18,915
Municipal bonds	5,707		1,848		2,533		504		—		10,592
Agency bonds	—		—		1,500		—		—		1,500
	$	83,677	$	169,664	$	123,557	$	20,652	$	27,896	$	425,446

The Company is a Limited Partner in Venrock Associates III, L.P. (Venrock), a venture capital fund. The Company has committed to a total investment in the limited partnership of up to $20,500,000, with an expiration date of December 31, 2015. As of June 29, 2014, the Company contributed $19,886,000 to the partnership. The remaining commitment of $614,000 can be called by Venrock at any time before December 31, 2015. Distributions and contributions are at the discretion of Venrock’s management. No contributions were made and no distributions were received during the six-month period ended June 29, 2014.