Cash, Cash Equivalents, and Investments

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



	September 28, 2014		December 31, 2013
Cash	$	37,611	$	40,124
Money market instruments	568		520
Cash and cash equivalents	38,179		40,644
Corporate bonds	45,889		109,040
Municipal bonds	1,971		9,276
Sovereign bonds	1,709		11,448
Asset-backed securities	189		53,559
Agency bonds	—		1,499
Short-term investments	49,758		184,822
Corporate bonds	209,379		109,909
Treasury bills	102,674		73,666
Asset-backed securities	64,941		21,820
Sovereign bonds	17,525		16,385
Municipal bonds	7,043		5,919
Agency bonds	5,765		—
Limited partnership interest	1,956		1,956
Long-term investments	409,283		229,655
	$	497,220	$	455,121

The Company’s investment portfolio includes corporate bonds, municipal bonds, sovereign bonds, asset-backed securities, treasury bills, and agency bonds. Corporate bonds consist of debt securities issued by both domestic and foreign companies; municipal bonds consist of debt securities issued by state and local government entities; sovereign bonds consist of direct debt issued by foreign governments; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; treasury bills consist of debt securities issued by both the U.S. and 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 September 28, 2014 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	45,785	$	106	$	(2	)	$	45,889
Municipal bonds	1,970		1		—			1,971
Sovereign bonds	1,704		5		—			1,709
Asset-backed securities	189		—		—			189
Long-term:
Corporate bonds	208,585		936		(142		)	209,379
Treasury bills	102,685		18		(29		)	102,674
Asset-backed securities	64,936		42		(37		)	64,941
Sovereign bonds	17,516		21		(12		)	17,525
Municipal bonds	6,989		54		—			7,043
Agency bonds	5,771		—		(6		)	5,765
	$	456,130	$	1,183	$	(228	)	$	457,085

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 September 28, 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
Treasury bills	$	67,615	$	(29	)	$	—	$	—		$	67,615	$	(29	)
Corporate bonds	59,613		(143		)	1,709		(1		)	61,322		(144		)
Asset-backed securities	18,415		(24		)	4,654		(13		)	23,069		(37		)
Agency bonds	5,765		(6		)	—		—			5,765		(6		)
Sovereign bonds	5,153		(12		)	—		—			5,153		(12		)
	$	156,561	$	(214	)	$	6,363	$	(14	)	$	162,924	$	(228	)

As of September 28, 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 $66,000 and $21,000, respectively, during the three-month period ended September 28, 2014 and $32,000 and $12,000, respectively, during the three-month period ended September 29, 2013. The Company recorded gross realized gains and gross realized losses on the sale of investments totaling $695,000 and $44,000, respectively, during the nine-month period ended September 28, 2014 and $182,000 and $79,000, respectively, during the nine-month period ended September 29, 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 September 28, 2014 (in thousands):



	1 Year or Less		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-8 Years		Total
Corporate bonds	$	45,889	$	68,817	$	102,268	$	18,128	$	20,166	$	—	$	255,268
Treasury bills	—		90,210		12,464		—		—		—		102,674
Asset-backed securities	189		9,677		15,262		24,657		10,822		4,523		65,130
Sovereign bonds	1,709		12,372		5,153		—		—		—		19,234
Municipal bonds	1,971		2,965		3,574		504		—		—		9,014
Agency bonds	—		1,500		4,265		—		—		—		5,765
	$	49,758	$	185,541	$	142,986	$	43,289	$	30,988	$	4,523	$	457,085

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 September 28, 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 nine-month period ended September 28, 2014.