Cash, Cash Equivalents, and Investments

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



	April 5, 2015		December 31, 2014
Cash	$	34,807	$	54,917
Money market instruments	1,240		777
Cash and cash equivalents	36,047		55,694
Euro liquidity fund	62,045		48,235
Corporate bonds	37,413		30,889
Treasury bills	31,644		—
Sovereign bonds	5,605		—
Supranational bonds	1,902		1,901
Municipal bonds	1,819		1,237
Agency bonds	1,523		6,883
Asset-backed securities	392		1,311
Short-term investments	142,343		90,456
Corporate bonds	204,221		216,294
Asset-backed securities	77,448		62,556
Treasury bills	64,524		90,412
Agency bonds	11,364		9,566
Sovereign bonds	6,040		13,461
Municipal bonds	4,880		6,600
Limited partnership interest	1,956		1,956
Long-term investments	370,433		400,845
	$	548,823	$	546,995

The Euro liquidity fund invests in a portfolio of investment-grade bonds; 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; sovereign bonds consist of direct debt issued by foreign governments; supranational bonds consist of direct debt issued by two or more foreign central governments; municipal bonds consist of debt securities issued by state and local government entities; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing; and asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement. The Euro liquidity fund is denominated in Euros, and the remaining securities are denominated in U.S. Dollars.

The following table summarizes the Company’s available-for-sale investments as of April 5, 2015 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Euro liquidity fund	$	61,866	$	179	$	—		$	62,045
Corporate bonds	37,356		58		(1		)	37,413
Treasury bills	31,652		—		(8		)	31,644
Sovereign bonds	5,594		11		—			5,605
Supranational bonds	1,900		2		—			1,902
Municipal bonds	1,814		5		—			1,819
Agency bonds	1,521		2		—			1,523
Asset-backed securities	392		—		—			392
Long-term:
Corporate bonds	203,712		618		(109		)	204,221
Asset-backed securities	77,417		43		(12		)	77,448
Treasury bills	64,468		57		(1		)	64,524
Agency bonds	11,344		20		—			11,364
Sovereign bonds	6,033		7		—			6,040
Municipal bonds	4,855		25		—			4,880
	$	509,924	$	1,027	$	(131	)	$	510,820

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 April 5, 2015 (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	$	48,070	$	(109	)	$	399	$	(1	)	$	48,469	$	(110	)
Treasury bills	33,143		(9		)	—		—			33,143		(9		)
Asset-backed securities	16,974		(7		)	2,597		(5		)	19,571		(12		)
	$	98,187	$	(125	)	$	2,996	$	(6	)	$	101,183	$	(131	)

As of April 5, 2015, 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 debt securities totaling $197,000 and $168,000, respectively, during the three-month period ended April 5, 2015 and $512,000 and $11,000, respectively, during the three-month period ended March 30, 2014. These gains and losses are included in "Investment income" on the Consolidated Statement 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 other comprehensive income (loss).

The following table presents the effective maturity dates of the Company’s available-for-sale investments as of April 5, 2015 (in thousands):



	1 Year or Less		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-8 Years		Total
Corporate bonds	$	37,413	$	101,597	$	74,312	$	22,542	$	5,770	$	—	$	241,634
Treasury bills	31,644		64,524		—		—		—		—		96,168
Asset-backed securities	392		8,564		38,917		16,673		8,982		4,312		77,840
Euro liquidity fund	62,045		—		—		—		—		—		62,045
Agency bonds	1,523		6,360		5,004		—		—		—		12,887
Sovereign bonds	5,605		6,040		—		—		—		—		11,645
Municipal bonds	1,819		334		3,546		—		—		1,000		6,699
Supranational bonds	1,902		—		—		—		—		—		1,902
	$	142,343	$	187,419	$	121,779	$	39,215	$	14,752	$	5,312	$	510,820

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 April 5, 2015, 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 three-month period ended April 5, 2015.