Cash, Cash Equivalents, and Investments

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



	July 5, 2015		December 31, 2014
Cash	$	55,379	$	54,917
Money market instruments	6,312		777
Cash and cash equivalents	61,691		55,694
Treasury bills	75,431		—
Euro liquidity fund	63,163		48,235
Corporate bonds	39,071		30,889
Asset-backed securities	37,894		1,311
Sovereign bonds	6,095		—
Municipal bonds	1,810		1,237
Agency bonds	—		6,883
Supranational bonds	—		1,901
Short-term investments	223,464		90,456
Corporate bonds	175,912		216,294
Asset-backed securities	38,211		62,556
Treasury bills	6,505		90,412
Municipal bonds	4,874		6,600
Agency bonds	4,284		9,566
Sovereign bonds	2,010		13,461
Limited partnership interest	1,956		1,956
Long-term investments	233,752		400,845
	$	518,907	$	546,995

Treasury bills consist of debt securities issued by both the U.S. and foreign governments; 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; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; sovereign bonds consist of direct debt issued by foreign 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 supranational bonds consist of direct debt issued by two or more foreign central governments. 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 July 5, 2015 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Treasury bills	$	75,392	$	39	$	—		$	75,431
Euro liquidity fund	63,032		131		—			63,163
Corporate bonds	39,034		48		(11		)	39,071
Asset-backed securities	37,888		17		(11		)	37,894
Sovereign bonds	6,087		8		—			6,095
Municipal bonds	1,807		3		—			1,810
Long-term:								—
Corporate bonds	175,920		274		(282		)	175,912
Asset-backed securities	38,203		17		(9		)	38,211
Treasury bills	6,506		2		(3		)	6,505
Municipal bonds	4,853		21		—			4,874
Agency bonds	4,279		5		—			4,284
Sovereign bonds	2,010		—		—			2,010
	$	455,011	$	565	$	(316	)	$	455,260

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 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	$	101,856	$	(287	)	$	1,463	$	(6	)	$	103,319	$	(293	)
Asset-backed securities	20,783		(17		)	1,926		(3		)	22,709		(20		)
Treasury bills	5,203		(3		)	—		—			5,203		(3		)
	$	127,842	$	(307	)	$	3,389	$	(9	)	$	131,231	$	(316	)

As of July 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 $210,000 and $18,000, respectively, during the three-month period ended July 5, 2015 and $117,000 and $12,000, respectively, during the three-month period ended June 29, 2014. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $408,000 and $187,000, respectively, during the six-month period ended July 5, 2015 and $629,000 and $23,000, respectively, during the six-month period ended June 29, 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 July 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	$	39,071	$	84,541	$	66,216	$	19,360	$	5,795	$	—	$	214,983
Treasury bills	75,431		5,101		1,404		—		—		—		81,936
Asset-backed securities	37,894		23,627		3,752		3,401		6,847		584		76,105
Euro liquidity fund	63,163		—		—		—		—		—		63,163
Sovereign bonds	6,095		2,010		—		—		—		—		8,105
Municipal bonds	1,810		4,373		501		—		—		—		6,684
Agency bonds	—		980		3,304		—		—		—		4,284
	$	223,464	$	120,632	$	75,177	$	22,761	$	12,642	$	584	$	455,260

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 July 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 six-month period ended July 5, 2015.