Cash, Cash Equivalents, and Investments

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



	October 4, 2015		December 31, 2014
Cash	$	47,146	$	54,917
Money market instruments	32,417		777
Cash and cash equivalents	79,563		55,694
Treasury bills	82,401		—
Euro liquidity fund	63,672		48,235
Asset-backed securities	60,992		1,311
Corporate bonds	45,170		30,889
Agency bonds	10,980		6,883
Sovereign bonds	7,568		—
Municipal bonds	1,801		1,237
Supranational bonds	—		1,901
Short-term investments	272,584		90,456
Corporate bonds	181,842		216,294
Asset-backed securities	28,254		62,556
Treasury bills	16,580		90,412
Municipal bonds	4,884		6,600
Sovereign bonds	4,702		13,461
Agency bonds	3,300		9,566
Limited partnership interest	942		1,956
Long-term investments	240,504		400,845
	$	592,651	$	546,995

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; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; the Euro liquidity fund invests in a portfolio of investment-grade bonds; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; 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 October 4, 2015 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Treasury bills	$	82,334	$	67	$	—		$	82,401
Euro liquidity fund	63,667		5		—			63,672
Asset-backed securities	60,989		20		(17		)	60,992
Corporate bonds	45,182		56		(68		)	45,170
Agency bonds	10,979		1		—			10,980
Sovereign bonds	7,561		7		—			7,568
Municipal bonds	1,800		1		—			1,801
Long-term:
Corporate bonds	182,509		240		(907		)	181,842
Asset-backed securities	28,257		31		(34		)	28,254
Treasury bills	16,521		59		—			16,580
Municipal bonds	4,851		33		—			4,884
Sovereign bonds	4,696		6		—			4,702
Agency bonds	3,299		1		—			3,300
	$	512,645	$	527	$	(1,026	)	$	512,146

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 October 4, 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	$	118,452	$	(879	)	$	6,935	$	(96	)	$	125,387	$	(975	)
Asset-backed securities	48,781		(47		)	2,334		(4		)	51,115		(51		)
	$	167,233	$	(926	)	$	9,269	$	(100	)	$	176,502	$	(1,026	)

As of October 4, 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 $26,000 and $7,000, respectively, during the three-month period ended October 4, 2015 and $66,000 and $21,000, respectively, during the three-month period ended September 28, 2014. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $434,000 and $194,000, respectively, during the nine-month period ended October 4, 2015 and $695,000 and $44,000, respectively, during the nine-month period ended September 28, 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 October 4, 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	$	45,170	$	95,528	$	65,060	$	17,922	$	3,332	$	—	$	227,012
Treasury bills	82,401		5,099		11,481		—		—		—		98,981
Asset-backed securities	60,992		5,675		9,768		5,717		6,618		476		89,246
Euro liquidity fund	63,672		—		—		—		—		—		63,672
Agency bonds	10,980		—		3,300		—		—		—		14,280
Sovereign bonds	7,568		4,702				—		—		—		12,270
Municipal bonds	1,801		4,884		—		—		—		—		6,685
	$	272,584	$	115,888	$	89,609	$	23,639	$	9,950	$	476	$	512,146

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 October 4, 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 during the nine-month period ended October 4, 2015. The Company received a cash distribution of $1,014,000 during the third quarter of 2015, which was accounted for as a return of capital.