Cash, Cash Equivalents, and Investments

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



	October 2, 2016		December 31, 2015
Cash	$	54,791	$	45,951
Money market instruments	6,354		6,024
Cash and cash equivalents	61,145		51,975
Corporate bonds	134,245		54,376
Asset-backed securities	64,740		61,994
Euro liquidity fund	49,586		47,730
Treasury bills	36,728		109,360
Sovereign bonds	28,720		21,440
Municipal bonds	9,455		590
Agency bonds	4,904		978
Short-term investments	328,378		296,468
Corporate bonds	163,534		176,575
Treasury bills	70,579		44,437
Asset-backed securities	38,782		24,582
Sovereign bonds	24,384		13,503
Agency bonds	18,648		8,180
Municipal bonds	—		4,869
Limited partnership interest (accounted for using cost method)	—		942
Long-term investments	315,927		273,088
	$	705,450	$	621,531

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; the Euro liquidity fund invests in a portfolio of investment-grade bonds; treasury bills consist of debt securities issued by the U.S. government; sovereign bonds consist of direct debt issued by foreign governments; municipal bonds consist of debt securities issued by state and local government entities; and agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing. 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 2, 2016 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	134,232	$	56	$	(43	)	$	134,245
Asset-backed securities	64,696		49		(5		)	64,740
Euro liquidity fund	49,256		330		—			49,586
Treasury bills	36,704		27		(3		)	36,728
Sovereign bonds	28,719		5		(4		)	28,720
Municipal bonds	9,443		12		—			9,455
Agency bonds	4,900		4		—			4,904
Long-term:
Corporate bonds	162,826		773		(65		)	163,534
Treasury bills	70,535		60		(16		)	70,579
Asset-backed securities	38,716		72		(6		)	38,782
Sovereign bonds	24,362		31		(9		)	24,384
Agency bonds	18,610		38		—			18,648
	$	642,999	$	1,457	$	(151	)	$	644,305

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 2, 2016 (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	$	55,613	$	(50	)	$	24,991	$	(58	)	$	80,604	$	(108	)
Treasury bills	44,714		(19		)	—		—			44,714		(19		)
Asset-backed securities	7,074		(2		)	13,580		(9		)	20,654		(11		)
Sovereign bonds	16,414		(11		)	3,398		(2		)	19,812		(13		)
	$	123,815	$	(82	)	$	41,969	$	(69	)	$	165,784	$	(151	)

As of October 2, 2016, the Company did not recognize any 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, the Company's 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 $55,000 and $0, respectively, during the three-month period ended October 2, 2016 and $26,000 and $7,000, respectively, during the three-month period ended October 4, 2015. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $280,000 and $97,000, respectively, during the nine-month period ended October 2, 2016 and $434,000 and $194,000, respectively, during the nine-month period ended October 4, 2015. 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 2, 2016 (in thousands):



	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	134,245	$	71,977	$	84,825	$	2,212	$	4,520	$	297,779
Asset-backed securities	64,740		20,212		8,722		9,689		159		103,522
Treasury bills	36,728		70,579		—		—		—		107,307
Sovereign bonds	28,720		19,749		4,635		—		—		53,104
Euro liquidity fund	49,586		—		—		—		—		49,586
Agency bonds	4,904		15,930		2,718		—		—		23,552
Municipal bonds	9,455		—		—		—		—		9,455
	$	328,378	$	198,447	$	100,900	$	11,901	$	4,679	$	644,305

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, 2017. The Company does not have the right to withdraw from the partnership prior to this date. As of October 2, 2016, 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, 2017. Contributions and distributions are at the discretion of Venrock’s management. No contributions were made during the nine-month period ended October 2, 2016. The Company received a cash distribution of $1,492,000 during the third quarter of 2016, of which $942,000 was accounted for as a return of capital, reducing the carrying value of this investment to zero, with the remaining $550,000 recorded as investment income.