Cash, Cash Equivalents, and Investments

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



	April 2, 2017		December 31, 2016
Cash	$	88,533	$	77,307
Money market instruments	3,895		2,334
Cash and cash equivalents	92,428		79,641
Corporate bonds	128,507		141,188
Treasury bills	92,883		67,175
Euro liquidity fund	73,868		46,499
Asset-backed securities	58,649		69,614
Sovereign bonds	12,340		7,298
Agency bonds	7,620		2,903
Municipal bonds	2,160		6,517
Short-term investments	376,027		341,194
Corporate bonds	195,128		169,952
Treasury bills	53,370		92,280
Asset-backed securities	43,047		26,946
Sovereign bonds	18,577		23,585
Agency bonds	2,728		10,339
Municipal bonds	—		1,233
Long-term investments	312,850		324,335
	$	781,305	$	745,170

Corporate bonds consist of debt securities issued by both domestic and foreign companies; treasury bills consist of debt securities issued by the U.S. government; the Euro liquidity fund invests in a portfolio of investment-grade bonds; 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; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing; and municipal bonds consist of debt securities issued by state and local government entities. 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 2, 2017 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	128,444	$	81	$	(18	)	$	128,507
Treasury bills	93,034		3		(154		)	92,883
Euro liquidity fund	73,540		328		—			73,868
Asset-backed securities	58,657		15		(23		)	58,649
Sovereign bonds	12,357		3		(20		)	12,340
Agency bonds	7,600		20		—			7,620
Municipal bonds	2,160		—		—			2,160
Long-term:
Corporate bonds	194,660		737		(269		)	195,128
Treasury bills	53,459		3		(92		)	53,370
Asset-backed securities	42,990		72		(15		)	43,047
Sovereign bonds	18,658		2		(83		)	18,577
Agency bonds	2,710		18		—			2,728
	$	688,269	$	1,282	$	(674	)	$	688,877

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 2, 2017 (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	$	113,462	$	(246	)	$	—	$	—		$	113,462	$	(246	)
Corporate bonds	90,190		(286		)	1,049		(1		)	91,239		(287		)
Asset-backed securities	45,185		(37		)	2,961		(1		)	48,146		(38		)
Sovereign bonds	27,722		(103		)	—		—			27,722		(103		)
	$	276,559	$	(672	)	$	4,010	$	(2	)	$	280,569	$	(674	)

As of April 2, 2017, 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 their effective maturity or market price recovery.

The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $88,000 and $23,000, respectively, during the three-month period ended April 2, 2017 and $84,000 and $97,000, respectively, during the three-month period ended April 3, 2016. 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 2, 2017 (in thousands):



	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-7 Years		Total
Corporate bonds	$	128,507	$	87,341	$	82,646	$	3,928	$	21,213	$	—	$	323,635
Treasury bills	92,883		53,370		—		—		—		—		146,253
Asset-backed securities	58,649		9,960		23,850		5,656		21		3,560		101,696
Euro liquidity fund	73,868		—		—		—		—		—		73,868
Sovereign bonds	12,340		13,988		4,589		—		—		—		30,917
Agency bonds	7,620		—		2,728		—		—		—		10,348
Municipal bonds	2,160		—		—		—		—		—		2,160
	$	376,027	$	164,659	$	113,813	$	9,584	$	21,234	$	3,560	$	688,877