Cash, Cash Equivalents, and Investments

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



	December 31,
	2014		2013
Cash	$	54,917	$	40,124
Money market instruments	777		520
Cash and cash equivalents	55,694		40,644
Euro liquidity fund	48,235		—
Corporate bonds	30,889		109,040
Agency bonds	6,883		1,499
Supranational bonds	1,901		—
Asset-backed securities	1,311		53,559
Municipal bonds	1,237		9,276
Sovereign bonds	—		11,448
Short-term investments	90,456		184,822
Corporate bonds	216,294		109,909
Treasury bills	90,412		73,666
Asset-backed securities	62,556		21,820
Sovereign bonds	13,461		16,385
Agency bonds	9,566		—
Municipal bonds	6,600		5,919
Limited partnership interest (accounted for using cost method)	1,956		1,956
Long-term investments	400,845		229,655
	$	546,995	$	455,121

The Company’s cash balance included foreign bank balances totaling $43,732,000 and $32,096,000 as of December 31, 2014 and 2013, respectively.

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

The following tables summarize the Company’s available-for-sale investments as of December 31, 2014 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Euro liquidity fund	$	48,229	$	6	$	—		$	48,235
Corporate bonds	30,842		50		(3		)	30,889
Agency bonds	6,883		—		—			6,883
Supranational bonds	1,900		1		—			1,901
Asset-backed securities	1,311		—		—			1,311
Municipal bonds	1,232		5		—			1,237
Long-term:
Corporate bonds	216,404		442		(552		)	216,294
Treasury bills	90,458		8		(54		)	90,412
Asset-backed securities	62,590		18		(52		)	62,556
Sovereign bonds	13,461		11		(11		)	13,461
Agency bonds	9,570		4		(8		)	9,566
Municipal bonds	6,567		33		—			6,600
	$	489,447	$	578	$	(680	)	$	489,345

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 December 31, 2014 (in thousands):



	Unrealized Loss Position For Less than 12 Months					Unrealized Loss Position For Greater than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	126,038	$	(555	)	$	—	$	—		$	126,038	$	(555	)
Treasury bills	70,901		(54		)	—		—			70,901		(54		)
Asset-backed securities	33,603		(36		)	3,487		(16		)	37,090		(52		)
Agency bonds	7,135		(8		)	—		—			7,135		(8		)
Sovereign bonds	6,553		(11		)	—		—			6,553		(11		)
	$	244,230	$	(664	)	$	3,487	$	(16	)	$	247,717	$	(680	)

As of December 31, 2014, 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 on the sale of debt securities totaling $843,000 in 2014, $508,000 in 2013, and $1,990,000 in 2012, and gross realized losses on the sale of debt securities totaling $170,000 in 2014, $194,000 in 2013, and $295,000 in 2012. 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 December 31, 2014 (in thousands):



	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-8 Years		Total
Corporate bonds	$	30,889	$	82,238	$	97,921	$	19,718	$	16,417	$	—	$	247,183
Treasury bills	—		85,629		4,783		—		—		—		90,412
Asset-backed securities	1,311		4,788		19,542		23,815		8,967		5,444		63,867
Euro liquidity fund	48,235		—		—		—		—		—		48,235
Agency bonds	6,883		4,506		5,060		—		—		—		16,449
Sovereign bonds	—		9,768		3,693		—		—		—		13,461
Municipal bonds	1,237		1,719		4,881		—		—		—		7,837
Supranational bonds	1,901		—		—		—		—		—		1,901
	$	90,456	$	188,648	$	135,880	$	43,533	$	25,384	$	5,444	$	489,345

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 the commitment period expiring December 31, 2015. As of December 31, 2014, 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. Contributions and distributions are at the discretion of Venrock’s management. No contributions were made and no distributions were received in 2014. The Company received stock distributions totaling $362,000 in 2013 and $2,193,000 in 2012. The Company immediately liquidated these stocks for proceeds of $347,000 and $2,128,000, respectively, resulting in realized losses of $15,000 and $65,000 in 2013 and 2012, respectively. Cash distributions in the amount of $1,422,000 were also received in 2013. All distributions are accounted for as return of capital. As of December 31, 2014, the carrying value of this investment was $1,956,000 compared to an estimated fair value of $6,200,000.

In 2012, the Company purchased stock in a publicly-traded U.S. Company for $2,136,000, which was accounted for as a trading security. As of December 31, 2012, the Company recorded an unrealized loss of $5,000 on this investment. In 2013, the Company sold all shares of this security at an aggregate fair value of $1,429,000, resulting in a realized loss of $702,000.