Cash, Cash Equivalents, and Investments

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



	July 3, 2016		December 31, 2015
Cash	$	47,751	$	45,951
Money market instruments	7,178		6,024
Cash and cash equivalents	54,929		51,975
Corporate bonds	90,700		54,376
Asset-backed securities	68,879		61,994
Euro liquidity fund	48,941		47,730
Treasury bills	42,013		109,360
Sovereign bonds	24,022		21,440
Agency bonds	13,177		978
Municipal bonds	6,861		590
Short-term investments	294,593		296,468
Corporate bonds	158,222		176,575
Treasury bills	68,966		44,437
Asset-backed securities	36,306		24,582
Sovereign bonds	24,159		13,503
Agency bonds	18,604		8,180
Municipal bonds	504		4,869
Limited partnership interest (accounted for using cost method)	942		942
Long-term investments	307,703		273,088
	$	657,225	$	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 both the U.S. and foreign governments; 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 July 3, 2016 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	90,642	$	84	$	(26	)	$	90,700
Asset-backed securities	68,842		52		(15		)	68,879
Euro liquidity fund	48,753		188		—			48,941
Treasury bills	41,995		18		—			42,013
Sovereign bonds	24,015		8		(1		)	24,022
Agency bonds	13,176		1		—			13,177
Municipal bonds	6,845		16		—			6,861
Long-term:
Corporate bonds	157,541		920		(239		)	158,222
Treasury bills	68,756		210		—			68,966
Asset-backed securities	36,252		78		(24		)	36,306
Sovereign bonds	24,076		83		—			24,159
Agency bonds	18,610		—		(6		)	18,604
Municipal bonds	500		4		—			504
	$	600,003	$	1,662	$	(311	)	$	601,354

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 3, 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	$	32,420	$	(65	)	$	34,302	$	(200	)	$	66,722	$	(265	)
Asset-backed securities	26,480		(18		)	10,966		(21		)	37,446		(39		)
Agency bonds	15,802		(6		)	—		—			15,802		(6		)
Sovereign bonds	8,101		(1		)	—		—			8,101		(1		)
	$	82,803	$	(90	)	$	45,268	$	(221	)	$	128,071	$	(311	)

As of July 3, 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, 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 $141,000 and $0, respectively, during the three-month period ended July 3, 2016 and $210,000 and $18,000, respectively, during the three-month period ended July 5, 2015. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $225,000 and $97,000, respectively, during the six-month period ended July 3, 2016 and $408,000 and $187,000, respectively, during the six-month period ended July 5, 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 July 3, 2016 (in thousands):



	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	90,700	$	75,069	$	77,871	$	4,663	$	619	$	248,922
Treasury bills	42,013		68,034		932		—		—		110,979
Asset-backed securities	68,879		18,867		7,134		10,067		238		105,185
Euro liquidity fund	48,941		—		—		—		—		48,941
Sovereign bonds	24,022		20,317		3,842		—		—		48,181
Agency bonds	13,177		12,897		5,707		—		—		31,781
Municipal bonds	6,861		504		—		—		—		7,365
	$	294,593	$	195,688	$	95,486	$	14,730	$	857	$	601,354

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 July 3, 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 and no distributions were received during the six-month period ended July 3, 2016.