Cash, Cash Equivalents, and Investments

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



	July 2, 2017		December 31, 2016
Cash	$	64,712	$	77,307
Money market instruments	3,554		2,334
Cash and cash equivalents	68,266		79,641
Treasury bills	97,018		67,175
Corporate bonds	86,000		141,188
Euro liquidity fund	79,256		46,499
Asset-backed securities	42,449		69,614
Sovereign bonds	24,454		7,298
Agency bonds	7,610		2,903
Municipal bonds	5,615		6,517
Short-term investments	342,402		341,194
Corporate bonds	239,159		169,952
Treasury bills	55,545		92,280
Asset-backed securities	44,811		26,946
Sovereign bonds	6,479		23,585
Agency bonds	5,802		10,339
Municipal bonds	2,862		1,233
Long-term investments	354,658		324,335
	$	765,326	$	745,170

Treasury bills consist of debt securities issued by the U.S. government; corporate bonds consist of debt securities issued by both domestic and foreign companies; 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 July 2, 2017 (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Treasury bills	$	97,218	$	—	$	(200	)	$	97,018
Corporate bonds	85,918		85		(3		)	86,000
Euro liquidity fund	78,824		432		—			79,256
Asset-backed securities	42,467		2		(20		)	42,449
Sovereign bonds	24,495		4		(45		)	24,454
Agency bonds	7,600		10		—			7,610
Municipal bonds	5,615		—		—			5,615
Long-term:
Corporate bonds	238,417		929		(187		)	239,159
Treasury bills	55,671		—		(126		)	55,545
Asset-backed securities	44,733		95		(17		)	44,811
Sovereign bonds	6,519		1		(41		)	6,479
Agency bonds	5,787		16		(1		)	5,802
Municipal bonds	2,860		2		—			2,862
	$	696,124	$	1,576	$	(640	)	$	697,060

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 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	$	143,666	$	(306	)	$	8,897	$	(20	)	$	152,563	$	(326	)
Corporate bonds	62,295		(190		)	—		—			62,295		(190		)
Asset-backed securities	52,141		(37		)	—		—			52,141		(37		)
Sovereign bonds	24,737		(84		)	3,001		(2		)	27,738		(86		)
Agency bonds	3,076		(1		)	—		—			3,076		(1		)
	$	285,915	$	(618	)	$	11,898	$	(22	)	$	297,813	$	(640	)

As of July 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 $55,000 and $13,000, respectively, during the three-month period ended July 2, 2017 and $141,000 and $0, respectively, during the three-month period ended July 3, 2016. The Company recorded gross realized gains and gross realized losses on the sale of debt securities totaling $143,000 and $36,000, respectively, during the six-month period ended July 2, 2017 and $225,000 and $97,000, respectively, during the six-month period ended July 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 July 2, 2017 (in thousands):



	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-7 Years		Total
Corporate bonds	$	86,000	$	112,337	$	86,773	$	7,602	$	32,447	$	—	$	325,159
Treasury bills	97,018		55,545		—		—		—		—		152,563
Asset-backed securities	42,449		21,856		20,100		—		—		2,855		87,260
Euro liquidity fund	79,256		—		—		—		—		—		79,256
Sovereign bonds	24,454		3,819		2,660		—		—		—		30,933
Agency bonds	7,610		2,726		3,076		—		—		—		13,412
Municipal bonds	5,615		2,862		—		—		—		—		8,477
	$	342,402	$	199,145	$	112,609	$	7,602	$	32,447	$	2,855	$	697,060