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Cash, Cash Equivalents, and Investments | 12 Months Ended
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Dec. 31, 2015
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2015 |  | 2014
Cash | $ | 45,951 |  |  | $ | 54,917 |
Money market instruments | 6,024 |  |  | 777 |
Cash and cash equivalents | 51,975 |  |  | 55,694 |
Treasury bills | 109,360 |  |  | — |
Asset-backed securities | 61,994 |  |  | 1,311 |
Corporate bonds | 54,376 |  |  | 30,889 |
Euro liquidity fund | 47,730 |  |  | 48,235 |
Sovereign bonds | 21,440 |  |  | — |
Agency bonds | 978 |  |  | 6,883 |
Municipal bonds | 590 |  |  | 1,237 |
Supranational bonds | — |  |  | 1,901 |
Short-term investments | 296,468 |  |  | 90,456 |
Corporate bonds | 176,575 |  |  | 216,294 |
Treasury bills | 44,437 |  |  | 90,412 |
Asset-backed securities | 24,582 |  |  | 62,556 |
Sovereign bonds | 13,503 |  |  | 13,461 |
Agency bonds | 8,180 |  |  | 9,566 |
Municipal bonds | 4,869 |  |  | 6,600 |
Limited partnership interest (accounted for using cost method) | 942 |  |  | 1,956 |
Long-term investments | 273,088 |  |  | 400,845 |
| $ | 621,531 |  |  | $ | 546,995 |
The Company’s cash balance included foreign bank balances totaling $39,279,000 and $43,732,000 as of December 31, 2015 and 2014, respectively. Treasury bills consist of debt securities issued by both the U.S. and foreign governments; asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement; 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; 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; municipal bonds consist of debt securities issued by state and local government entities; and supranational bonds consist of direct debt issued by two or more foreign central governments. 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 December 31, 2015 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Short-term: |  |  |  |  |  |  |
Treasury bills | $ | 109,462 |  |  | $ | 2 |  |  | $ | (104 | ) |  | $ | 109,360 |
Asset-backed securities | 62,101 |  |  | — |  |  | $ | (107 | ) |  | $ | 61,994 |
Corporate bonds | 54,420 |  |  | 22 |  |  | (66 | ) |  | 54,376 |
Euro liquidity fund | 47,667 |  |  | 63 |  |  | — |  |  | 47,730 |
Sovereign bonds | 21,466 |  |  | — |  |  | (26 | ) |  | 21,440 |
Agency bonds | 979 |  |  | — |  |  | (1 | ) |  | 978 |
Municipal bonds | 590 |  |  | — |  |  | — |  |  | 590 |
Long-term: |  |  |  |  |  |  |  |
Corporate bonds | 177,748 |  |  | 50 |  |  | (1,223 | ) |  | $ | 176,575 |
Treasury bills | 44,585 |  |  | — |  |  | (148 | ) |  | $ | 44,437 |
Asset-backed securities | 24,633 |  |  | 2 |  |  | (53 | ) |  | 24,582 |
Sovereign bonds | 13,574 |  |  | — |  |  | (71 | ) |  | 13,503 |
Agency bonds | 8,199 |  |  | — |  |  | (19 | ) |  | 8,180 |
Municipal bonds | 4,849 |  |  | 20 |  |  | — |  |  | 4,869 |
| $ | 570,273 |  |  | $ | 159 |  |  | $ | (1,818 | ) |  | $ | 568,614 |
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, 2015 (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 | $ | 162,714 |  |  | $ | (1,092 | ) | $ | 24,946 |  |  | $ | (197 | ) | $ | 187,660 |  |  | $ | (1,289 | )
Treasury bills | 127,203 |  |  | (252 | ) | — |  |  | — |  | 127,203 |  |  | (252 | )
Asset-backed securities | 77,165 |  |  | (154 | ) | 1,783 |  |  | (6 | ) | 78,948 |  |  | (160 | )
Sovereign bonds | 34,943 |  |  | (97 | ) | — |  |  | — |  | 34,943 |  |  | (97 | )
Agency bonds | 9,158 |  |  | (20 | ) | — |  |  | — |  | 9,158 |  |  | (20 | )
| $ | 411,183 |  |  | $ | (1,615 | ) | $ | 26,729 |  |  | $ | (203 | ) | $ | 437,912 |  |  | $ | (1,818 | )
As of December 31, 2015, 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 on the sale of debt securities totaling $549,000 in 2015, $843,000 in 2014, and $508,000 in 2013, and gross realized losses on the sale of debt securities totaling $205,000 in 2015, $170,000 in 2014, and $194,000 in 2013. 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, 2015 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 54,376 |  |  | $ | 87,025 |  |  | $ | 74,069 |  |  | $ | 13,280 |  |  | $ | 2,201 |  |  | $ | — |  |  | $ | 230,951 |
Treasury bills | 109,360 |  |  | 19,489 |  |  | 24,948 |  |  | — |  |  | — |  |  | — |  |  | 153,797 |
Asset-backed securities | 61,994 |  |  | 2,491 |  |  | 14,443 |  |  | 3,294 |  |  | 3,960 |  |  | 394 |  |  | 86,576 |
Euro liquidity fund | 47,730 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,730 |
Sovereign bonds | 21,440 |  |  | 11,026 |  |  | 2,477 |  |  | — |  |  | — |  |  | — |  |  | 34,943 |
Agency bonds | 978 |  |  | 4,894 |  |  | 3,286 |  |  | — |  |  | — |  |  | — |  |  | 9,158 |
Municipal bonds | 590 |  |  | 4,869 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,459 |
| $ | 296,468 |  |  | $ | 129,794 |  |  | $ | 119,223 |  |  | $ | 16,574 |  |  | $ | 6,161 |  |  | $ | 394 |  |  | $ | 568,614 |
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. During the fourth quarter of 2015, an amendment to the partnership agreement extended the commitment period by two years to December 31, 2017. The Company does not have the right to withdraw from the partnership prior to this date. As of December 31, 2015, 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 in 2015. The Company received a cash distribution of $1,014,000 in 2015, which was accounted for as a return of capital. As of December 31, 2015, the carrying value of this investment was $942,000 compared to an estimated fair value of $5,600,000.

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