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INVESTMENTS | 9 Months Ended
--- | ---
Sep. 30, 2015
INVESTMENTS |
INVESTMENTS | 4.INVESTMENTS The following table summarizes the Company’s investments at:
September 30, 2015 |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value |  | Continuous Unrealized Loss Position less than 12 Months |  | Continuous Unrealized Loss Position greater than 12 Months
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 306,858 |  | $ | - |  | $ | - |  | $ | 306,858 |  | $ | - |  | $ | -
U.S. Treasuries |  | 92,994 |  | 5 |  | - |  | 92,999 |  | - |  | -
Certificates of deposit |  | 44,506 |  | - |  | - |  | 44,506 |  | - |  | -
Municipal securities |  | 611,370 |  | 319 |  | 10 |  | 611,679 |  | 10 |  | -
U.S. government agency securities |  | 487,495 |  | 23 |  | 4 |  | 487,514 |  | 4 |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 29,333 |  | 16 |  | 4 |  | 29,345 |  | 4 |  | -
U.S. government agency securities |  | 5,022 |  | - |  | 3 |  | 5,019 |  | 3 |  | -
Total |  | $ | 1,577,578 |  | $ | 363 |  | $ | 21 |  | 1,577,920 |  | $ | 21 |  | $ | -
Trading |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | 1,487 |  |  |  |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | - |  |  |  |
Total |  |  |  |  |  |  |  | $ | 1,579,407 |  |  |  |
December 31, 2014 |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value |  | Continuous Unrealized Loss Position less than 12 Months |  | Continuous Unrealized Loss Position greater than 12 Months
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 19,482 |  | $ | - |  | $ | 2 |  | $ | 19,480 |  | $ | - |  | $ | -
Municipal securities |  | 744,542 |  | 105 |  | - |  | 744,647 |  | - |  | -
U.S. government agency securities |  | 9,199 |  | - |  | 1 |  | 9,198 |  | - |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 42,940 |  | 10 |  | - |  | 42,950 |  | - |  | -
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 4,001 |  | - |  | - |  | 4,001 |  | - |  | -
Total |  | $ | 820,164 |  | $ | 115 |  | $ | 3 |  | 820,276 |  | $ | - |  | $ | -
Trading |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | 3,910 |  |  |  |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Auction rate securities |  |  |  |  |  |  |  | - |  |  |  |
Total |  |  |  |  |  |  |  | $ | 824,186 |  |  |  |
During the three- and nine-months ended September 30, 2015 and September 30, 2014, realized gains or losses recognized on the sale of investments were not significant. During the three- and nine-months ended September 30, 2015 and September 30, 2014, the net gains recognized on the Company’s trading securities were not significant. The Company’s investments at September 30, 2015 and December 31, 2014 in commercial paper, U.S. Treasuries, certificates of deposit, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally on a seven day, settlement basis. All of the Company’s investments at September 30, 2015 and December 31, 2014 in municipal, educational or other public body securities with an auction reset feature (“auction rate securities”) also carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | September 30, 2015 |  | December 31, 2014
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: |  |  |  |  |  |  |  |
Commercial paper |  | $ | 306,858 |  | $ | 306,858 |  | $ | 19,482 |  | $ | 19,480
U.S. Treasuries |  | 92,994 |  | 92,999 |  | - |  | -
Certificates of deposit |  | 44,506 |  | 44,506 |  | - |  | -
Municipal securities |  | 611,370 |  | 611,679 |  | 744,542 |  | 744,647
U.S. government agency securities |  | 487,495 |  | 487,514 |  | 9,199 |  | 9,198
Due 1 - 10 years: |  |  |  |  |  |  |  |
Municipal securities |  | 29,333 |  | 29,345 |  | 42,940 |  | 42,950
U.S. government agency securities |  | 5,022 |  | 5,019 |  | - |  | -
Due 11 - 20 years: |  |  |  |  |  |  |  |
Auction rate securities |  | 1,487 |  | 1,487 |  | 3,910 |  | 3,910
Due 21 - 30 years: |  |  |  |  |  |  |  |
Variable rate demand notes |  | - |  | - |  | 4,001 |  | 4,001
Total |  | $ | 1,579,065 |  | $ | 1,579,407 |  | $ | 824,074 |  | $ | 824,186

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