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INVESTMENTS | 12 Months Ended
--- | ---
Dec. 31, 2015
INVESTMENTS |
INVESTMENTS | 3.INVESTMENTS The following table summarizes the Company’s investments at:
December 31, 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 |  | $ | 3,978 |  | $ | - |  | $ | - |  | $ | 3,978 |  | $ | - |  | $ | - |
Municipal securities |  | 709,207 |  | 63 |  | 192 |  | 709,078 |  | 192 |  | - |
U.S. government agency securities |  | 23,369 |  | - |  | 58 |  | 23,311 |  | 58 |  | - |
U.S. Treasuries |  | 8,056 |  | - |  | 13 |  | 8,043 |  | 13 |  | - |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 11,071 |  | - |  | 8 |  | 11,063 |  | 8 |  | - |
U.S. government agency securities |  | 4,277 |  | - |  | 25 |  | 4,252 |  | 25 |  | - |
Total |  | $ | 759,958 |  | $ | 63 |  | $ | 296 |  | $ | 759,725 |  | $ | 296 |  | $ | - |
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 years ended December 31, 2015 and 2014, realized gains or losses recognized on the sale of investments were not significant. During the year ended December 31, 2013, the Company recognized $2.5 million of realized gains on the sale of available-for-sale investments. Realized gains or losses on the sale of all other investments during the year ended December 31, 2013 were not significant. The Company recognized a net gain through earnings on its trading securities as follows for the years ended:
|  | 2015 |  | 2014 |  | 2013 |
Gain (loss) on transfer from available-for-sale to trading |  | $ | - |  | $ | - |  | $ | - |
Gain on trading securities sold |  | 250 |  | 978 |  | 255 |
(Loss) gain on trading securities held |  | - |  | (177) |  | 816 |
Gain on trading securites |  | $ | 250 |  | $ | 801 |  | $ | 1,071 |
The Company’s investments at December 31, 2015 and 2014 in commercial paper, municipal securities, U.S. government agency securities, U.S. treasuries 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 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:
|  | December 31, 2015 |  | December 31, 2014 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Less than 1 year: |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 3,978 |  | $ | 3,978 |  | $ | 19,482 |  | $ | 19,480 |
Municipal securities |  | 709,207 |  | 709,078 |  | 744,542 |  | 744,647 |
U.S. government agency securities |  | 23,369 |  | 23,311 |  | 9,199 |  | 9,198 |
U.S. Treasuries |  | 8,056 |  | 8,043 |  | - |  | - |
Due 1 -10 years: |  |  |  |  |  |  |  |  |
Municipal securities |  | 11,071 |  | 11,063 |  | 42,940 |  | 42,950 |
U.S. government agency securities |  | 4,277 |  | 4,252 |  | - |  | - |
Due 11 - 20 years: |  |  |  |  |  |  |  |  |
Auction rate securities |  | - |  | - |  | 3,910 |  | 3,910 |
Due 21 - 30 years: |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | - |  | - |  | 4,001 |  | 4,001 |
Total |  | $ | 759,958 |  | $ | 759,725 |  | $ | 824,074 |  | $ | 824,186 |

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