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INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2016
INVESTMENTS |
INVESTMENTS | 4.INVESTMENTS The following table summarizes the Company’s investments at:
March 31, 2016 |  | 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 |  | $ | 7,969 |  | $ | - |  | $ | - |  | $ | 7,969 |  | $ | - |  | $ | -
Municipal securities |  | 464,865 |  | 22 |  | 148 |  | 464,739 |  | 148 |  | -
U.S. government agency securities |  | 17,316 |  | 1 |  | 7 |  | 17,310 |  | 7 |  | -
U.S. Treasuries |  | 18,093 |  | 1 |  | - |  | 18,094 |  | - |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 7,419 |  | - |  | 8 |  | 7,411 |  | 8 |  | -
Total |  | $ | 515,662 |  | $ | 24 |  | $ | 163 |  | $ | 515,523 |  | $ | 163 |  | $ | -
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 |  | $ | -
During the three-months ended March 31, 2016 and 2015, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at March 31, 2016 and December 31, 2015 in commercial paper, U.S. Treasuries, municipal securities and U.S. government agency securities carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | March 31, 2016 |  | December 31, 2015
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Less than 1 year: |  |  |  |  |  |  |  |
Commercial paper |  | $ | 7,969 |  | $ | 7,969 |  | $ | 3,978 |  | $ | 3,978
Municipal securities |  | 464,865 |  | 464,739 |  | 709,207 |  | 709,078
U.S. government agency securities |  | 17,316 |  | 17,310 |  | 23,369 |  | 23,311
U.S. Treasuries |  | 18,093 |  | 18,094 |  | 8,056 |  | 8,043
Due 1 -10 years: |  |  |  |  |  |  |  |
Municipal securities |  | 5,334 |  | 5,328 |  | 11,071 |  | 11,063
U.S. government agency securities |  | - |  | - |  | 4,277 |  | 4,252
Due 11 - 20 years: |  |  |  |  |  |  |  |
Municipal securities |  | 2,085 |  | 2,083 |  | - |  | -
Total |  | $ | 515,662 |  | $ | 515,523 |  | $ | 759,958 |  | $ | 759,725

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