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INVESTMENTS | 9 Months Ended
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Sep. 30, 2016
INVESTMENTS |
INVESTMENTS | 4. INVESTMENTS The following table summarizes the Company’s investments at:
September 30, 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 |  | $ | 28,318 |  | $ | - |  | $ | - |  | $ | 28,318 |  | $ | - |  | $ | -
Municipal securities |  | 181,843 |  | - |  | 222 |  | 181,621 |  | 222 |  | -
U.S. government agency securities |  | 26,080 |  | 1 |  | 3 |  | 26,078 |  | 3 |  | -
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | 9,519 |  | - |  | 19 |  | 9,500 |  | 19 |  | -
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 21,412 |  | - |  | - |  | 21,412 |  | - |  | -
Total |  | $ | 267,172 |  | $ | 1 |  | $ | 244 |  | $ | 266,929 |  | $ | 244 |  | $ | -
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- and nine-months ended September 30, 2016 and 2015, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at September 30, 2016 and December 31, 2015 in commercial paper, municipal securities, U.S. government agency securities, variable rate demand notes (“VRDNs”) and/or U.S. Treasuries 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. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | September 30, 2016 |  | December 31, 2015 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
Less than 1 year: |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 28,318 |  | $ | 28,318 |  | $ | 3,978 |  | $ | 3,978 |
Municipal securities |  | 181,843 |  | 181,621 |  | 709,207 |  | 709,078 |
U.S. government agency securities |  | 26,080 |  | 26,078 |  | 23,369 |  | 23,311 |
U.S. Treasuries |  | - |  | - |  | 8,056 |  | 8,043 |
Due 1 -10 years: |  |  |  |  |  |  |  |  |
Municipal securities |  | 9,519 |  | 9,500 |  | 11,071 |  | 11,063 |
U.S. government agency securities |  | - |  | - |  | 4,277 |  | 4,252 |
Variable rate demand notes |  | 6,003 |  | 6,003 |  | - |  | - |
Due 11 - 20 years: |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 8,005 |  | 8,005 |  | - |  | - |
Due 21 - 30 years: |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 4,002 |  | 4,002 |  | - |  | - |
Due 31 - 40 years: |  |  |  |  |  |  |  |  |
Variable rate demand notes |  | 3,402 |  | 3,402 |  | - |  | - |
Total |  | $ | 267,172 |  | $ | 266,929 |  | $ | 759,958 |  | $ | 759,725 |

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