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INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2019
INVESTMENTS |
INVESTMENTS | 5.INVESTMENTS The following table summarizes the Company’s investments at:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Continuous |  | Continuous
|  |  |  |  | Gross |  | Gross |  |  |  |  | Unrealized |  | Unrealized
|  |  |  |  | Unrealized |  | Unrealized |  |  |  |  | Loss Position |  | Loss Position
|  | Amortized |  | Holding |  | Holding |  | Fair |  | less than 12 |  | greater than 12
March 31, 2019 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 38,964 |  | $ | — |  | $ | — |  | $ | 38,964 |  | $ | — |  | $ | —
Certificates of deposit |  |  | 5,024 |  |  | — |  |  | — |  |  | 5,024 |  |  | — |  |  | —
Municipal securities |  |  | 103,664 |  |  | 30 |  |  | 4 |  |  | 103,690 |  |  | 4 |  |  | —
U.S. government agency securities |  |  | 19,940 |  |  | 7 |  |  | 2 |  |  | 19,945 |  |  | 2 |  |  | —
U.S. treasuries |  |  | 89,267 |  |  | 13 |  |  | 12 |  |  | 89,268 |  |  | 12 |  |  | —
Variable rate demand notes |  |  | 6,806 |  |  | — |  |  | — |  |  | 6,806 |  |  | — |  |  | —
Total |  | $ | 263,665 |  | $ | 50 |  | $ | 18 |  | $ | 263,697 |  | $ | 18 |  | $ | —
|  |  |  |  |  |  |  |  |  |  |  |  |  | Continuous |  | Continuous
|  |  |  |  | Gross |  | Gross |  |  |  |  | Unrealized |  | Unrealized
|  |  |  |  | Unrealized |  | Unrealized |  |  |  |  | Loss Position |  | Loss Position
|  | Amortized |  | Holding |  | Holding |  | Fair |  | less than 12 |  | greater than 12
December 31, 2018 |  | Cost |  | Gains |  | Losses |  | Value |  | Months |  | Months
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 52,838 |  | $ | — |  | $ | — |  | $ | 52,838 |  | $ | — |  | $ | —
Certificates of deposit |  |  | 14,075 |  |  | — |  |  | — |  |  | 14,075 |  |  | — |  |  | —
Municipal securities |  |  | 151,690 |  |  | 16 |  |  | 62 |  |  | 151,644 |  |  | 62 |  |  | —
U.S. government agency securities |  |  | 19,943 |  |  | — |  |  | 12 |  |  | 19,931 |  |  | 12 |  |  | —
U.S. treasuries |  |  | 78,189 |  |  | — |  |  | 32 |  |  | 78,157 |  |  | 32 |  |  | —
Variable rate demand notes |  |  | 4,005 |  |  | — |  |  | — |  |  | 4,005 |  |  | — |  |  | —
Total |  | $ | 320,740 |  | $ | 16 |  | $ | 106 |  | $ | 320,650 |  | $ | 106 |  | $ | —
During the three-months ended March 31, 2019 and 2018, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at March 31, 2019 and December 31, 2018 in commercial paper, certificates of deposit, 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. The following table summarizes the underlying contractual maturities of the Company’s investments at:
|  | March 31, 2019 |  | December 31, 2018
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  |  | Fair Value
Less than 1 year: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 38,964 |  | $ | 38,964 |  | $ | 52,838 |  | $ | 52,838
Municipal securities |  |  | 103,664 |  |  | 103,690 |  |  | 151,690 |  |  | 151,644
U.S. government agency securities |  |  | 19,940 |  |  | 19,945 |  |  | 19,943 |  |  | 19,931
Certificates of deposit |  |  | 5,024 |  |  | 5,024 |  |  | 14,075 |  |  | 14,075
U.S. treasuries |  |  | 89,267 |  |  | 89,268 |  |  | 78,189 |  |  | 78,157
Due 21 - 30 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  |  | 5,805 |  |  | 5,805 |  |  | 4,005 |  |  | 4,005
Due 31 - 40 years: |  |  |  |  |  |  |  |  |  |  |  |
Variable rate demand notes |  |  | 1,001 |  |  | 1,001 |  |  | — |  |  | —
Total |  | $ | 263,665 |  | $ | 263,697 |  | $ | 320,740 |  | $ | 320,650

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