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Investment Securities
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

Investment securities consisted of the following (in thousands):
 
 
March 31, 2014
 
December 31, 2013
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair value
(net
carrying
amount)
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair value
(net
carrying
amount)
Domestic and foreign corporate bonds
$
214,802

 
$
164

 
$
(76
)
 
$
214,890

 
$
221,418

 
$
140

 
$
(124
)
 
$
221,434

Commercial paper
39,930

 
13

 
(10
)
 
39,933

 
32,941

 
16

 
(3
)
 
32,954

 
$
254,732


$
177


$
(86
)

$
254,823

 
$
254,359

 
$
156

 
$
(127
)
 
$
254,388



For investments with unrealized losses as of March 31, 2014 and December 31, 2013, the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not likely that the Company will be required to sell these investments prior to the recovery of the amortized cost. Accordingly, the Company has determined that no other-than-temporary impairments exist at the reporting dates.

The Company obtains pricing information in determining the fair value of its available-for-sale securities from independent pricing vendors. Based on management’s inquiries, the pricing vendors use various pricing models consistent with what other market participants would use. The assumptions and inputs used by the pricing vendors are derived from market observable sources including: reported trades, broker/dealer quotes, issuer spreads, benchmark curves, bids, offers and other market-related data. The Company has not made adjustments to such prices. Each quarter, the Company validates the fair value pricing methodology to determine the fair value is consistent with applicable accounting guidance and to confirm that the securities are classified properly in the fair value hierarchy. The Company compares the pricing received from its vendors to independent sources for the same or similar securities.

The fair value of these investment securities at March 31, 2014, by contractual maturity, are as follows (in thousands):

 
Fair value
Due in one year or less
$
218,876

Due after one year through two years
35,947

 
$
254,823