v2.4.0.8
Investments in debt and equity securities
 12 Months Ended
Dec. 31, 2013
Investments in debt and equity securities
9. Investments in debt and equity securities

Based on the Company’s intentions and strategy concerning investments in debt securities, the Company classifies certain debt securities as held-to-maturity and records them at amortized cost. Equity securities that have readily determinable fair values including those of mutual funds and other debt securities are classified as available for sale and recorded at fair value.

The Company’s investments in securities consist of the following:

 

     December 31, 2013      December 31, 2012  
     Held to
maturity		      Available
for sale		      Total      Held to
maturity		      Available
for sale		      Total  

Certificates of deposit and money market funds due within one year

    $ 5,601       $ —        $ 5,601       $ 5,938       $ —        $ 5,938   

Investments in mutual funds

      —          19,421         19,421         —          15,185         15,185   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 5,601       $ 19,421       $ 25,022       $ 5,938       $ 15,185       $ 21,123   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Short-term investments

    $ 5,601       $ 1,200       $ 6,801       $ 5,938       $ 1,200       $ 7,138   

Long-term investments

      —          18,221         18,221         —          13,985         13,985   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 5,601       $ 19,421       $ 25,022       $ 5,938       $ 15,185       $ 21,123   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

The cost of certificates of deposit and money market funds at December 31, 2013 and 2012 approximate their fair value. As of December 31, 2013 and 2012, available for sale investments included $5,096 and $2,146, respectively, of gross pre-tax unrealized gains. During 2013 and 2012 the Company recorded gross pre-tax unrealized gains of $3,752 and $2,524, respectively, in other comprehensive income associated with changes in the fair value of these investments. During 2013, the Company sold investments in mutual funds for net proceeds of $4,158, and recognized a pre-tax gain of $802, or $490 after tax, that was previously recorded in other comprehensive income. During 2012, the Company sold investments in mutual funds for net proceeds of $7,211, and recognized a pre-tax gain of $123, or $75 after tax, that was previously recorded in other comprehensive income.

Investments in mutual funds classified as available for sale are held within a trust to fund existing obligations associated with several of the Company’s non-qualified deferred compensation plans.

Certain HCP entities are required to maintain minimum cash balances in order to comply with regulatory requirements in conjunction with medical claim reserves. As of December 31, 2013, this minimum cash balance was approximately $51,000.