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Investments in debt and equity securities
 12 Months Ended
Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]  
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, 2015

 

 

December 31, 2014

 

 

 

Held to

maturity

 

 

Available

for sale

 

 

Total

 

 

Held to

maturity

 

 

Available

for sale

 

 

Total

 

Certificates of deposit, commercial paper and money

   market funds due within one year

 

$

406,884

 

 

$

—

 

 

$

406,884

 

 

$

335,975

 

 

$

—

 

 

$

335,975

 

Investments in mutual funds and common stock

 

 

—

 

 

 

33,482

 

 

 

33,482

 

 

 

—

 

 

 

28,123

 

 

 

28,123

 

 

 

$

406,884

 

 

$

33,482

 

 

$

440,366

 

 

$

335,975

 

 

$

28,123

 

 

$

364,098

 

Short-term investments

 

$

406,884

 

 

$

1,200

 

 

$

408,084

 

 

$

335,975

 

 

$

1,424

 

 

$

337,399

 

Long-term investments

 

 

—

 

 

 

32,282

 

 

 

32,282

 

 

 

—

 

 

 

26,699

 

 

 

26,699

 

 

 

$

406,884

 

 

$

33,482

 

 

$

440,366

 

 

$

335,975

 

 

$

28,123

 

 

$

364,098

 

 

The cost of certificates of deposit, commercial paper and money market funds at December 31, 2015 and 2014 approximate their fair value. As of December 31, 2015 and 2014, available for sale investments included $2,589 and $5,181, respectively, of gross pre-tax unrealized gains. During 2015 and 2014 the Company recorded gross pre-tax unrealized (losses) and gains of $(1,974) and $425, respectively, in other comprehensive income associated with changes in the fair value of these investments. During 2015, the Company sold investments in mutual funds and common stock for net proceeds of $1,295, and recognized a pre-tax gain of $618, or $377 after tax, that was previously recorded in other comprehensive income. During 2014, the Company sold investments in mutual funds for net proceeds of $1,262, and recognized a pre-tax gain of $340, or $207 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.