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Investments in debt and equity securities
 12 Months Ended
Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]  
Investments in debt and equity securities

9.

Investments in debt and equity securities

The Company classifies certain debt securities as held-to-maturity and records them at amortized cost based on the Company’s intentions and strategies concerning those investments. Equity securities that have readily determinable fair values, and certain other financial instruments that have readily determinable fair values or redemption values, are classified as available for sale and recorded at estimated fair value.

The Company’s investments in securities and certain other financial instruments consist of the following:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

 

 

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

 

$

256,827

 

 

$

—

 

 

$

256,827

 

 

$

406,884

 

 

$

—

 

 

$

406,884

 

Investments in mutual funds and common stock

 

 

50,000

 

 

 

47,404

 

 

 

97,404

 

 

 

—

 

 

 

33,482

 

 

 

33,482

 

Cash surrender value of life insurance policies

 

 

—

 

 

 

59,646

 

 

 

59,646

 

 

 

—

 

 

 

56,840

 

 

 

56,840

 

 

 

$

306,827

 

 

$

107,050

 

 

$

413,877

 

 

$

406,884

 

 

$

90,322

 

 

$

497,206

 

Short-term investments

 

$

306,827

 

 

$

3,371

 

 

$

310,198

 

 

$

406,884

 

 

$

1,200

 

 

$

408,084

 

Long-term investments

 

 

—

 

 

 

103,679

 

 

 

103,679

 

 

 

—

 

 

 

89,122

 

 

 

89,122

 

 

 

$

306,827

 

 

$

107,050

 

 

$

413,877

 

 

$

406,884

 

 

$

90,322

 

 

$

497,206

 

 

The cost of certificates of deposit, commercial paper and money market funds at December 31, 2016 and 2015 approximate their fair value. As of December 31, 2016 and 2015, available for sale investments included $3,701 and $2,589, respectively, of gross pre-tax unrealized gains. During 2016 and 2015 the Company recorded gross pre-tax unrealized gains (losses) of $1,802 and $(1,974), respectively, in other comprehensive income associated with changes in the fair value of these investments. During 2016, the Company sold investments in mutual funds and common stock for net proceeds of $14,971, and recognized a pre-tax gain of $690, or $423 after tax, that was previously recorded in other comprehensive income. 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.

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

Investments in life insurance policies are carried at their cash surrender value, are held within trusts to fund existing obligations associated with certain of the Company’s non-qualified deferred compensation plans, and are principally classified as long-term to correspond with the long-term classification of the related plan liabilities. See Note 16 for further details.