3)	Investments

The fair value of short-term investments with maturities or estimated lives of less than one year consists of the following:


	September 30, 2013		December 31, 2012
Available-for-sale investments:
Bankers’ acceptance drafts	$	330	$	242
Time deposits		77,577		52
Commercial paper and corporate obligations		81,308		—
U.S. treasury obligations		—		13,054
U.S. agency obligations		205,702		313,514

		364,917		326,862
Trading investments:
Mutual funds		959		791

	$	365,876	$	327,653

The fair value of long-term investments with maturities of more than one year consists of the following:


	September 30, 2013		December 31, 2012
Available-for-sale investments:
Time deposits	$	56	$	—
U.S. agency obligations		5,127		12,158

	$	5,183	$	12,158

The following tables show the gross unrealized gains and (losses) aggregated by investment category for short-term and long-term available-for-sale investments:


As of September 30, 2013:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Short-term investments:
Bankers’ acceptance drafts	$	330	$	—	$	—		$	330
Time deposits		77,575		5		(3	)		77,577
Commercial paper and corporate obligations		81,300		10		(2	)		81,308
U.S. agency obligations		205,639		63		—			205,702

	$	364,844	$	78	$	(5	)	$	364,917

Long-term investments:
Time deposits	$	56	$	—	$	—		$	56
U.S. agency obligations		5,122		5		—			5,127

U.S. agency obligations	$	5,178	$	5	$	—		$	5,183


As of December 31, 2012:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Short-term investments:
Time deposits	$	52	$	—	$	—		$	52
Bankers’ acceptance drafts		242		—		—			242
U.S. treasury obligations		13,045		9		—			13,054
U.S. agency obligations		313,262		258		(6	)		313,514

	$	326,601	$	267	$	(6	)	$	326,862

Long-term investments:
U.S. agency obligations	$	12,156	$	2	$	—		$	12,158

Interest income is accrued as earned. Dividend income is recognized as income on the date the stock trades “ex-dividend.” The cost of marketable securities sold is determined by the specific identification method. Realized gains or (losses) are reflected in income and were not material for the three and nine months ended September 30, 2013 and 2012, respectively.

The gains and (losses) for trading investments were immaterial for the three and nine months ended September 30, 2013 and 2012.