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Investments | 9 Months Ended
--- | ---
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Investments |
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, 2014 |  |  | December 31, 2013 |
Available-for-sale investments: |  |  |  |  |  |  |  |
Bankers’ acceptance drafts |  | $ | 765 |  |  | $ | 491 |
Time deposits and certificates of deposit |  |  | 40,672 |  |  |  | 64,989 |
Commercial paper |  |  | 9,691 |  |  |  | 53,434 |
Corporate obligations |  |  | 14,890 |  |  |  | 18,351 |
Municipal bonds |  |  | 2,099 |  |  |  | — |
U.S. agency obligations |  |  | 71,925 |  |  |  | 162,450 |
|  | $ | 140,042 |  |  | $ | 299,715 |
Trading investments: |  |  |  |  |  |  |  |
Mutual funds |  |  | — |  |  |  | 1,000 |
|  | $ | 140,042 |  |  | $ | 300,715 |
The fair value of long-term investments with maturities of more than one year consists of the following:
|  | September 30, 2014 |  |  | December 31, 2013 |
Available-for-sale investments: |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  | $ | 50 |  |  | $ | 54 |
Asset-backed securities |  |  | 63,986 |  |  |  | — |
Corporate obligations |  |  | 61,446 |  |  |  | — |
Municipal bonds |  |  | 1,257 |  |  |  | — |
U.S. agency obligations |  |  | 8,010 |  |  |  | 60,351 |
|  | $ | 134,749 |  |  | $ | 60,405 |
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, 2014: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bankers’ acceptance drafts |  | $ | 765 |  |  | $ | — |  |  | $ | — |  |  | $ | 765 |
Time deposits and certificates of deposit |  |  | 40,672 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 40,672 |
Commercial paper |  |  | 9,692 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 9,691 |
Corporate obligations |  |  | 14,889 |  |  |  | 1 |  |  |  | — |  |  |  | 14,890 |
Municipal bonds |  |  | 2,100 |  |  |  | — |  |  |  | (1 | ) |  |  | 2,099 |
U.S. agency obligations |  |  | 71,879 |  |  |  | 46 |  |  |  | — |  |  |  | 71,925 |
|  | $ | 139,997 |  |  | $ | 50 |  |  | $ | (5 | ) |  | $ | 140,042 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
Asset-backed securities |  |  | 64,039 |  |  |  | 12 |  |  |  | (65 | ) |  |  | 63,986 |
Corporate obligations |  |  | 61,496 |  |  |  | 13 |  |  |  | (63 | ) |  |  | 61,446 |
Municipal bonds |  |  | 1,260 |  |  |  | — |  |  |  | (3 | ) |  |  | 1,257 |
U.S. agency obligations |  |  | 8,011 |  |  |  | — |  |  |  | (1 | ) |  |  | 8,010 |
|  | $ | 134,856 |  |  | $ | 25 |  |  | $ | (132 | ) |  | $ | 134,749 |
As of December 31, 2013: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bankers’ acceptance drafts |  | $ | 491 |  |  | $ | — |  |  | $ | — |  |  | $ | 491 |
Time deposits and certificates of deposit |  |  | 64,983 |  |  |  | 10 |  |  |  | (4 | ) |  |  | 64,989 |
Commercial paper |  |  | 53,429 |  |  |  | 5 |  |  |  | — |  |  |  | 53,434 |
Corporate obligations |  |  | 18,360 |  |  |  | — |  |  |  | (9 | ) |  |  | 18,351 |
U.S. agency obligations |  |  | 162,430 |  |  |  | 22 |  |  |  | (2 | ) |  |  | 162,450 |
|  | $ | 299,693 |  |  | $ | 37 |  |  | $ | (15 | ) |  | $ | 299,715 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  | $ | 54 |  |  | $ | — |  |  | $ | — |  |  | $ | 54 |
U.S. agency obligations |  |  | 60,374 |  |  |  | 9 |  |  |  | (32 | ) |  |  | 60,351 |
|  | $ | 60,428 |  |  | $ | 9 |  |  | $ | (32 | ) |  | $ | 60,405 |
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 immaterial for the three and nine months ended September 30, 2014 and 2013, respectively. The gains and losses for trading investments were immaterial for the three and nine months ended September 30, 2014 and 2013, respectively. In accordance with the Company’s investment policy, no security shall have a maturity or average life longer than three years. The average duration of the portfolio shall be no more than one year. Corporate securities must have ratings of A3/A- or better. Asset-backed securities must be rated AAA. Short-term ratings of A-2/P2/F2 or higher are also permitted. With respect to compliance with these investment guidelines the rating agencies include Moody’s Investor Service, Standard & Poor’s and Fitch Investor Service. The middle of Moody’s, Standard & Poor’s and Fitch rating shall be used to determine compliance with credit quality guidelines. If a security is rated by two rating agencies, the lower rating will apply. If only one rating exists, that rating shall be used.

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