3)	Investments

The fair value of investments classified as short-term consists of the following:


	March 31, 2016		December 31, 2015
Available-for-sale investments:
Time deposits and certificates of deposit	$	23,005	$	11,892
Bankers’ acceptance drafts		1,646		728
Asset-backed securities		74,057		124,997
Corporate obligations		90,856		165,109
Municipal bonds		4,611		8,355
U.S. treasury obligations		4,360		—
U.S. agency obligations		110,233		119,582

	$	308,768	$	430,663

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


As of March 31, 2016:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	23,005	$	—	$	—		$	23,005
Bankers’ acceptance drafts		1,646		—		—			1,646
Asset-backed securities		74,068		27		(38	)		74,057
Corporate obligations		90,944		52		(140	)		90,856
Municipal bonds		4,604		9		(2	)		4,611
U.S. treasury obligations		4,355		5		—			4,360
U.S. agency obligations		110,216		24		(7	)		110,233

	$	308,838	$	117	$	(187	)	$	308,768


As of December 31, 2015:	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Short-term investments:
Available-for-sale investments:
Time deposits and certificates of deposit	$	11,893	$	—	$	(1	)	$	11,892
Bankers acceptance drafts		728		—		—			728
Asset-backed securities		125,271		—		(274	)		124,997
Corporate obligations		165,445		5		(341	)		165,109
Municipal bonds		8,346		13		(4	)		8,355
U.S. agency obligations		119,699		3		(120	)		119,582

	$	431,382	$	21	$	(740	)	$	430,663

The tables above, which show the gross unrealized gains and (losses) aggregated by investment category for available-for-sale investments as of March 31, 2016 and December 31, 2015, reflect the inclusion within short-term investments of investments with contractual maturities greater than one year from the date of purchase.

Management has the ability, if necessary, to liquidate any of its investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term on the accompanying balance sheets.

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 months ended March 31, 2016 and 2015.