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Investments | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments |
4) | Investments
Investments classified as short-term consists of the following:
|  | September 30, 2016 |  |  | December 31, 2015 |
Available-for-sale investments: |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  | $ | 1,395 |  |  | $ | 11,892 |
Bankers’ acceptance drafts |  |  | 2,487 |  |  |  | 728 |
Asset-backed securities |  |  | 18,326 |  |  |  | 124,997 |
Commercial paper |  |  | 2,793 |  |  |  | — |
Corporate obligations |  |  | 16,701 |  |  |  | 165,109 |
Municipal bonds |  |  | 593 |  |  |  | 8,355 |
U.S. treasury obligations |  |  | 1,152 |  |  |  | — |
U.S. agency obligations |  |  | 9,657 |  |  |  | 119,582 |
|  | $ | 53,104 |  |  | $ | 430,663 |
Investments classified as long-term consists of the following:
|  | September 30, 2016 |  |  | December 31, 2015 |
Available-for-sale investments: |  |  |  |  |  |  |  |
Group insurance contracts |  | $ | 5,956 |  |  | $ | — |
Cost method investments: |  |  |  |  |  |  |  |
Minority interest in Reno Sub-Systems, Inc. |  |  | 9,300 |  |  |  | — |
|  | $ | 15,256 |  |  | $ | — |
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, 2016: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and certificates of deposit |  | $ | 1,395 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,395 |
Bankers’ acceptance drafts |  |  | 2,487 |  |  |  | — |  |  |  | — |  |  |  | 2,487 |
Asset-backed securities |  |  | 18,317 |  |  |  | 13 |  |  |  | (4 | ) |  |  | 18,326 |
Commercial paper |  |  | 2,794 |  |  |  | — |  |  |  | (1 | ) |  |  | 2,793 |
Corporate obligations |  |  | 16,699 |  |  |  | 15 |  |  |  | (13 | ) |  |  | 16,701 |
Municipal bonds |  |  | 592 |  |  |  | 1 |  |  |  | — |  |  |  | 593 |
U.S. treasury obligations |  |  | 1,151 |  |  |  | 1 |  |  |  | — |  |  |  | 1,152 |
U.S. agency obligations |  |  | 9,653 |  |  |  | 4 |  |  |  | — |  |  |  | 9,657 |
|  | $ | 53,088 |  |  | $ | 34 |  |  | $ | (18 | ) |  | $ | 53,104 |
As of September 30, 2016: |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Group insurance contracts |  | $ | 5,988 |  |  | $ | — |  |  | $ | (32 | ) |  | $ | 5,956 |
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 September 30, 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 investments on the accompanying balance sheet. 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, 2016 and 2015.

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