4. INVESTMENTS

Investments consisted of the following:


			Gross Unrealized
					Losses
	Amortized				Less than		Greater than		Estimated
	Cost		Gains		One Year		One Year		Fair Value
	(In thousands)
September 30, 2015
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	306,522	$	433	$	(6)	$	—	$	306,949
Corporate debt securities		211,428		95		(62)		—		211,461
International government agency debt securities		31,005		12		(7)		—		31,010
Total short-term investments		548,955		540		(75)		—		549,420
Long-term investments:
Available-for-sale securities:
Corporate debt securities		29,279		—		(151)		—		29,128
U.S. government and agency debt securities		12,998		—		(6)		—		12,992
		42,277		—		(157)		—		42,120
Held-to-maturity securities:
Certificates of deposit		1,619		—		—		—		1,619
Total long-term investments		43,896		—		(157)		—		43,739
Total investments	$	592,851	$	540	$	(232)	$	—	$	593,159
December 31, 2014
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	226,387	$	88	$	(15)	$	—	$	226,460
Corporate debt securities		140,900		26		(66)		—		140,860
International government agency debt securities		39,774		13		(5)		—		39,782
Total short-term investments		407,061		127		(86)		—		407,102
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		100,429		—		(196)		(40)		100,193
Corporate debt securities		61,187		—		(84)		—		61,103
International government agency debt securities		7,568		—		(2)		(1)		7,565
		169,184		—		(282)		(41)		168,861
Held-to-maturity securities:
Certificates of deposit		1,619		—		—		—		1,619
Total long-term investments		170,803		—		(282)		(41)		170,480
Total investments	$	577,864	$	127	$	(368)	$	(41)	$	577,582

The proceeds from the sales and maturities of marketable securities, which were primarily reinvested and resulted in realized gains and losses, were as follows:


	Nine Months Ended
	September 30,
(In thousands)	2015		2014
Proceeds from the sales and maturities of marketable securities	$	335,169	$	246,540
Realized gains	$	109	$	15,352
Realized losses	$	3	$	10

The Company’s available-for-sale and held-to-maturity securities at September 30, 2015 had contractual maturities in the following periods:


	Available-for-sale				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	356,179	$	356,259	$	1,619	$	1,619
After 1 year through 5 years		235,053		235,281		—		—
Total	$	591,232	$	591,540	$	1,619	$	1,619

At September 30, 2015, the Company believed that the unrealized losses on its available-for-sale investments were temporary. The investments with unrealized losses consisted primarily of U.S. government and agency debt securities and corporate debt securities. In making the determination that the decline in fair value of these securities was temporary, the Company considered various factors, including, but not limited to: the length of time each security was in an unrealized loss position; the extent to which fair value was less than cost; financial condition and near-term prospects of the issuers; and the Company’s intent not to sell these securities and the assessment that it is more likely than not that the Company would not be required to sell these securities before the recovery of their amortized cost basis.

In May 2014, the Company entered into an agreement whereby it is committed to provide up to €7.4 million to a partnership, Fountain Healthcare Partners II, L.P. of Ireland (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in healthcare, pharmaceutical and life sciences sectors. The Company’s commitment represents approximately 7% of the partnership’s total funding, and the Company is accounting for its investment in Fountain under the equity method. At September 30, 2015, the Company had made payments of, and its investment is equal to, $1.6 million (€1.3 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2015, the Company recorded a reduction in its investment in Fountain of less than $0.1 million and $0.1 million, respectively, which represented the Company’s proportional share of Fountain’s net losses for these periods.