v3.8.0.1

Investments | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss, which is a separate component of shareholders’ equity in our Condensed Consolidated Balance Sheets. These unrealized gains and losses are also reflected in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Shareholders’ Equity. We determine cost, gains, and losses using the specific identification method. Investments consisted of the following as of September 30, 2017:
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 5,278 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,278 |
Commercial paper |  | 9,423 |  |  | — |  |  | (10 | ) |  | 9,413 |
U.S. Government agencies |  | 13,505 |  |  | — |  |  | (14 | ) |  | 13,491 |
Corporate bonds and notes |  | 188,515 |  |  | 3 |  |  | (283 | ) |  | 188,235 |
Subtotal |  | 216,721 |  |  | 3 |  |  | (307 | ) |  | 216,417 |
Deferred compensation plan assets included in other assets |  | 2,630 |  |  | — |  |  | — |  |  | 2,630 |
Total |  | $ | 219,351 |  |  | $ | 3 |  |  | $ | (307 | ) |  | $ | 219,047 |
Investments consisted of the following as of December 31, 2016:
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (Thousands of dollars)
Investments: |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 18,118 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,118 |
Commercial paper |  | 27,906 |  |  | — |  |  | (39 | ) |  | 27,867 |
U.S. government agencies |  | 13,295 |  |  | — |  |  | (32 | ) |  | 13,263 |
Corporate bonds and notes |  | 244,202 |  |  | 2 |  |  | (622 | ) |  | 243,582 |
Subtotal |  | 303,521 |  |  | 2 |  |  | (693 | ) |  | 302,830 |
Deferred compensation plan assets included in other assets |  | 2,394 |  |  | — |  |  | — |  |  | 2,394 |
Total |  | $ | 305,915 |  |  | $ | 2 |  |  | $ | (693 | ) |  | $ | 305,224 |
At September 30, 2017 and December 31, 2016, we classified $12.4 million and $13.0 million respectively, of our aggregate investments as long-term investments and recorded them in our Condensed Consolidated Balance Sheets as Restricted cash and investments, as they are securing outstanding letters of credit with maturities beyond one year and a bond relating to foreign operations. The following table presents the cost and fair value of our debt investments based on maturities as of:
|  | September 30, 2017 |  | December 31, 2016
|  | Amortized Costs |  | Fair Value |  | Amortized Costs |  | Fair Value
|  | (Thousands of dollars)
Due in one year or less |  | $ | 133,633 |  |  | $ | 133,481 |  |  | $ | 184,587 |  |  | $ | 184,334 |
Due within two years |  | 77,810 |  |  | 77,658 |  |  | 100,816 |  |  | 100,378 |
Total |  | $ | 211,443 |  |  | $ | 211,139 |  |  | $ | 285,403 |  |  | $ | 284,712 |
The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of:
|  | September 30, 2017 |  | December 31, 2016
|  | Average Coupon Rate (%) |  | Average Days To Maturity |  | Average Coupon Rate (%) |  | Average Days To Maturity
Commercial paper |  | 1.236 |  |  | 228 |  | 1.001 |  |  | 184
U.S. Government agencies |  | 1.213 |  |  | 325 |  | 0.970 |  |  | 400
Corporate bonds and notes |  | 1.715 |  |  | 295 |  | 1.745 |  |  | 318
The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of:
|  | September 30, 2017 |  | December 31, 2016
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (Thousands of dollars)
Commercial paper |  | $ | 9,413 |  |  | $ | (10 | ) |  | $ | 27,867 |  |  | $ | (39 | )
U.S. Government agencies |  | 9,495 |  |  | (10 | ) |  | 13,263 |  |  | (32 | )
Corporate bonds and notes |  | 102,767 |  |  | (173 | ) |  | 210,836 |  |  | (602 | )
Total |  | $ | 121,675 |  |  | $ | (193 | ) |  | $ | 251,966 |  |  | $ | (673 | )
The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for more than twelve months as of:
|  | September 30, 2017 |  | December 31, 2016
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (Thousands of dollars)
U.S. Government agencies |  | $ | 3,996 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |
Corporate bonds and notes |  | 77,187 |  |  | (110 | ) |  | 24,196 |  |  | (20 | )
Total |  | $ | 81,183 |  |  | $ | (114 | ) |  | $ | 24,196 |  |  | $ | (20 | )
From time to time over the periods covered in our financial statements included herein (and as illustrated in the foregoing tables), our investments have experienced net unrealized losses. We consider these declines in market value to be due to customary market fluctuations, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at September 30, 2017 or December 31, 2016. We have also determined that we did not have any other than temporary impairments relating to credit losses on debt securities for the quarter ended September 30, 2017. For additional information regarding our criteria for making these assessments, see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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