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.