Short-term Investments

9 Months Ended

Sep. 30, 2017

Short Term Investments [Abstract]

Short-term Investments

(4) Short-term Investments

The Company periodically invests a portion of its excess cash in short-term investment instruments.  Substantially all of the Company’s short-term investments are in U.S. Treasury securities and certificates of deposit, and the Company has the ability and intent to hold these investments to maturity.  The stated maturity dates of these investments are between three months and one year from the purchase date.  These held-to-maturity investments are recorded at amortized cost and included within “Short-term investments” on the accompanying Consolidated Balance Sheets.  The fair value of held-to-maturity investments in U.S. Treasury securities and certificates of deposit is determined based on quoted market prices in active markets for identical securities (Level 1 inputs).

The amortized cost, carrying value, and fair value of held-to-maturity investments at September 30, 2017 were $259.2 million, $259.2 million, and $259.2 million, respectively.  The amortized cost, carrying value, and fair value of held-to-maturity investments at December 31, 2016 were $187.3 million, $187.3 million, and $187.3 million, respectively.  The gross unrecognized holding gains and losses were not material for each of the three and nine months ended September 30, 2017 and 2016.  No other-than-temporary impairments related to these investments have been recognized as of September 30, 2017 and December 31, 2016.  As of September 30, 2017 and December 31, 2016, the Company’s available-for-sale investments were not material.