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Short-term Investments
 9 Months Ended
Sep. 30, 2014
Investments [Abstract]  
Short-term Investments
Short-term Investments

Our short-term investments were as follows:
 
September 30, 2014
 
December 31, 2013
Available-for-sale investment securities:
 
 
 
U.S. Treasury and agency debt securities
$
678,793

 
$
506,285

Corporate and other debt securities
400,634

 
301,841

Certificates of deposit and commercial paper
68,971

 
99,959

Asset-backed securities
228,019

 
160,267

Municipal debt securities
114,514

 
115,196

Mutual funds
21,741

 
21,136

Total available-for-sale investment securities
1,512,672

 
1,204,684

Time deposits
488,188

 
329,783

Total short-term investments
$
2,000,860

 
$
1,534,467


Our available-for-sale investment securities consist of U.S. dollar denominated investments primarily in U.S. Treasury notes, U.S. government agency debt securities, municipal debt securities, non-U.S. government debt securities, U.S. and international corporate bonds, certificates of deposit, commercial paper, debt securities issued by supranational institutions, mutual funds invested in fixed income securities, and asset-backed securities, including Government National Mortgage Association (GNMA) mortgage backed securities and securities backed by auto loans, credit card receivables, and other receivables. Our investment guidelines are to purchase securities which are investment grade at the time of acquisition. We monitor the credit ratings of the securities in our portfolio on an ongoing basis. The carrying value of the time deposits approximated fair value as of September 30, 2014 and December 31, 2013.
Available-for-Sale Investment Securities
The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at September 30, 2014 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury and agency debt securities
$
678,771

 
$
509

 
$
(487
)
 
$
678,793

Corporate and other debt securities
400,683

 
605

 
(654
)
 
400,634

Certificates of deposit and commercial paper
68,915

 
56

 
—

 
68,971

Asset-backed securities
228,298

 
109

 
(388
)
 
228,019

Municipal debt securities
114,018

 
508

 
(12
)
 
114,514

Mutual funds
23,590

 
297

 
(2,146
)
 
21,741

Total available-for-sale investment securities
$
1,514,275

 
$
2,084

 
$
(3,687
)
 
$
1,512,672

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2013 were as follows:
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury and agency debt securities
$
506,094

 
$
544

 
$
(353
)
 
$
506,285

Corporate and other debt securities
300,994

 
1,090

 
(243
)
 
301,841

Certificates of deposit and commercial paper
99,897

 
62

 
—

 
99,959

Asset-backed securities
160,559

 
99

 
(391
)
 
160,267

Municipal debt securities
114,888

 
348

 
(40
)
 
115,196

Mutual funds
22,705

 
280

 
(1,849
)
 
21,136

Total available-for-sale investment securities
$
1,205,137

 
$
2,423

 
$
(2,876
)
 
$
1,204,684


The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of September 30, 2014:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury and agency debt securities
$
267,403

 
$
(487
)
 
$
—

 
$
—

 
$
267,403

 
$
(487
)
Corporate and other debt securities
237,753

 
(654
)
 
—

 
—

 
237,753

 
(654
)
Asset-backed securities
140,490

 
(256
)
 
11,320

 
(132
)
 
151,810

 
(388
)
Municipal debt securities
14,319

 
(12
)
 
—

 
—

 
14,319

 
(12
)
Mutual funds
—

 
—

 
20,607

 
(2,146
)
 
20,607

 
(2,146
)
Total
$
659,965

 
$
(1,409
)
 
$
31,927

 
$
(2,278
)
 
$
691,892

 
$
(3,687
)

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2013:
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury and agency debt securities
$
221,548

 
$
(353
)
 
$
—

 
$
—

 
$
221,548

 
$
(353
)
Corporate and other debt securities
106,485

 
(243
)
 
—

 
—

 
106,485

 
(243
)
Asset-backed securities
84,051

 
(333
)
 
5,048

 
(58
)
 
89,099

 
(391
)
Municipal debt securities
10,702

 
(34
)
 
1,019

 
(6
)
 
11,721

 
(40
)
Mutual funds
—

 
—

 
20,183

 
(1,849
)
 
20,183

 
(1,849
)
Total
$
422,786

 
$
(963
)
 
$
26,250

 
$
(1,913
)
 
$
449,036

 
$
(2,876
)

The unrealized losses for the above securities as of September 30, 2014 and December 31, 2013 are primarily attributable to changes in interest rates. As of September 30, 2014, we do not consider any of the investments to be other-than-temporarily impaired. The gross unrealized gains and losses in the above tables were recorded, net of tax, in accumulated other comprehensive income (loss).
The contractual maturities of our fixed income available-for-sale investment securities as of September 30, 2014 are set forth in the following table:
 
Amortized
Cost
 
Fair
Value
Due within one year
$
188,349

 
$
188,543

Due after one year up to two years
526,575

 
527,250

Due after two years up to three years
519,035

 
518,719

Due after three years up to four years
28,428

 
28,400

Asset-backed securities
228,298

 
228,019

Fixed income available-for-sale investment securities
$
1,490,685

 
$
1,490,931


Asset-backed securities were excluded from the maturity categories because the actual maturities may differ from the contractual maturities since the underlying receivables may be prepaid without penalties. Further, actual maturities of debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty.
Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
Proceeds from sales of available-for-sale investment securities
$
670,498

 
$
211,696

 
$
1,028,320

 
$
871,696

 
 
 
 
 
 
 
 
Gross gains
$
604

 
$
315

 
$
1,357

 
$
1,530

Gross losses
(68
)
 
(166
)
 
(134
)
 
(553
)
Net realized gains on sales of available-for-sale investment securities
$
536

 
$
149

 
$
1,223

 
$
977