Short-Term Investments

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Short-term investments

Short-Term Investments

Debt securities that are not classified as cash equivalents are classified as available-for-sale investments and are stated at fair value.  Realized gains and losses on sales of investments are reflected in nonoperating income (expense) in the unaudited consolidated statements of operations.  Unrealized gains and losses on available-for-sale securities are reflected as a component of accumulated other comprehensive loss.

The following is a summary of short-term investments held as of September 30, 2014:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Corporate debt	$	184,141	$	91	$	(193	)	$	184,039
U.S. government and agency debt	23,797		11		(2		)	23,806
Municipal bonds	22,924		7		(4		)	22,927
Other fixed income securities	22,533		—		(5		)	22,528
Total short-term investments	$	253,395	$	109	$	(204	)	$	253,300

Contractual maturities of short-term investments as of September 30, 2014 are shown below. 

	Under 1 Year		1 to 5 Years		Total
	(in thousands)
Corporate debt	$	80,081	$	103,958	$	184,039
U.S. government and agency debt	16,325		7,481		23,806
Municipal bonds	8,244		14,683		22,927
Other fixed income securities	22,528		—		22,528
Total short-term investments	$	127,178	$	126,122	$	253,300

The Company classifies investments as current assets as these securities are available for use in its current operations.