Short-Term Investments

6 Months Ended

Jun. 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 June 30, 2014:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Corporate debt	$	126,003	$	84	$	(55	)	$	126,032
U.S. government and agency debt	32,570		9		(3		)	32,576
Other fixed income securities	23,096		—		(7		)	23,089
Municipal bonds	21,625		11		—			21,636
Total short-term investments	$	203,294	$	104	$	(65	)	$	203,333

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

	Under 1 Year		1 to 5 Years		Total
	(in thousands)
Corporate debt	$	49,698	$	76,334	$	126,032
U.S. government and agency debt	24,515		8,061		32,576
Other fixed income securities	21,986		1,103		23,089
Municipal bonds	11,485		10,151		21,636
Total short-term investments	$	107,684	$	95,649	$	203,333

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