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Investments
 12 Months Ended
Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]  
Investments

NOTE 4. INVESTMENTS

 

Our investments in held–to–maturity securities consist of the following as of December 31:

 

 

 

2016

 

 

2015

 

Corporate securities

 

$

227,854

 

 

$

492,955

 

Commercial paper

 

 

292,466

 

 

 

604,986

 

U.S. Treasury securities

 

 

161,778

 

 

 

105,064

 

Certificates of deposit

 

 

—

 

 

 

20,750

 

Total

 

$

682,098

 

 

$

1,223,755

 

 

These investments are recorded in our consolidated balance sheets as follows as of December 31:

 

 

 

2016

 

 

2015

 

Cash and cash equivalents

 

$

341,680

 

 

$

38,420

 

Short-term investments (1)

 

 

340,418

 

 

 

1,185,335

 

 

 

$

682,098

 

 

$

1,223,755

 

 

(1)

As of December 31, 2016 and 2015, $9.1 million and $299.3 million, respectively, of these investments serve as collateral for certain of our obligations.

 

At December 31, 2016 and 2015, the contractual maturities of our investments were within one year.  Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.