
	INVESTMENTS

We classify all of our short term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive (loss) income, which is a separate component of shareholders’ equity in our consolidated balance sheets, and in our consolidated statements of shareholders’ equity. Cost, gains, and losses are determined using the specific identification method. In the years ended December 31, 2017, 2016, and 2015, we received proceeds from the sales of these securities of $862.9 million, $316.5 million, and $506.0 million, respectively. Gains and losses on these sales were negligible and all amounts reclassified from accumulated other comprehensive income were immaterial.

Investments consisted of the following as of December 31, 2017:



	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(Thousands of dollars)
Investments:
Money market mutual funds	$	5,601	$	—	$	—		$	5,601
Commercial paper	—		—		—			—
U.S. government agencies	7,501		—		(34		)	7,467
Corporate bonds and notes	63,880		—		(330		)	63,550
Subtotal	76,982		—		(364		)	76,618
Deferred compensation plan assets included in other assets	2,685		—		—			2,685
Total	$	79,667	$	—	$	(364	)	$	79,303

$12.4 million of our investments at December 31, 2017 were long-term and included on the balance sheet as restricted investments as they are securing outstanding letters of credit with maturities beyond one year. As noted in Note 2, we liquidated a substantial portion of our short-term investments in connection with acquiring the HNZ Offshore Business on December 29, 2017.

Investments consisted of the following as of December 31, 2016:



	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(Thousands of dollars)
Investments:
Money market mutual funds	$	18,118	$	—	$	—		$	18,118
Commercial paper	27,906		—		(39		)	27,867
U.S. government agencies	13,295		—		(32		)	13,263
Corporate bonds and notes	244,202		2		(622		)	243,582
Subtotal	303,521		2		(693		)	302,830
Deferred compensation plan assets included in other assets	2,394		—		—			2,394
Total	$	305,915	$	2	$	(693	)	$	305,224

$13.0 million of our investments at December 31, 2016 were long-term and included on the balance sheet as Restricted investments as they are securing outstanding letters of credit with maturities beyond one year.

The following table presents the cost and fair value of our debt investments based on maturities as of December 31,



	2017				2016
	Amortized Costs		Fair Value		Amortized Costs		Fair Value
	(Thousands of dollars)
Due in one year or less	$	31,348	$	31,254	$	184,587	$	184,334
Due within two years	40,032		39,763		100,816		100,378
Total	$	71,380	$	71,017	$	285,403	$	284,712

The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of December 31,



	2017		2016
	Average Coupon Rate (%)	Average Days To Maturity	Average Coupon Rate (%)	Average Days To Maturity
Commercial paper	—	0	1.001	184
U.S. government agencies	1.370	370	0.970	400
Corporate bonds and notes	1.766	392	1.745	318

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of December 31,



	2017					2016
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Thousands of dollars)
Commercial paper	$	—	$	—		$	27,867	$	(39	)
U.S. government agencies	5,472		(28		)	13,263		(32		)
Corporate bonds and notes	44,069		(271		)	210,836		(602		)
Total	$	49,541	$	(299	)	$	251,966	$	(673	)

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for twelve months or more as of December 31,



	2017					2016
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Thousands of dollars)
U.S. government agencies	$	1,994	$	(6	)	$	—	$	—
Corporate bonds and notes	$	19,482	$	(59	)	$	24,196	$	(20	)
Total	$	21,476	$	(65	)	$	24,196	$	(20	)

As noted above, from time to time over the periods covered in our financial statements included herein, our investments have experienced net unrealized losses. We consider these declines in market value to be due to market conditions, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at December 31, 2017 and 2016. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether the Company has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if the Company does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). The Company determined it did not have any other-than-temporary impairments relating to credit losses on debt securities for the year ended December 31, 2017 or 2016.