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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Equity Securities
Investments in debt and equity securities
The Company classifies certain debt securities as held-to-maturity and records them at amortized cost based on the Company’s intentions and strategies concerning those investments. Equity securities that have readily determinable fair values, and certain other financial instruments that have readily determinable fair values or redemption values, are classified as available for sale and recorded at estimated fair value.
The Company’s investments in these securities and certain other financial instruments consist of the following: 
 
December 31, 2017
 
December 31, 2016
 
Held to
maturity
 
Available
for sale
 
Total
 
Held to
maturity
 
Available
for sale
 
Total
Certificates of deposit, commercial paper and money
market funds due within one year
$
42,316

 
$
—

 
$
42,316

 
$
255,781

 
$
—

 
$
255,781

Investments in mutual funds and common stock
—

 
38,895

 
38,895

 
50,000

 
31,197

 
81,197

 
$
42,316

 
$
38,895

 
$
81,211

 
$
305,781

 
$
31,197

 
$
336,978

Short-term investments
$
42,316

 
$
1,200

 
$
43,516

 
$
305,781

 
$
1,200

 
$
306,981

Long-term investments
—

 
37,695

 
37,695

 
—

 
29,997

 
29,997

 
$
42,316

 
$
38,895

 
$
81,211

 
$
305,781

 
$
31,197

 
$
336,978


 The cost of certificates of deposit, commercial paper and money market funds at December 31, 2017 and 2016 approximate their fair value. As of December 31, 2017 and 2016, available for sale investments included $8,416 and $3,701, respectively, of gross pre-tax unrealized gains. During 2017 and 2016 the Company recorded gross pre-tax unrealized gains of $5,075 and $1,802, respectively, in other comprehensive income associated with changes in the fair value of these investments. During 2017, the Company sold investments in mutual funds and common stock for net proceeds of $6,408, and recognized a pre-tax gain of $360, or $220 after tax, that was previously recorded in other comprehensive income. During 2016, the Company sold investments in mutual funds and common stock for net proceeds of $14,971, and recognized a pre-tax gain of $690, or $423 after tax, that was previously recorded in other comprehensive income.
Investments in mutual funds classified as available for sale are held within trusts to fund existing obligations associated with several of the Company’s non-qualified deferred compensation plans.