Investments in Available-for-Sale Securities

6 Months Ended

Jun. 30, 2015

Available-for-sale Securities [Abstract]

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities, along with the Company's investments in marketable equity securities, are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company's investments in available-for-sale marketable securities are as follows:

	June 30, 2015
										Balance Sheet
			Accumulated							Classification
			Gross Unrealized					Fair		Short-Term		Other
	Cost Basis		Gains		Losses			Value		Investments		Assets
	(In thousands)
Available-for-sale:
Corporate notes and bonds	$	252,877	$	—	$	(3,123	)	$	249,754	$	249,754	$	—
Equity securities	3,910		1,973		(2,852		)	3,031		—		3,031
Total Investments	$	256,787	$	1,973	$	(5,975	)	$	252,785	$	249,754	$	3,031

	December 31, 2014
										Balance Sheet
			Gross		Gross					Classification
			Unrealized		Unrealized			Fair		Short-Term		Other
	Cost Basis		Gains		Losses			Value		Investments		Assets
	(In thousands)
Available-for-sale:
Corporate notes and bonds	$	253,590	$	—	$	(4,636	)	$	248,954	$	248,954	$	—
Equity securities	3,910		4,125		(2,890		)	5,145		—		5,145
Total Investments	$	257,500	$	4,125	$	(7,526	)	$	254,099	$	248,954	$	5,145

The aggregate fair value of investments with unrealized losses that were owned for less than a year was $187.0 million and $163.0 million at June 30, 2015 and December 31, 2014, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year, and were also in a continuous unrealized loss position during that time, was $58.9 million and $86.1 million at June 30, 2015 and December 31, 2014, respectively. The unrealized losses in the Company's portfolio are the result of normal market fluctuations. The Company does not currently intend to sell these investments before recovery of their amortized cost base.

The debt securities outstanding at June 30, 2015 have maturity dates ranging from the third quarter of 2015 through the fourth quarter of 2016. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations.