INVESTMENTS |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | (7) INVESTMENTS All investments were classified as available-for-sale at December 31, 2015 and 2014. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s available-for-sale securities by major security type at December 31, 2015 and 2014 are summarized in the tables below:
The Company has two investments in marketable equity securities measured using quoted prices in their respective active markets that are collectively considered strategic investments. As of December 31, 2015, the fair value of the Company’s strategic investments of $18.1 million included an unrealized gain of $12.7 million. As of December 31, 2014, the fair value of the Company’s strategic investments of $30.8 million includes an unrealized gain of $18.3 million. These investments are recorded in Other Assets in the Company’s Consolidated Balance Sheets. The fair values of available-for-sale securities by contractual maturity were as follows:
Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. As of December 31, 2015, some of the Company’s investments were in an unrealized loss position. The Company determined that it did not have the ability and intent to hold all investments that have been in a continuous loss position until maturity or recovery, thus recognizing an other-than-temporary impairment of $1.2 million in the year ended December 31, 2015. See Note 13 to these Consolidated Financial Statements for additional discussion regarding the fair value of the Company’s available-for-sale securities. |