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INVESTMENTS
12 Months Ended
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:

 

 

 

Amortized Cost

 

 

Gross

Unrealized

Holding Gains

 

 

Gross

Unrealized

Holding Losses

 

 

Aggregate Fair

Value at

December 31, 2015

 

Certificates of deposit

 

$

63,919

 

 

$

1

 

 

$

 

 

$

63,920

 

Corporate debt securities

 

 

358,625

 

 

 

20

 

 

 

(732

)

 

 

357,913

 

Commercial paper

 

 

12,733

 

 

 

 

 

 

 

 

 

12,733

 

U.S. government agency securities

 

 

186,882

 

 

 

 

 

 

(344

)

 

 

186,538

 

Greek government-issued bonds

 

 

48

 

 

 

79

 

 

 

 

 

 

127

 

Total

 

$

622,207

 

 

$

100

 

 

$

(1,076

)

 

$

621,231

 

 

 

 

Amortized Cost

 

 

Gross

Unrealized

Holding Gains

 

 

Gross

Unrealized

Holding Losses

 

 

Aggregate Fair

Value at

December 31, 2014

 

Certificates of deposit

 

$

72,302

 

 

$

1

 

 

$

 

 

$

72,303

 

Corporate debt securities

 

 

95,478

 

 

 

 

 

 

(342

)

 

 

95,136

 

Greek government-issued bonds

 

 

50

 

 

 

73

 

 

 

 

 

 

123

 

Total

 

$

167,830

 

 

$

74

 

 

$

(342

)

 

$

167,562

 

 

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:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Maturing in one year or less

 

$

195,579

 

 

$

69,706

 

Maturing after one year through five years

 

 

425,652

 

 

 

97,856

 

Total

 

$

621,231

 

 

$

167,562

 

 

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.