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Short-term Investments
6 Months Ended
Jun. 30, 2014
Short-Term Investments And Fair Value Measurement [Abstract]  
Short-term Investments
Short-term Investments
The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. The following tables summarize, by major security type, the Company’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
 
As of June 30, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(in thousands)
Cash
$
1,113,853

 
$

 
$

 
$
1,113,853

Level 1 securities:
 
 
 
 
 
 
 
Money market funds
106,094

 

 

 
106,094

Level 2 securities:
 
 
 
 
 
 
 
Corporate debt securities
309,328

 
1,266

 
(17
)
 
310,577

Government securities
163,871

 
311

 
(1
)
 
164,181

Asset backed securities
1,534

 
1

 

 
1,535

Certificate of deposits and commercial paper
23,828

 

 

 
23,828

Total (1)
$
1,718,508

 
$
1,578

 
$
(18
)
 
$
1,720,068


 
As of December 31, 2013
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
(in thousands)
Cash
$
483,959

 
$

 
$

 
$
483,959

Level 1 securities:
 
 
 
 
 
 
 
Money market funds
126,208

 

 

 
126,208

Level 2 securities:
 
 
 
 
 
 
 
Corporate debt securities
316,465

 
1,245

 
(654
)
 
317,056

Government securities
143,812

 
287

 
(18
)
 
144,081

Asset and mortgage-backed securities
93,118

 
229

 
(418
)
 
92,929

Certificate of deposits
23,425

 

 

 
23,425

Agency securities
17,951

 

 
(2
)
 
17,949

Total (2)
$
1,204,938

 
$
1,761

 
$
(1,092
)
 
$
1,205,607


(1)
Includes $1,214.2 million that is included in cash and cash equivalents, $500.1 million included in short-term investments and $5.7 million of restricted cash that is included in other non-current assets related to workers compensation deposits.
(2)
Includes $605.0 million that is included in cash and cash equivalents, $595.4 million included in short-term investments and $5.2 million of restricted cash that is included in other non-current assets related to workers compensation deposits.

Fair value is a market-based measurement that is determined based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy level assigned to each security in the Company’s available-for-sale portfolio and cash equivalents is based on its assessment of the transparency and reliability of the inputs used in the valuation of such instrument at the measurement date. The fair value of available-for-sale securities and cash equivalents included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. The fair value of available-for-sale securities included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. These values were obtained from an independent pricing service and were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. The Company's procedures include controls to ensure that appropriate fair values are recorded, such as comparing prices obtained from multiple independent sources. See Note 6 to the consolidated financial statements for further information regarding the fair value of the Company’s debt instruments.

There were no investments in a material unrealized loss position as of June 30, 2014 or December 31, 2013. There were no material other-than-temporary impairments or credit losses related to available-for-sale securities in the three and six months ended June 30, 2014 and 2013. In addition, there were no material gross realized gains or losses in the three and six months ended June 30, 2014 and 2013.
The estimated fair value of short-term investments by contractual maturity as of June 30, 2014 is as follows:
 
(in thousands)
Due within one year
$
134,965

Due after one year and through 5 years
365,156

Total short-term investments
$
500,121