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INVESTMENTS

We classify all of our short term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in Accumulated other comprehensive loss (income) until realized. These gains and losses are reflected as a separate component of shareholders’ equity in our consolidated balance sheets and our consolidated statements of shareholders’ equity. Cost, gains, and losses are determined using the specific identification method. In the years ended December 31, 2014, 2013, and 2012, we received proceeds from the sales of these securities of $363.1 million, $339.0 million, and $249.0 million, respectively. Gains and losses on these sales were negligible and all amounts reclassified from accumulated other comprehensive income were immaterial.

Investments consisted of the following as of December 31, 2014:


			Unrealized		Unrealized			Fair
	Cost Basis		Gains		Losses			Value
	(Thousands of dollars)
Investments:
Money Market Mutual Funds	$	68,612	$	—	$	—		$	68,612
Municipal bonds and notes		1,500		2		—			1,502
Corporate bonds and notes		130,864		19		(268	)		130,615

Subtotal		200,976		21		(268	)		200,729
Deferred compensation plan assets included in other assets		2,386		—		—			2,386

Total	$	203,362	$	21	$	(268	)	$	203,115

$15.5 million of our investments are long-term and included on the balance sheet as Restricted investments as they are securing outstanding letters of credit with maturities beyond one year.

Investments consisted of the following as of December 31, 2013:


			Unrealized		Unrealized			Fair
	Cost Basis		Gains		Losses			Value
	(Thousands of dollars)
Investments:
Money Market Mutual Funds	$	18,470	$	—	$	—		$	18,470
Commercial Paper		2,999		—		—			2,999
Municipal bonds and notes		1,500		—		(1	)		1,499
Corporate bonds and notes		77,595		67		(29	)		77,633

Subtotal		100,564		67		(30	)		100,601
Deferred compensation plan assets included in other assets		2,109		—		—			2,109

Total	$	102,673	$	67	$	(30	)	$	102,710

$14.7 million of our investments at December 31, 2013 are long-term and included on the balance sheet as Restricted investments as they are securing outstanding letters of credit with maturities beyond one year.

The following table presents the cost and fair value of our debt investments based on maturities as of December 31,


	2014				2013
	Amortized		Fair		Amortized		Fair
	Costs		Value		Costs		Value
	(Thousands of dollars)
Due in one year or less	$	70,180	$	70,169	$	32,536	$	32,538
Due within two years		62,184		61,948		49,558		49,593

Total	$	132,364	$	132,117	$	82,094	$	82,131

The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of December 31,


	2014				2013
	Average Coupon Rate (%)		Average Days To Maturity		Average Coupon Rate (%)		Average Days To Maturity
Commercial Paper		0.000		0		0.150		86
Municipal bonds and notes		0.528		134		0.528		499
Corporate bonds and notes		1.828		348		2.134		390

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of December 31,


	2014					2013
			Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses
	(Thousands of dollars)
Commercial Paper	$	—	$	—		$	—	$	—
Municipal bonds and notes		—		—			1,499		(1	)
Corporate bonds and notes		100,071		(268	)		34,772		(29	)

Total	$	100,071	$	(268	)	$	36,271	$	(30	)

As of December 31, 2014 and December 31, 2013, we had no investments in a continuous unrealized loss position for more than twelve months.

From time to time over the periods covered in our financial statements included herein, our investments have experienced net unrealized losses. We consider these declines in market value to be due to market conditions, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at December 31, 2014 and 2013. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether the Company has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if the Company does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). The Company determined it did not have any other-than-temporary impairments relating to credit losses on debt securities for the year ended December 31, 2014 and 2013.

The Company reviews its long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company measures recoverability of assets to be held and used by comparing the carrying amount of

an asset to future undiscounted net cash flows that it expects the asset to generate. When an asset is determined to be impaired, the Company recognizes that impairment amount, which is measured by the amount that the carrying value of the asset exceeds its fair value. Similarly, the Company reports assets that it expects to sell at the lower of the carrying amount or fair value less costs to sell.