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Cash and Cash Equivalents and Investments in Marketable Securities
 3 Months Ended
Mar. 31, 2015
Cash And Cash Equivalents And Investments In Marketable Securities [Abstract]  
Cash And Cash Equivalents And Investments In Marketable Securities
Cash and Cash Equivalents and Investments in Marketable Securities

Our investment portfolio at March 31, 2015 consisted of cash, cash equivalents and investments in marketable securities.

We currently invest in marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than one year from the date of purchase, which are usually held until maturity. All of these instruments are classified as available-for-sale. As a result, they are reported at fair value using quoted market prices. Interest income is recorded as earned. Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income. Upon sale or maturity, realized gains on our marketable debt securities are recognized as interest income. These gains are computed based on the specific identification of the underlying cost of the securities, net of unrealized gains and losses previously reported in other comprehensive income. Unrealized gains and losses on our available-for-sale securities are due to changes in market prices and are considered temporary.



The following is a summary of our marketable securities:
 
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
(Net Carrying Amount)
 
 
(In thousands)
March 31, 2015
 
 
 
 
 
 
 
 
Certificates of deposit
 
$
27,000

 
$
4

 
$
—

 
$
27,004

Commercial paper
 
46,375

 
16

 
(3
)
 
46,388

Corporate debt securities
 
112,175

 
12

 
(47
)
 
112,140

State and political subdivisions debt securities
 
229,039

 
11

 
(75
)
 
228,975

Total marketable securities
 
$
414,589

 
$
43

 
$
(125
)
 
$
414,507

 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
Certificates of deposit
 
$
54,000

 
$
10

 
$
—

 
$
54,010

Commercial paper
 
52,297

 
7

 
(4
)
 
52,300

Corporate debt securities
 
136,181

 
1

 
(94
)
 
136,088

State and political subdivisions debt securities
 
231,819

 
5

 
(112
)
 
231,712

Total marketable securities
 
$
474,297

 
$
23

 
$
(210
)
 
$
474,110



Interest income recognized on our marketable securities was $0.5 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively.