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Cash, Cash Equivalents, and Investments (Tables)
12 Months Ended
Dec. 31, 2014
Cash and Cash Equivalents [Abstract]  
Components of Cash, Cash Equivalents and Investments
Cash, cash equivalents, and investments consisted of the following (in thousands):
 
December 31,
 
2014
 
2013
Cash
$
54,917

 
$
40,124

Money market instruments
777

 
520

Cash and cash equivalents
55,694

 
40,644

Euro liquidity fund
48,235

 

Corporate bonds
30,889

 
109,040

Agency bonds
6,883

 
1,499

Supranational bonds
1,901

 

Asset-backed securities
1,311

 
53,559

Municipal bonds
1,237

 
9,276

Sovereign bonds

 
11,448

Short-term investments
90,456

 
184,822

Corporate bonds
216,294

 
109,909

Treasury bills
90,412

 
73,666

Asset-backed securities
62,556

 
21,820

Sovereign bonds
13,461

 
16,385

Agency bonds
9,566

 

Municipal bonds
6,600

 
5,919

Limited partnership interest (accounted for using cost method)
1,956

 
1,956

Long-term investments
400,845

 
229,655

 
$
546,995

 
$
455,121

Summary of Available-for-Sale Investments
The following tables summarize the Company’s available-for-sale investments as of December 31, 2014 (in thousands):
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Short-term:
 
 
 
 
 
 
 
Euro liquidity fund
$
48,229

 
$
6

 
$

 
$
48,235

Corporate bonds
30,842

 
50

 
(3
)
 
30,889

Agency bonds
6,883

 

 

 
6,883

Supranational bonds
1,900

 
1

 

 
1,901

Asset-backed securities
1,311

 

 

 
1,311

Municipal bonds
1,232

 
5

 

 
1,237

Long-term:
 
 
 
 
 
 
 
Corporate bonds
216,404

 
442

 
(552
)
 
216,294

Treasury bills
90,458

 
8

 
(54
)
 
90,412

Asset-backed securities
62,590

 
18

 
(52
)
 
62,556

Sovereign bonds
13,461

 
11

 
(11
)
 
13,461

Agency bonds
9,570

 
4

 
(8
)
 
9,566

Municipal bonds
6,567

 
33

 

 
6,600

 
$
489,447

 
$
578

 
$
(680
)
 
$
489,345

Gross Unrealized Losses and Fair Value for Available-for-Sale Investments
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2014 (in thousands):
 
Unrealized Loss
Position For Less than
12 Months
Unrealized Loss
Position For Greater than
12 Months
Total
 
Fair Value
 
Unrealized
Losses
Fair Value
 
Unrealized
Losses
Fair Value
 
Unrealized
Losses
Corporate bonds
$
126,038

 
$
(555
)
$

 
$

$
126,038

 
$
(555
)
Treasury bills
70,901

 
(54
)

 

70,901

 
(54
)
Asset-backed securities
33,603

 
(36
)
3,487

 
(16
)
37,090

 
(52
)
Agency bonds
7,135

 
(8
)

 

7,135

 
(8
)
Sovereign bonds
6,553

 
(11
)

 

6,553

 
(11
)
 
$
244,230

 
$
(664
)
$
3,487

 
$
(16
)
$
247,717

 
$
(680
)
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2014 (in thousands):
 
<1 Year
 
1-2 Years
 
2-3 Years
 
3-4 Years
 
4-5 Years
 
5-8 Years
 
Total
Corporate bonds
$
30,889

 
$
82,238

 
$
97,921

 
$
19,718

 
$
16,417

 
$

 
$
247,183

Treasury bills

 
85,629

 
4,783

 

 

 

 
90,412

Asset-backed securities
1,311

 
4,788

 
19,542

 
23,815

 
8,967

 
5,444

 
63,867

Euro liquidity fund
48,235

 

 

 

 

 

 
48,235

Agency bonds
6,883

 
4,506

 
5,060

 

 

 

 
16,449

Sovereign bonds

 
9,768

 
3,693

 

 

 

 
13,461

Municipal bonds
1,237

 
1,719

 
4,881

 

 

 

 
7,837

Supranational bonds
1,901

 

 

 

 

 

 
1,901

 
$
90,456

 
$
188,648

 
$
135,880

 
$
43,533

 
$
25,384

 
$
5,444

 
$
489,345