CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 3 Months Ended
Mar. 31, 2015
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:
Cash and cash equivalents
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper with original maturities of less than 90 days.
Available-for-sale securities
Investments with maturities of less than one year are classified as available-for-sale, short-term investments and are recorded at fair value based on market quotes using the specific identification method, with unrealized gains and losses recorded as a component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. The Company considers these investments to be available-for-sale as they may be sold to fund other investment opportunities as they arise.
The major categories of the Company’s cash equivalents and available-for-sale, short-term investments are as follows:
Commercial paper
The Company invests in high-quality commercial paper issued by highly-rated corporations and governments. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days.
Money market mutual funds
The Company invests in money market mutual funds that seek to maintain a stable net asset value of $1.00, while limiting overall exposure to credit, market, and liquidity risks.
Cash, cash equivalents, and short-term investments consist of the following:
 
 
March 31,
2015
 
December 31,
2014
Cash and cash equivalents:
 
 
 
 
Cash
 
$
58,964

 
$
73,495

Cash equivalents:
 
 
 
 
Commercial paper
 
28,598

 
19,996

Money market mutual funds
 
121,463

 
88,568

Total cash and cash equivalents
 
209,025

 
182,059

Short-term investments:
 
 
 
 
Commercial paper
 
129,895

 
148,383

Total short-term investments
 
129,895

 
148,383

Total cash, cash equivalents, and short-term investments
 
$
338,920

 
$
330,442


 The Company’s short-term investments at March 31, 2015 were as follows:
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair Value
 
Gains  
 
Losses  
 
As of March 31, 2015:
 
 
 
 
 
 
 
 
Commercial Paper
 
$
129,912

 
$
—

 
$
17

 
$
129,895

Total
 
$
129,912

 
$
—

 
$
17

 
$
129,895


The Company’s short-term investments at December 31, 2014 were as follows:
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair Value
 
Gains  
 
Losses  
 
As of December 31, 2014:
 
 
 
 
 
 
 
 
Commercial Paper
 
$
148,447

 
$
—

 
$
64

 
$
148,383

Total
 
$
148,447

 
$
—

 
$
64

 
$
148,383


The Company typically purchases its available-for-sale debt securities either at a premium or a discount. The premium or discount is amortized over the remaining term of each security using the interest method. Amortization is recorded as either a decrease to interest income for premiums or an increase to interest income for discounts. For the three months ended March 31, 2015, net amortization of premiums and discounts was immaterial.
The Company classifies investments maturing within one year as short-term investments. Investments maturing in excess of one year are classified as noncurrent. All of the Company’s investments had contractual maturities of less than one year at March 31, 2015.
As of March 31, 2015, no investments classified as available-for-sale had been in a continuous unrealized loss position for greater than twelve months. The Company believes that the unrealized losses on the available-for-sale portfolio as of March 31, 2015 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers.