Marketable Securities

6 Months Ended

Jun. 30, 2011

Marketable Securities [Abstract]

Marketable Securities

Note 8. Marketable Securities

Marketable securities consist of securities that are classified as “available for sale.” Such securities are reported at fair value, with unrealized gains and losses excluded from earnings and shown separately as a component of accumulated other comprehensive income (loss) within stockholders’ equity. The cost of a security sold or the amount reclassified out of accumulated other comprehensive income (loss) into earnings is determined using specific identification. The Company may pay a premium or receive a discount upon the purchase of marketable securities. Interest earned and gains realized on marketable securities and amortization of discounts received and accretion of premiums paid on the purchase of marketable securities are included in investment income. The weighted-average maturity of the Company’s current marketable securities as of June 30, 2011 was approximately 6 months.

Available-for-sale marketable securities consisted of the following:

	June 30, 2011
	Adjusted		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(In thousands)
Agency bond investments:
Current	$	158,431	$	102	$	(23	)	$	158,510
Total agency bond investments		158,431		102		(23	)		158,510
Corporate debt investments:
Current		246,011		155		(32	)		246,134
Non-current		29,225		—		(1,172	)		28,053
Total corporate investments		275,236		155		(1,204	)		274,187
Total available-for-sale marketable securities	$	433,667	$	257	$	(1,227	)	$	432,697

	December 31, 2010
	Adjusted		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
	(In thousands)
Agency bond investments:
Current	$	178,221	$	18	$	(29	)	$	178,210
Total agency bond investments		178,221		18		(29	)		178,210
Corporate debt investments:
Current		237,547		175		(24	)		237,698
Non-current		29,925		—		(1,370	)		28,555
Total corporate investments		267,472		175		(1,394	)		266,253
Total available-for-sale marketable securities	$	445,693	$	193	$	(1,423	)	$	444,463

Estimated fair value was determined for each individual security in the investment portfolio. The Company attributes the unrealized losses in its auction rate securities portfolio to liquidity issues rather than credit issues. The Company’s available-for-sale auction rate securities portfolio at June 30, 2011 is comprised solely of AAA rated investments in federally insured student loans and municipal and educational authority bonds. The estimated fair value of auction rate securities was based a discounted cash flow model and classified as non-current marketable securities on the accompanying unaudited Condensed Consolidated Balance Sheet. The Company recorded a $1.2 million unrealized loss through accumulated other comprehensive income or loss instead of earnings because the Company has deemed the impairment of these securities to be temporary.