Cash, Cash Equivalents & Investments

6 Months Ended

Jun. 30, 2011

Cash, Cash Equivalents & Investments

Cash, Cash Equivalents & Investments

NOTE 3. CASH, CASH EQUIVALENTS & INVESTMENTS

The following tables summarize the Company's cash, cash equivalents and investments as of June 30, 2011 and December 31, 2010 (in millions):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2011
Cash and cash equivalents:
Cash	$	20.3	$	0	$	0		$	20.3
Cash equivalents		361.7		0		0			361.7
Total cash and cash equivalents	$	382.0	$	0	$	0		$	382.0
Available for sale investments:
Short-term
Commercial paper	$	90.3	$	0	$	0		$	90.3
Municipal notes		108.4		0.3		0			108.7
U.S. corporate debt & equity securities		170.0		1.4		0			171.4
U.S. treasuries		106.8		0.1		0			106.9
U.S. government agencies		134.4		0.2		0			134.6
Total short-term	$	609.9	$	2.0	$	0		$	611.9
Long-term
Municipal notes	$	142.8	$	0.6	$	(3.9	)	$	139.5
U.S. corporate debt		380.9		2.4		(0.3	)		383.0
U.S. treasuries		18.4		0.1		0			18.5
U.S. government agencies		253.2		0.9		0			254.1
Non-U.S. government securities		32.7		0.3		0			33.0
Total long-term	$	828.0	$	4.3	$	(4.2	)	$	828.1
Total cash, cash equivalents and available for sale investments	$	1,819.9	$	6.3	$	(4.2	)	$	1,822.0

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2010
Cash and cash equivalents:
Cash	$	20.1	$	0	$	0		$	20.1
Cash equivalents		259.7		0		0			259.7
Total cash and cash equivalents	$	279.8	$	0	$	0		$	279.8
Available for sale investments:
Short-term
Commercial paper	$	79.0	$	0	$	0		$	79.0
Municipal notes		111.8		0.4		0			112.2
U.S. corporate debt		174.1		1.3		0			175.4
U.S. treasuries		76.3		0		0			76.3
U.S. government agencies		187.4		0.3		0			187.7
Total short-term	$	628.6	$	2.0	$	0		$	630.6
Long-term
Municipal notes	$	143.4	$	0.3	$	(4.3	)	$	139.4
U.S. corporate debt		300.4		1.8		(0.9	)		301.3
U.S. treasuries		39.9		0.1		0			40.0
U.S. government agencies		196.7		0.3		(0.4	)		196.6
Non-U.S. government securities		21.2		0.1		(0.1	)		21.2
Total long-term	$	701.6	$	2.6	$	(5.7	)	$	698.5
Total cash, cash equivalents and available for sale investments	$	1,610.0	$	4.6	$	(5.7	)	$	1,608.9

The following table summarizes the maturities of the Company's cash equivalents and available-for-sale investments, excluding equity securities, as of June 30, 2011 (in millions):

	Amortized Cost		Fair Value
Mature in less than one year	$	970.9	$	972.4
Mature in one to five years		805.5		809.4
Mature in more than five years		22.5		18.7
Total	$	1,798.9	$	1,800.5

During the six months ended June 30, 2011, realized gains recognized on the sale of investments were approximately $2.4 million. Realized gains and losses recognized for three months ended June 30, 2011 and three and six months ended June 30, 2010 were not significant. As of June 30, 2011 and December 31, 2010, net unrealized gains on available-for-sale securities, net of tax, of $2.1 million and $1.3 million, respectively were included in accumulated other comprehensive income in the accompanying unaudited Condensed Consolidated Balance Sheets. At June 30, 2011, the Company evaluated its gross unrealized losses, the majority of which were from auction-rate securities (ARS). The Company determined these unrealized losses to be temporary, because the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell these securities before the recovery of their amortized cost basis.