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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2012
Investments, Debt and Equity Securities [Abstract]  
Schedule of short-term and long-term investments, by security type
The amortized cost, gross unrealized gain or loss and estimated fair value of short-term and long-term investments by security type were as follows as of June 30, 2012 and December 31, 2011 (in thousands): 
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Fair
Value
As of June 30, 2012
 
 
 
 
 
 
 
State and municipal bonds
$
1,073,585

 
$
68,231

 
$
(506
)
 
$
1,141,310

U.S. Treasury securities
79,706

 
1,184

 
(11
)
 
80,879

Government-sponsored enterprise securities (1)
23,417

 
1,115

 
—

 
24,532

Residential mortgage-backed securities (2)
335,891

 
15,113

 
(123
)
 
350,881

Commercial mortgage-backed securities
12,772

 
1,163

 
—

 
13,935

Asset-backed securities (3)
9,566

 
373

 
—

 
9,939

Corporate debt and other securities
1,050,565

 
23,230

 
(1,942
)
 
1,071,853

 
$
2,585,502

 
$
110,409

 
$
(2,582
)
 
$
2,693,329

Equity method investments (4)
 

 
 

 
 

 
19,582

 
 

 
 

 
 

 
$
2,712,911

 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Fair
Value
As of December 31, 2011
 

 
 

 
 

 
 

State and municipal bonds
$
970,746

 
$
62,215

 
$
(7
)
 
$
1,032,954

U.S. Treasury securities
88,934

 
2,410

 
(4
)
 
91,340

Government-sponsored enterprise securities (1)
140,595

 
2,694

 
(11
)
 
143,278

Residential mortgage-backed securities (2)
354,713

 
14,097

 
(12
)
 
368,798

Commercial mortgage-backed securities
13,801

 
1,024

 
—

 
14,825

Asset-backed securities (3)
12,840

 
664

 
—

 
13,504

Corporate debt and other securities
1,051,874

 
23,804

 
(10,178
)
 
1,065,500

 
$
2,633,503

 
$
106,908

 
$
(10,212
)
 
$
2,730,199

Equity method investments (4)
 

 
 

 
 

 
21,315

 
 

 
 

 
 

 
$
2,751,514

(1) 
Includes FDIC-insured Temporary Liquidity Guarantee Program (“TLGP”) securities as of December 31, 2011. As of June 30, 2012, the Company no longer held any TLGP securities.
(2) 
Agency pass-through, with the timely payment of principal and interest guaranteed.
(3) 
Includes auto loans, credit card debt, and rate reduction bonds.
(4) 
Includes investments in entities accounted for under the equity method of accounting and therefore are presented at their carrying value.
Estimated fair value of available-for-sale debt securities, by contractual maturity
The amortized cost and estimated fair value of available-for-sale debt securities by contractual maturity were as follows as of June 30, 2012 and December 31, 2011 (in thousands): 
 
As of June 30, 2012
 
As of December 31, 2011
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Maturities:
 
 
 
 
 
 
 
Within 1 year
$
354,206

 
$
355,756

 
$
315,362

 
$
317,067

1 to 5 years
761,127

 
783,621

 
984,503

 
1,006,221

5 to 10 years
589,954

 
631,276

 
536,577

 
574,207

Over 10 years
880,215

 
922,676

 
797,061

 
832,704

Total
$
2,585,502

 
$
2,693,329

 
$
2,633,503

 
$
2,730,199

 
Schedule of unrealized loss on investments
The following table shows the Company’s investments’ gross unrealized losses and fair value at June 30, 2012 and December 31, 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): 
At June 30, 2012
Less than 12 months
 
12 months or more
 
Total
Description of Securities
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
State and municipal bonds
$
46,826

 
$
(506
)
 
$
—

 
$
—

 
$
46,826

 
$
(506
)
U.S. Treasury securities
18,635

 
(11
)
 
—

 
—

 
18,635

 
(11
)
Government-sponsored enterprise securities
—

 
—

 
—

 
—

 
—

 
—

Residential mortgage-backed securities
11,606

 
(122
)
 
52

 
(1
)
 
11,658

 
(123
)
Commercial  mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

Corporate debt and other securities
86,740

 
(599
)
 
101,017

 
(1,343
)
 
187,757

 
(1,942
)
Total
$
163,807

 
$
(1,238
)
 
$
101,069

 
$
(1,344
)
 
$
264,876

 
$
(2,582
)
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2011
Less than 12 months
 
12 months or more
 
Total
Description of Securities
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
State and municipal bonds
$
9,436

 
$
(7
)
 
$
—

 
$
—

 
$
9,436

 
$
(7
)
U.S. Treasury securities
4,932

 
(4
)
 
—

 
—

 
4,932

 
(4
)
Government-sponsored enterprise securities
12,495

 
(11
)
 
—

 
—

 
12,495

 
(11
)
Residential mortgage-backed securities
5,127

 
(11
)
 
43

 
(1
)
 
5,170

 
(12
)
Commercial  mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

Corporate debt and other securities
350,294

 
(10,178
)
 
—

 
—

 
350,294

 
(10,178
)
Total
$
382,284

 
$
(10,211
)
 
$
43

 
$
(1
)
 
$
382,327

 
$
(10,212
)