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INVESTMENTS

6 Months Ended

Jun. 30, 2011

INVESTMENTS

4. INVESTMENTS

The following table summarizes, by major security type, the Company’s short-term investments as of June 30, 2011 (in thousands):

		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Available for sale securities
U.S. government securities		$	586,504		$	334		$	(2	)	$	586,836
Foreign government securities		665,440			6			(458		)	664,988
U.S. agency securities		45,564			23			—			45,587
U.S. corporate notes		40,582			177			(1		)	40,758
Total		$	1,338,090		$	540		$	(461	)	$	1,338,169

As of June 30, 2011, foreign government securities included investments in debt securities issued by the governments of Germany, the Netherlands, France and the United Kingdom.

The following table summarizes, by major security type, the Company’s short-term investments as of December 31, 2010 (in thousands):

		Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Available for sale securities
U.S. government securities		$	469,116		$	158		$	(66	)	$	469,208
Foreign government securities		682,841			558			(81		)	683,318
U.S. agency securities		109,920			15			(30		)	109,905
U.S. corporate notes		40,845			—			(25		)	40,820
Total		$	1,302,722		$	731		$	(202	)	$	1,303,251

Long-term investments amounting to approximately $0.4 million at December 31, 2010 were comprised of corporate notes with a maturity date greater than one year and are included in “Other assets” on the Company’s Unaudited Consolidated Balance Sheet. As of June 30, 2011, these investments, amounting to approximately $0.4 million, were reclassified from long-term investments to short-term investments.

There were no material realized gains or losses related to investments for the three or six months ended June 30, 2011 or 2010.

This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

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