Cash and Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2011

Cash and Cash Equivalents and Investments [Abstract]

Cash and Cash Equivalents and Investments

Note 3   Cash and Cash Equivalents and Investments

Our cash and cash equivalents, short-term and long-term investments and other receivables consisted of the following:

	September 30,		December 31,
	2011		2010
	(In thousands)
Cash and cash equivalents	$	275,461	$	641,702
Short-term investments:
Trading equity securities		11,576		19,630
Available-for-sale equity securities		56,654		79,698
Available-for-sale debt securities		51,629		60,160
Total short-term investments		119,859		159,488
Long-term investments and other receivables		40,373		40,300
Total	$	435,693	$	841,490

Certain information related to our cash and cash equivalents and short-term investments follows:

	September 30, 2011							December 31, 2010
			Gross		Gross					Gross		Gross
			Unrealized		Unrealized					Unrealized		Unrealized
	Fair		Holding		Holding			Fair		Holding		Holding
	Value		Gains		Losses			Value		Gains		Losses
	(In thousands)
Cash and cash equivalents	$	275,461	$	—	$	—		$	641,702	$	—	$	—
Short-term investments:
Trading equity securities		11,576		5,852		—			19,630		13,906		—
Available-for-sale equity securities		56,654		16,065		(3,207	)		79,698		38,176		(2,274	)
Available-for-sale debt securities:
Commercial paper and CDs		1,160		—		—			1,275		—		—
Corporate debt securities		44,600		14,421		(2,187	)		52,022		15,274		(18	)
Mortgage-backed debt securities		367		19		—			372		16		—
Mortgage-CMO debt securities		2,797		31		(3	)		3,015		21		(6	)
Asset-backed debt securities		2,705		—		(253	)		3,476		—		(268	)
Total available-for-sale debt securities		51,629		14,471		(2,443	)		60,160		15,311		(292	)
Total available-for-sale securities		108,283		30,536		(5,650	)		139,858		53,487		(2,566	)
Total short-term investments		119,859		36,388		(5,650	)		159,488		67,393		(2,566	)
Total cash, cash equivalents and short-term investments	$	395,320	$	36,388	$	(5,650	)	$	801,190	$	67,393	$	(2,566	)

Certain information related to the gross unrealized losses of our cash and cash equivalents and short-term investments follows:

	As of September 30, 2011
	Less Than 12 Months				More Than 12 Months
			Gross				Gross
	Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss
	(In thousands)
Available-for-sale equity securities	$	24,874	$	3,207	$	—	$	—
Available-for-sale debt securities:(1)
Corporate debt securities		17,600		2,187		—		—
Mortgage-CMO debt securities		—		—		105		3
Asset-backed debt securities		—		—		2,705		253
Total available-for-sale debt securities		17,600		2,187		2,810		256
Total	$	42,474	$	5,394	$	2,810	$	256

(1) Our unrealized losses on available-for-sale debt securities held for more than one year are comprised of various types of securities. Each of these securities has a rating ranging from “A” to “AAA” from Standard & Poor’s and ranging from “A2” to “Aaa” from Moody’s Investors Service and is considered of high credit quality. In each case, we do not intend to sell these investments, and it is less likely than not that we will be required to sell them to satisfy our own cash flow and working capital requirements. We believe that we will be able to collect all amounts due according to the contractual terms of each investment and, therefore, did not consider the decline in value of these investments to be other-than-temporary at September 30, 2011.

The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at September 30, 2011, classified by time to contractual maturity, are shown below. Expected maturities differ from contractual maturities because the issuers of the securities may have the right to repay obligations without prepayment penalties and we may elect to sell the securities prior to the contractual maturity date.

	Estimated
	Fair Value
	September 30,
	2011
	(In thousands)
Debt securities:
Due in one year or less	$	1,160
Due after one year through five years		—
Due in more than five years		50,469
Total debt securities	$	51,629

Certain information regarding our debt and equity securities is presented below:

	Nine Months Ended
	September 30,
	2011			2010
	(In thousands)
Available-for-sale:
Proceeds from sales and maturities	$	1,124		$	12,590
Realized gains (losses), net		(5	)		3,647