Note 3 Cash and Cash Equivalents and Short-term Investments

Our cash and cash equivalents and short-term investments consisted of the following:

	September 30,		December 31,
	2013		2012
	(In thousands)
Cash and cash equivalents	$	395,923	$	524,922
Short-term investments:
Trading equity securities	$	—	$	52,705
Available-for-sale equity securities	76,469		174,610
Available-for-sale debt securities	19,546		25,967
Total short-term investments	$	96,015	$	253,282

We sold our trading equity securities during the first quarter of 2013.

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

	September 30, 2013							December 31, 2012
	Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses
	(In thousands)
Cash and cash equivalents	$	395,923	$	—	$	—		$	524,922	$	—	$	—
Short-term investments:
Trading equity securities	—		—		—			52,705		46,981		—
Available-for-sale equity securities	76,469		47,922		—			174,610		137,282		(1,030		)
Available-for-sale debt securities:
Commercial paper and CDs	—		—		—			206		—		—
Corporate debt securities	18,448		3,188		—			23,399		1,870		—
Mortgage-backed debt securities	213		12		—			244		15		—
Mortgage-CMO debt securities	60		2		(2		)	523		10		(3		)
Asset-backed debt securities	825		—		(67		)	1,595		28		(192		)
Total available-for-sale debt securities	19,546		3,202		(69		)	25,967		1,923		(195		)
Total available-for-sale securities	96,015		51,124		(69		)	200,577		139,205		(1,225		)
Total short-term investments	96,015		51,124		(69		)	253,282		186,186		(1,225		)
Total cash, cash equivalents and short-term investments	$	491,938	$	51,124	$	(69	)	$	778,204	$	186,186	$	(1,225	)

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

	As of September 30, 2013
	Less Than 12 Months				More Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In thousands)

Available-for-sale debt securities: (1)
Mortgage-CMO debt securities	$	22	$	2	$	—	$	—
Asset-backed debt securities	—		—		446		67
Total available-for-sale debt securities	22		2		446		67
Total	$	22	$	2	$	446	$	67

(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 to be 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, do not consider the decline in value of these investments to be other-than-temporary at September 30, 2013.

The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at September 30, 2013, classified by time to contractual maturity, are shown below. Expected maturities may 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, 2013
	(In thousands)
Debt securities:
Due in one year or less	$	—
Due after one year through five years	15,113
Due in more than five years	4,433
Total debt securities	$	19,546

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

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2013		2012		2013		2012
	(In thousands)
Available-for-sale
Proceeds from sales and maturities	$	408	$	3,953	$	107,361	$	23,186
Realized gains (losses), net	$	2	$	1,732	$	88,159	$	14,007