Cash and Cash Equivalents and Short-term Investments

12 Months Ended

Dec. 31, 2011

Cash and Cash Equivalents and Short term Investments [Abstract]

Cash and Cash Equivalents and Short-term Investments

Note 6    Cash and Cash Equivalents and Short-term Investments

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

	December 31,		December 31,
	2011		2010
	(In thousands)
Cash and cash equivalents	$	398,575	$	641,702
Short-term investments:
Trading equity securities		11,600		19,630
Available-for-sale equity securities		71,433		79,698
Available-for-sale debt securities		57,881		60,160
Total short-term investments	$	140,914	$	159,488

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

	December 31,
	2011							2010
	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	$	398,575	$	—	$	—		$	641,702	$	—	$	—
Short-term investments:
Trading equity securities		11,600		5,876		—			19,630		13,906		—
Available-for-sale equity securities		71,433		33,075		—			79,698		38,176		(2,274	)
Available-for-sale debt securities:
Commercial paper and CDs		1,230		—		—			1,275		—		—
Corporate debt securities		51,300		22,494		(2,095	)		52,022		15,274		(18	)
Mortgage-backed debt securities		309		10		—			372		16		—
Mortgage-CMO debt securities		2,547		13		(15	)		3,015		21		(6	)
Asset-backed debt securities		2,495		—		(238	)		3,476		—		(268	)
Total available-for-sale debt securities		57,881		22,517		(2,348	)		60,160		15,311		(292	)
Total available-for-sale securities		129,314		55,592		(2,348	)		139,858		53,487		(2,566	)
Total short-term investments		140,914		61,468		(2,348	)		159,488		67,393		(2,566	)
Total cash, cash equivalents and short-term investments	$	539,489	$	61,468	$	(2,348	)	$	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 December 31, 2011
	Less Than 12 Months				More Than 12 Months
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(In thousands)
Available-for-sale equity securities	$	—	$	—	$	—	$	—
Available-for-sale debt securities:(1)
Corporate debt securities		17,700		2,095		—		—
Mortgage-CMO debt securities		2,217		7		83		8
Asset-backed debt securities		—		—		2,494		238
Total available-for-sale debt securities		19,917		2,102		2,577		246
Total	$	19,917	$	2,102	$	2,577	$	246

(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 have 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, do not consider the decline in value of these investments to be other-than-temporary at December 31, 2011.

The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at December 31, 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
	December 31, 2011
	(In thousands)
Debt securities:
Due in one year or less	$	1,230
Due after one year through five years		—
Due in more than five years		56,651
Total debt securities	$	57,881

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

	Year Ended December 31,
	2011		2010		2009
	(In thousands)
Available-for-sale:
Proceeds from sales and maturities	$	12,672	$	13,062	$	23,411
Realized gains (losses), net		3,036		1,692		(54,311	)(1)

(1) Includes other-than-temporary impairments of $18.7 million related to an equity security and a $35.6 million credit-related impairment to a corporate debt security.