Cash and Cash Equivalents and Short-term Investments

3 Months Ended

Mar. 31, 2012

Cash and Cash Equivalents and Short term Investments [Abstract]

Cash and Cash Equivalents and Short-term Investments

Note 4     Cash and Cash Equivalents and Short-term Investments

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

	March 31, 2012		December 31, 2011
	(In thousands)
Cash and cash equivalents	$	354,022	$	398,575
Short-term investments:
Trading equity securities		17,638		11,600
Available-for-sale equity securities		81,227		71,433
Available-for-sale debt securities		41,085		57,881
Total short-term investments	$	139,950	$	140,914

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

	March 31, 2012							December 31, 2011
	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	$	354,022	$	—	$	—		$	398,575	$	—	$	—
Short-term investments:
Trading equity securities		17,638		11,913		—			11,600		5,876		—
Available-for-sale equity securities		81,227		42,869		—			71,433		33,075		—
Available-for-sale debt securities:
Commercial paper and CDs		1,150		—		—			1,230		—		—
Corporate debt securities		34,950		13,183		(2,852	)		51,300		22,494		(2,095	)
Mortgage-backed debt securities		257		9		—			309		10		—
Mortgage-CMO debt securities		2,421		19		(4	)		2,547		13		(15	)
Asset-backed debt securities		2,307		—		(220	)		2,495		—		(238	)
Total available-for-sale debt securities		41,085		13,211		(3,076	)		57,881		22,517		(2,348	)
Total available-for-sale securities		122,312		56,080		(3,076	)		129,314		55,592		(2,348	)
Total short-term investments		139,950		67,993		(3,076	)		140,914		61,468		(2,348	)
Total cash, cash equivalents and short-term investments	$	493,972	$	67,993	$	(3,076	)	$	539,489	$	61,468	$	(2,348	)

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

	As of March 31, 2012
	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		16,950		(2,852	)
Mortgage-CMO debt securities		—		—			74		(4	)
Asset-backed debt securities		—		—			2,307		(220	)
Total available-for-sale debt securities		16,950		(2,852	)		2,381		(224	)
Total	$	16,950	$	(2,852	)	$	2,381	$	(224	)

(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 March 31, 2012.

The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at March 31, 2012, 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 March 31, 2012
	(In thousands)
Debt securities:
Due in one year or less	$	1,150
Due after one year through five years		16,950
Due in more than five years		22,985
Total debt securities	$	41,085

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

	Three Months Ended March  31,
	2012		2011
	(In thousands)
Available-for-sale:
Proceeds from sales and maturities	$	18,437	$	503
Realized gains (losses), net		12,465		(3,248	)