Marketable Securities

12 Months Ended

Dec. 31, 2011

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(4) Marketable Securities

          The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at December 31, 2011 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value*
Corporate bonds	$	130,201	$	175	$	(168	)	$	130,208
Commercial paper		30,979		5		(3	)		30,981
U.S. government agency		26,531		30		(19	)		26,542
Variable rate demand notes		19,295		—		—			19,295
Municipal bonds		5,000		—		—			5,000
Non-U.S. government bonds		2,411		2		—			2,413
Certificates of deposit		2,000		—		—			2,000
Other		2,550		—		(22	)		2,528
	$	218,967	$	212	$	(212	)	$	218,967

* Included in current marketable securities of $58,188 and long-term marketable securities of $160,779 at December 31, 2011.

          The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at December 31, 2010 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value*
Corporate bonds	$	52,079	$	738	$	—		$	52,817
U.S. government agency bonds		1,000		4		—			1,004
Non-U.S. government bonds		5,553		86		—			5,639
Other		3,019		111		(26	)		3,104
	$	61,651	$	939	$	(26	)	$	62,564

* Included in current marketable securities of $31,170 and long-term marketable securities of $31,394 at December 31, 2010.

          All marketable debt securities are classified as available-for-sale. Other securities are predominantly mutual fund shares belonging to participants in the Company’s Executive Deferred Compensation Plan totaling $2.5 million fair value as of December 31, 2011 (in current assets) and $3.1 million fair value as of December 31, 2010 (in long-term other assets). As of December 31, 2011, there is a current liability that offsets the aggregate deferred compensation plan current assets. As of December 31. 2010, the offsetting liability was included in other liabilities (long-term).

          Fair value is determined from readily available Level 2 vendor quoted prices utilizing observable inputs based on active markets. As of December 31, 2011 and 2010, the Company’s marketable securities are all valued based on Level 2 inputs.

          Maturities of marketable debt securities, based on contractual maturity and excluding securities related to the Company’s Executive Deferred Compensation Plan, at December 31, 2011 were as follows (in thousands):

	Amortized Cost		Fair Value
Due in one year or less	$	55,616	$	55,660
Due after one through three years		141,506		141,485
Due more than three years*		19,295		19,295
	$	216,417	$	216,440

* Securities maturing over three years based on contractual maturities are variable rate demand notes which contain a put feature allowing them to be put back to the issuer weekly.

          During the years ended December 31, 2011 and 2010, the Company realized gains from the sale of marketable securities of $0.2 million and $0.6 million, respectively. For 2009, there was an immaterial loss realized. During the quarter ended September 30, 2010, the Company recorded an other-than-temporary impairment loss of $0.9 million related to an auction rate security of a bankrupt issuer. The Company still holds this security but no longer expects to recover any of its cost. The Company will continue to monitor this instrument for any signs of recovery.

          Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. As of December 31, 2011, some of the Company’s investments were in an unrealized loss position. None of the underlying investments has been in a continuous loss position longer than twelve months, and no other-than-temporary impairment is deemed to have occurred. The Company maintains a short-term liability for the fair value of the investments in the Executive Deferred Compensation Plan, and any losses ultimately realized related to these holdings are borne by the plan participants.