Cash, Cash Equivalents, and Investments (Tables)

12 Months Ended

Dec. 31, 2012

Components of Cash, Cash Equivalents and Investments

Cash, cash equivalents, and investments consisted of the following (in thousands):

	December 31,
	2012		2011
Cash	$	34,986	$	36,404
Cash equivalents		5,098		—
Money market instruments		5,076		1,699
Cash and cash equivalents		45,160		38,103
Corporate bonds		46,001		55,570
Asset-backed securities		17,666		—
Municipal bonds		16,224		54,036
Agency bonds		7,482		27,545
Treasury bills		5,997		1,945
Covered bonds		5,618		1,319
Sovereign bonds		3,986		4,016
Corporate stock		2,131		—
Short-term investments		105,105		144,431
Corporate bonds		100,072		59,902
Treasury bills		36,276		—
Asset-backed securities		34,710		—
Agency bonds		29,441		12,335
Municipal bonds		17,846		69,680
Sovereign bonds		10,606		22,355
Covered bonds		5,564		4,701
Limited partnership interest (accounted for using cost method)		3,740		5,933
Long-term investments		238,255		174,906
	$	388,520	$	357,440

Summary of Available-for-Sale Investments

The following tables summarize the Company’s available-for-sale investments as of December 31, 2012 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	45,965	$	68	$	(32	)	$	46,001
Asset-backed securities		17,668		16		(18	)		17,666
Municipal bonds		16,198		26		—			16,224
Agency bonds		7,489		—		(7	)		7,482
Treasury bills		5,996		1		—			5,997
Covered bonds		5,637		2		(21	)		5,618
Sovereign bonds		4,000		—		(14	)		3,986
Long-term:
Corporate bonds		99,464		647		(39	)		100,072
Treasury bills		36,277		8		(9	)		36,276
Asset-backed securities		34,831		32		(153	)		34,710
Agency bonds		29,411		54		(24	)		29,441
Municipal bonds		17,726		121		(1	)		17,846
Sovereign bonds Assets-backed securities		10,589		20		(3	)		10,606
Covered bonds		5,555		9		—			5,564
	$	336,806	$	1,004	$	(321	)	$	337,489

Gross Unrealized Losses and Fair Value for Available-for-Sale Investments

The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2012 (in thousands):

	Unrealized Loss Position For Less than 12 Months .
	Fair Value		Unrealized Losses
Corporate bonds	$	41,958	$	(71	)
Asset-backed securities		33,513		(171	)
Agency bonds		20,270		(31	)
Treasury bills		15,977		(9	)
Sovereign bonds		6,322		(17	)
Covered bonds		4,358		(21	)
Municipal bonds		1,484		(1	)
	$	123,882	$	(321	)

Effective Maturity Dates of Available-for-Sale Investments

The following table presents the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2012 (in thousands):

	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-8 Years		Total
Corporate bonds	$	46,001	$	14,188	$	71,828	$	10,180	$	3,109	$	767	$	146,073
Asset-backed securities		17,666		26,727		7,983		—		—		—		52,376
Treasury bills		5,997		17,307		18,969		—		—		—		42,273
Agency bonds		7,482		17,156		8,196		3,147		942		—		36,923
Municipal bonds		16,224		12,902		2,442		1,084		1,418		—		34,070
Sovereign bonds		3,986		757		3,240		6,609		—				14,592
Covered bonds		5,618		1,424		2,346		1,794		—		—		11,182
	$	102,974	$	90,461	$	115,004	$	22,814	$	5,469	$	767	$	337,489