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Investments (Tables)
3 Months Ended
Mar. 31, 2013
Investments  
Summary of contract maturity of available-for-sale securities

The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2013:

 

One year or less

 

47

%

After one year but within two years

 

41

%

After two years but within three years

 

12

%

Total

 

100

%

 

Summary of investments

The following is a summary of our investments (in thousands):

 

 

 

 

 

 

 

 

 

Other-Than-

 

 

 

 

 

 

 

 

 

 

 

Temporary

 

 

 

 

 

Amortized

 

Unrealized

 

Impairment

 

Estimated

 

March 31, 2013

 

Cost

 

Gains

 

Losses

 

Loss

 

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

97,983

 

$

59

 

$

(29

)

$

 

$

98,013

 

Debt securities issued by U.S. government agencies

 

9,932

 

1

 

(46

)

 

9,887

 

Debt securities issued by the U.S. Treasury

 

1,000

 

1

 

 

 

1,001

 

Debt securities issued by states of the United States and political subdivisions of the states

 

15,549

 

55

 

(11

)

 

15,593

 

Total securities with a maturity of one year or less

 

124,464

 

116

 

(86

)

 

124,494

 

Corporate debt securities

 

107,131

 

110

 

(156

)

 

107,085

 

Debt securities issued by U.S. government agencies

 

15,020

 

35

 

(3

)

 

15,052

 

Debt securities issued by the U.S. Treasury

 

12,393

 

30

 

 

 

12,423

 

Debt securities issued by states of the United States and political subdivisions of the states

 

5,203

 

7

 

(3

)

 

5,207

 

Total securities with a maturity of more than one year

 

139,747

 

182

 

(162

)

 

139,767

 

Subtotal

 

$

264,211

 

$

298

 

$

(248

)

$

 

$

264,261

 

 

 

 

 

 

 

 

 

 

Other-Than-

 

 

 

 

 

 

 

 

 

 

 

Temporary

 

 

 

 

 

Cost

 

Unrealized

 

Impairment

 

Estimated

 

March  31, 2013

 

Basis

 

Gains

 

Losses

 

Loss

 

Fair Value

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Current portion (Regulus Therapeutics Inc.)

 

$

15,525

 

$

29,338

 

$

 

$

 

$

44,863

 

Current portion (included in Other current assets)

 

1,538

 

1,961

 

 

(880

)

2,619

 

Long-term portion (included in Deposits and other assets)

 

625

 

 

 

 

625

 

Subtotal

 

$

17,688

 

$

31,299

 

$

 

$

(880

)

$

48,107

 

 

 

$

281,899

 

$

31,597

 

$

(248

)

$

(880

)

$

312,368

 

 

 

 

 

 

 

 

 

 

Other-Than-

 

 

 

 

 

 

 

 

 

 

 

Temporary

 

 

 

 

 

Amortized

 

Unrealized

 

Impairment

 

Estimated

 

December 31, 2012

 

Cost

 

Gains

 

Losses

 

Loss

 

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

113,249

 

$

81

 

$

(9

)

$

 

$

113,321

 

Debt securities issued by U.S. government agencies

 

10,100

 

2

 

(66

)

 

10,036

 

Debt securities issued by the U.S. Treasury

 

1,000

 

1

 

 

 

1,001

 

Debt securities issued by states of the United States and political subdivisions of the states

 

16,560

 

18

 

(2

)

 

16,576

 

Total securities with a maturity of one year or less

 

140,909

 

102

 

(77

)

 

140,934

 

Corporate debt securities

 

80,166

 

112

 

(92

)

 

80,186

 

Debt securities issued by U.S. government agencies

 

8,034

 

38

 

 

 

8,072

 

Debt securities issued by the U.S. Treasury

 

12,424

 

27

 

 

 

12,451

 

Debt securities issued by states of the United States and political subdivisions of the states

 

8,306

 

31

 

(16

)

 

8,321

 

Total securities with a maturity of more than one year

 

108,930

 

208

 

(108

)

 

109,030

 

Subtotal

 

$

249,839

 

$

310

 

$

(185

)

$

 

$

249,964

 

 

 

 

 

 

 

 

 

 

Other-Than-

 

 

 

 

 

 

 

 

 

 

 

Temporary

 

 

 

 

 

Cost

 

Unrealized

 

Impairment

 

Estimated

 

December 31, 2012

 

Basis

 

Gains

 

Losses

 

Loss

 

Fair Value

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Current portion (Regulus Therapeutics Inc.)

 

$

15,526

 

$

18,096

 

$

 

$

 

$

33,622

 

Current portion (included in Other current assets)

 

1,579

 

4,175

 

 

(880

)

4,874

 

Long-term portion (included in Deposits and other assets)

 

625

 

 

 

 

625

 

Subtotal

 

$

17,730

 

$

22,271

 

$

 

$

(880

)

$

39,121

 

 

 

$

267,569

 

$

22,581

 

$

(185

)

$

(880

)

$

289,085

 

 

Schedule of investments temporarily impaired

Investments we considered to be temporarily impaired at March 31, 2013 were as follows (in thousands):

 

 

 

 

 

Less than 12 months of
temporary impairment

 

 

 

Number of
Investments

 

Estimated
Fair Value

 

Unrealized
Losses

 

Corporate debt securities

 

70

 

$

95,606

 

$

(185

)

Debt securities issued by U.S. government agencies

 

4

 

13,885

 

(49

)

Debt securities issued by states of the United States and political subdivisions of the states

 

3

 

4,537

 

(14

)

Total temporarily impaired securities

 

77

 

$

114,028

 

$

(248

)