INVESTMENTS

Investments held consisted of the following (in thousands):



	December 31, 2012
	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Available for sale marketable securities:
U.S. treasury notes	$	60,785	$	4	$	(3	)	$	60,786
Agency bonds⁽¹⁾	31,153		4		—			31,157
Commercial paper	5,000		—		—			5,000
Certificates of deposit	5,494		—		—			5,494
Municipal bonds	3,227		1		—			3,228
Total available for sale marketable securities	105,659		9		(3		)	105,665
Trading Securities:
Equity securities - mutual funds	3,046		—		—			3,046
Cost Method Investments⁽²⁾	608		—		—			608
Total Investments	$	109,313	$	9	$	(3	)	$	109,319



	December 31, 2011
	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Available for sale marketable securities:
Agency bonds⁽¹⁾	$	58,508	$	27	$	(2	)	$	58,533
Commercial paper	5,000		—		—			5,000
Certificates of deposit	3,207		4		—			3,211
Total available for sale marketable securities	66,715		31		(2		)	66,744
Trading Securities:
Equity securities - mutual funds	2,810		—		—			2,810
Cost Method Investments⁽²⁾	608		—		—			608
Total Investments	$	70,133	$	31	$	(2	)	$	70,162


⁽¹⁾	Agency bonds are securities backed by U.S. government-sponsored entities.


⁽²⁾	Investments for which it is not practical to estimate fair value are included at cost and primarily consist of investments in privately-held companies.

Realized gains and losses on sales of marketable debt securities were insignificant in 2012, 2011 and 2010.

We review available for sale investments in debt and equity securities for other than temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In the evaluation of whether an impairment is “other-than-temporary,” we consider our ability and intent to hold the investment until the market price recovers, the reasons for the impairment, compliance with our investment policy, the severity and duration of the impairment and expected future performance. Unrealized losses on our corporate notes and bonds and government-backed securities are mainly due to interest rate movements, and no unrealized losses of any significance existed for a period in excess of 12 months. Our investments classified as trading securities, such as assets related to our deferred compensation plan, are carried on the balance sheet at fair value. All unrealized gains or losses are recorded in other income (expense), net in the period incurred.

For investments in small privately-held companies, which are recorded at cost, it is often not practical to estimate fair value. In order to assess whether impairments exist that are “other-than-temporary,” we reviewed recent interim financial statements and held discussions with these entities’ management about their current financial conditions and future economic outlooks. We also considered our willingness to support future funding requirements as well as our intention and/or ability to hold these investments long-term. At December 31, 2012 and 2011, we had $0.6 million in cost-method investments on our balance sheet. Refer to Note 22 the Notes to the Consolidated Financial Statements for additional information.

Investments were included in the following captions on the balance sheet as follows (in thousands):



	December 31, 2012								December 31, 2011
	Short-term investments		Long-term investments		Other assets		Total		Short-term investments		Long-term investments		Other assets		Total
Available for sale marketable securities:
U.S. treasury notes	$	60,786	$	—	$	—	$	60,786	$	—	$	—	$	—	$	—
Agency bonds	10,148		21,009		—		31,157		8,002		50,531		—		58,533
Commercial paper	5,000		—		—		5,000		5,000		—		—		5,000
Certificates of deposit	3,598		1,896		—		5,494		3,211		—		—		3,211
Municipal bonds	—		3,228		—		3,228		—		—		—		—
Total fixed maturity securities	79,532		26,133		—		105,665		16,213		50,531		—		66,744
Equity Securities:
Mutual funds	—		3,046		—		3,046		—		2,810		—		2,810
Cost Method Investments	—		—		608		608		—		—		608		608
Total Investments	$	79,532	$	29,179	$	608	$	109,319	$	16,213	$	53,341	$	608	$	70,162

Contractual maturities or expected liquidation dates of available-for-sale fixed maturity securities at December 31, 2012 were as follows (in thousands):



	Amortized Cost		Fair Value
Due in 1 year or less	$	79,532	$	79,532
Due in 1-5 years	26,127		26,133
Total	$	105,659	$	105,665