|
9. Cash, Cash Equivalents and Available-For-Sale Securities
Cash, cash equivalents and available-for-sale securities consisted of the following (in thousands):
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
Checking account
|
|
$
|
116
|
|
$
|
686
|
|
|
Money market funds
|
|
9,198
|
|
11,947
|
|
|
U. S. treasury bills
|
|
—
|
|
3,002
|
|
|
Government-sponsored enterprise securities
|
|
50,902
|
|
144,599
|
|
|
Corporate bonds and commercial paper
|
|
123,679
|
|
87,406
|
|
|
|
|
$
|
183,895
|
|
$
|
247,640
|
|
|
Reported as:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
26,801
|
|
$
|
18,633
|
|
|
Available-for-sale securities
|
|
157,094
|
|
229,007
|
|
|
|
|
$
|
183,895
|
|
$
|
247,640
|
|
Cash equivalents and available-for-sale securities include the following securities with unrealized gains and losses (in thousands):
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
|
|
|
September 30, 2012
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
|
|
Government-sponsored enterprise securities
|
|
$
|
50,867
|
|
$
|
35
|
|
$
|
—
|
|
$
|
50,902
|
|
|
Corporate bonds and commercial paper
|
|
123,608
|
|
86
|
|
(15
|
)
|
123,679
|
|
|
Total
|
|
$
|
174,475
|
|
$
|
121
|
|
$
|
(15
|
)
|
$
|
174,581
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
|
|
|
December 31, 2011
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
|
|
U. S. treasury bills
|
|
$
|
3,001
|
|
$
|
1
|
|
$
|
—
|
|
$
|
3,002
|
|
|
Government-sponsored enterprise securities
|
|
144,602
|
|
27
|
|
(30
|
)
|
144,599
|
|
|
Corporate bonds and commercial paper
|
|
87,398
|
|
48
|
|
(40
|
)
|
87,406
|
|
|
Total
|
|
$
|
235,001
|
|
$
|
76
|
|
$
|
(70
|
)
|
$
|
235,007
|
|
As of September 30, 2012, the contractual maturities of our cash equivalents and available-for-sale securities were (in thousands):
|
|
|
Years to Maturity
|
|
|
|
|
|
|
After One Year
|
|
|
|
|
Within One
|
|
Through
|
|
|
|
|
Year
|
|
Five Years
|
|
|
Money market funds
|
|
$
|
9,198
|
|
$
|
—
|
|
|
Government-sponsored enterprise securities
|
|
27,196
|
|
23,706
|
|
|
Corporate bonds and commercial paper
|
|
112,616
|
|
11,063
|
|
|
|
|
$
|
149,010
|
|
$
|
34,769
|
|
As of September 30, 2012, our cash equivalents and available-for-sale securities had a weighted average time to maturity of 207 days. We view our available-for-sale portfolio as available for use in current operations. Accordingly, we have classified certain investments as available-for-sale securities on our balance sheet even though the stated maturity date of these securities may be more than one year from the current balance sheet date. We have the ability to hold all investments as of September 30, 2012 to maturity. At September 30, 2012 and December 31, 2011, we had no investments that had been in a continuous unrealized loss position for more than twelve months. As of September 30, 2012, a total of 8 individual securities had been in an unrealized loss position for twelve months or less and the losses were determined to be temporary.
The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):
|
|
|
|
|
Unrealized
|
|
|
September 30, 2012
|
|
Fair Value
|
|
Losses
|
|
|
Corporate bonds and commercial paper
|
|
$
|
18,164
|
|
$
|
(15
|
)
|
|
|
|
|
|
|
|
|
|