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Marketable Investments
 12 Months Ended
Dec. 31, 2013
Marketable Investments  
Marketable Investments

4. Marketable Investments

  • Held-to-Maturity Investments

        Marketable investments classified as held-to-maturity consist of the following (in thousands):

As of December 31, 2013
  Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		  

Government-sponsored enterprises

   $ 445,939   $ 257   $ (77 ) $ 446,119  

Corporate notes and bonds

     411,455     300     (163 )   411,592  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 857,394   $ 557   $ (240 ) $ 857,711  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Reported under the following captions on the consolidated balance sheet:

                          

Current marketable investments

   $ 409,645                    

Noncurrent marketable investments

     447,749                    
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 857,394                    
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         


 

As of December 31, 2012
  Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		  

Government-sponsored enterprises

   $ 350,043   $ 261   $ (35 ) $ 350,269  

Corporate notes and bonds

     280,385     184     (140 )   280,429  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 630,428   $ 445   $ (175 ) $ 630,698  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Reported under the following captions on the consolidated balance sheet:

                          

Current marketable investments

   $ 325,175                    

Noncurrent marketable investments

     305,253                    
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 630,428                    
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         

        The following table summarizes gross unrealized losses and the length of time marketable investments have been in a continuous unrealized loss position (in thousands):

 
   As of December 31,  
 
   2013   2012  
 
   Fair
Value		   Gross
Unrealized
Loss		   Fair
Value		   Gross
Unrealized
Loss		  

Government-sponsored enterprises:

                          

Continuous unrealized loss position less than one year

   $ 76,651   $ (77 ) $ 72,727   $ (35 )

Continuous unrealized loss position greater than one year

     —     —     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     76,651     (77 )   72,727     (35 )

Corporate notes and bonds:

                          

Continuous unrealized loss position less than one year

     168,669     (163 )   90,960     (140 )

Continuous unrealized loss position greater than one year

     —     —     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     168,669     (163 )   90,960     (140 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 245,320   $ (240 ) $ 163,687   $ (175 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        We attribute the unrealized losses on held-to-maturity securities as of December 31, 2013 and 2012, to the variability in related market interest rates. We do not intend to sell these securities, nor is it more likely than not that we will be required to sell them prior to the end of their contractual terms as we stagger our maturities to provide a reasonable level of liquidity and do not invest in securities with maturities in excess of three years. Furthermore, we believe these securities do not expose us to undue market risk or counterparty credit risk. As such, we do not consider these securities to be other than temporarily impaired.

        The following table summarizes the contractual maturities of held-to-maturity marketable investments at December 31, 2013 (in thousands):

 
   As of December 31, 2013  
 
   Amortized
Cost		   Fair
Value		  

Due in less than one year

   $ 409,645   $ 409,751  

Due in one to two years

     325,818     325,960  

Due in three to five years

     121,931     122,000  

Due after five years

     —     —  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 857,394   $ 857,711  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​