Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Investments

We monitor the concentration, diversification, maturity, and liquidity of our investment portfolio, which is primarily invested in fixed-income securities, and classify our investment portfolio as shown below:

	As of March 31		As of December 31
($000)	2013		2012
Available-for-sale	$	70,193	$	125,786
Held-to-maturity	26,408		26,357
Trading securities	6,835		5,386
Total	$	103,436	$	157,529

Unrealized Gain (Loss) on Investments

The following table shows the cost, unrealized gains (losses), and fair values related to investments classified as available-for-sale and held-to-maturity:

	As of March 31, 2013									As of December 31, 2012
($000)	Cost		Unrealized Gain		Unrealized Loss			Fair Value		Cost		Unrealized Gain		Unrealized Loss			Fair Value
Available-for-sale:
Government obligations	$	17,384	$	27	$	(108	)	$	17,303	$	40,669	$	29	$	(608	)	$	40,090
Corporate bonds	30,171		18		(186		)	30,003		49,339		36		(292		)	49,083
Foreign obligations	2,433		1		(30		)	2,404		2,437		1		(19		)	2,419
Commercial paper	—		—		—			—		2,000		—		—			2,000
Equity securities and exchange-traded funds	7,351		943		(164		)	8,130		19,613		1,359		(323		)	20,649
Mutual funds	10,523		1,956		(126		)	12,353		10,499		1,092		(46		)	11,545
Total	$	67,862	$	2,945	$	(614	)	$	70,193	$	124,557	$	2,517	$	(1,288	)	$	125,786
Held-to-maturity:
Certificates of deposit	$	26,408	$	—	$	—		$	26,408	$	26,357	$	—	$	—		$	26,357

Investments Classified by Contractual Maturity Date

The expected maturities of certain fixed-income securities may differ from their contractual maturities because some of these holdings have call features that allow the issuers the right to prepay obligations without penalties.

	As of March 31, 2013				As of December 31, 2012
($000)	Cost		Fair Value		Cost		Fair Value
Available-for-sale:
Due in one year or less	$	49,988	$	49,710	$	87,599	$	86,784
Due in one to two years	—		—		6,846		6,808
Equity securities, exchange-traded funds, and mutual funds	17,874		20,483		30,112		32,194
Total	$	67,862	$	70,193	$	124,557	$	125,786
Held-to-maturity:
Due in one year or less	$	26,403	$	26,403	$	26,352	$	26,352
Due in one to three years	5		5		5		5
Total	$	26,408	$	26,408	$	26,357	$	26,357

Schedule of Realized Gain (Loss) on Available-For-Sale Securities

The following table shows the realized gains and losses arising from sales of our investments classified as available-for-sale recorded in our Condensed Consolidated Statements of Income: 

	Three months ended March 31
($000)	2013			2012
Realized gains	$	1,564		$	212
Realized losses	(839		)	(298		)
Realized gains (losses), net	$	725		$	(86	)

Unrealized Gain (Loss) On Trading Securities

The following table shows the net unrealized gains (losses) on trading securities as recorded in our Condensed Consolidated Statements of Income:

	Three months ended March 31
($000)	2013		2012
Unrealized gains, net	$	318	$	428

Fair Value, Assets Measured on Recurring Basis

The fair value of our assets subject to fair value measurements and that are measured at fair value on a recurring basis using the fair value hierarchy and the necessary disclosures under FASB ASC 820, Fair Value Measurement, are as follows:

	Fair Value		Fair Value Measurements as of March 31, 2013
	as of		Using Fair Value Hierarchy
($000)	March 31, 2013		Level 1		Level 2		Level 3
Available-for-sale investments:
Government obligations	$	17,303	$	—	$	17,303	$	—
Corporate bonds	30,003		—		30,003		—
Foreign obligations	2,404		—		2,404		—
Equity securities and exchange-traded funds	8,130		8,130		—		—
Mutual funds	12,353		12,353		—		—
Trading securities	6,835		6,835		—		—
Cash equivalents	9,285		9,285		—		—
Total	$	86,313	$	36,603	$	49,710	$	—

	Fair Value		Fair Value Measurements as of December 31, 2012
	as of		Using Fair Value Hierarchy
($000)	December 31, 2012		Level 1		Level 2		Level 3
Available-for-sale investments:
Government obligations	$	40,090	$	—	$	40,090	$	—
Corporate bonds	49,083		—		49,083		—
Foreign obligations	2,419		—		2,419		—
Commercial paper	2,000		—		2,000		—
Equity securities and exchange-traded funds	20,649		20,649		—		—
Mutual funds	11,545		11,545		—		—
Trading securities	5,386		5,386		—		—
Cash equivalents	398		398		—		—
Total	$	131,570	$	37,978	$	93,592	$	—