Securities Available For Sale (Tables)

3 Months Ended

Mar. 31, 2013

Available-for-sale Securities [Abstract]

Fair Value Of Auction Rate Securities By Security Type And Underlying Credit Rating

The following tables, which may contain summation differences due to rounding, set forth the fair values of the Company’s auction rate securities by type of security and underlying credit rating as of the dates indicated (in millions):



	Underlying Credit Rating ⁽¹⁾
As of March 31, 2013	AA-		BB		CCC		Total
Student loans	$	9.2	$	2.6	$	—	$	11.7
Structured finance securities	—		—		3.0		$	3.0
Total auction rate securities	$	9.2	$	2.6	$	3.0	$	14.8



	Underlying Credit Rating ⁽¹⁾
As of December 31, 2012	AA-		BB		CCC		Total
Student loans	$	9.2	$	2.6	$	—	$	11.7
Structured finance securities	—		—		2.7		$	2.7
Total auction rate securities	$	9.2	$	2.6	$	2.7	$	14.4


(1)	The Company’s auction rate securities maintain split ratings. For purposes of this table, securities are categorized according to their lowest rating.

Auction Rate Securities Reconciliation Of Cost Basis To Fair Value

The following table, which may contain summation differences due to rounding, presents the cost basis, gross cumulative unrealized (losses) gains and estimated fair values of the Company’s auction rate securities as of the dates indicated (in millions):



	March 31, 2013
	Adjusted Cost Basis (1)		Gross Cumulative Unrealized (Losses)/Gains			Fair Value
Auction rate securities – student loans	$	12.9	$	(1.1	)	$	11.7
Auction rate securities – structured finance securities	1.7		1.3			3.0
Total auction rate securities	$	14.6	$	0.2		$	14.8

	December 31, 2012
	Adjusted Cost Basis (1)		Gross Cumulative Unrealized (Losses)/Gains			Fair Value
Auction rate securities – student loans	$	12.9	$	(1.1	)	$	11.7
Auction rate securities – structured finance securities	1.7		0.9			2.7
Total auction rate securities	$	14.6	$	(0.2	)	$	14.4


(1)	Adjusted cost basis reflects adjustments for credit and other losses recognized in earnings on our structured finance security. Cumulative adjustments to the cost basis of securities held as of both March 31, 2013 and December 31, 2012 totaled $3.3 million. Par value of securities held as of both March 31, 2013 and December 31, 2012 totaled $17.9 million.

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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