(5) Investments
The amortized cost and estimated fair values of available-for-sale securities by balance sheet classification are as follows:
As of September 30, 2011 |
|
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Municipal obligations |
|
$ |
1,365 |
|
$ |
66 |
|
$ |
— |
|
$ |
1,431 |
|
U.S. government securities funds |
|
982 |
|
— |
|
(1 |
) |
981 |
|
Short-term deposits |
|
1,783 |
|
— |
|
— |
|
1,783 |
|
Equity securities |
|
228 |
|
133 |
|
(5 |
) |
356 |
|
Total short-term investment securities |
|
$ |
4,358 |
|
$ |
199 |
|
$ |
(6 |
) |
$ |
4,551 |
|
As of December 31, 2010 |
|
Amortized
Cost |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Municipal obligations |
|
$ |
1,883 |
|
$ |
77 |
|
$ |
— |
|
$ |
1,960 |
|
U.S. government securities funds |
|
989 |
|
— |
|
(15 |
) |
974 |
|
Short-term deposits |
|
3,148 |
|
— |
|
— |
|
3,148 |
|
Equity securities |
|
228 |
|
160 |
|
— |
|
388 |
|
Total short-term investment securities |
|
$ |
6,248 |
|
$ |
237 |
|
$ |
(15 |
) |
$ |
6,470 |
|
The municipal obligations held at a fair value of $1,431 at September 30, 2011 all mature in less than five years.
During the nine-month periods ended September 30, 2011 and 2010, the proceeds from the sales of available-for-sale securities were $5,650 and $109, respectively. There were no gross realized gains (losses) on sales of available-for-sale securities (net of tax) for the nine-month periods ended September 30, 2011 and 2010, respectively.
The Company’s trading securities portfolio totaled $1,423 at September 30, 2011 and $1,778 at December 31, 2010, and generated losses of $121 and gains of $102 for the three months ended September 30, 2011 and 2010, respectively and generated losses of $46 and gains of $76 for the nine months ended September 30, 2011 and 2010, respectively.
As of September 30, 2011 and December 31, 2010, the Company had unrealized losses of $1 and $15, respectively, in its U.S. government securities funds. These losses are due to the interest rate sensitivity of the U.S. government securities funds. |