Investments

6 Months Ended

Jun. 30, 2011

Investments [Abstract]

Investments

8. Investments

We classify all of our short-term investments as available-for-sale. We carry these at fair value and report unrealized gains and losses, net of taxes, in other comprehensive income until realized. These gains and losses are reflected as a separate component of shareholders’ equity in our consolidated balance sheets and our consolidated statements of shareholders’ equity. Cost, gains, and losses are determined using the specific identification method.

     Investments consisted of the following as of June 30, 2011:

			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
			(Thousands of dollars)
Short-term investments:
Money Market Mutual Funds	$	38,941	$	—	$	—		$	38,941
Commercial Paper		12,997		1		(1	)		12,997
Corporate bonds and notes		37,797		36		(21	)		37,812
Subtotal		89,735		37		(22	)		89,750
Investments in other assets		2,868		—		—			2,868
Total	$	92,603	$	37	$	(22	)	$	92,618

     Investments consisted of the following as of December 31, 2010:

			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
			(Thousands of dollars)
Short-term investments:
Money Market Mutual Funds	$	33,968	$	—	$	—		$	33,968
Commercial Paper		42,471		—		(16	)		42,455
U.S. Government Agencies		8,022		—		(10	)		8,012
Corporate bonds and notes		65,847		4		(214	)		65,637
Subtotal		150,308		4		(240	)		150,072
Investments in other assets		3,547		—		—			3,547
Total	$	153,855	$	4	$	(240	)	$	153,619

The following table presents the cost and fair value of our debt investments based on maturities as of June 30, 2011.

	Amortized		Fair
	Cost		Value
	(Thousands of dollars)
Due in one year or less	$	23,610	$	23,613
Due within two years		27,184		27,196
Total	$	50,794	$	50,809

The following table presents the cost and fair value of our debt investments based on maturities as of December 31, 2010.

	Amortized		Fair
	Cost		Value
	(Thousands of dollars)
Due in one year or less	$	58,740	$	58,704
Due within two years		57,600		57,400
Total	$	116,340	$	116,104

The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of June 30, 2011.

	Average		Average
	Coupon		Days To
	Rate (%)		Maturity
Commercial Paper		0.258		35
Corporate bonds and notes		5.215		365

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of June 30, 2011.

			Unrealized
	Fair Value		Losses
	(Thousands of dollars)
Commercial Paper	$	5,499	$	(1	)
Corporate bonds and notes		13,287		(21	)
	$	18,786	$	(22	)

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for less than twelve months as of December 31, 2010.

			Unrealized
	Fair Value		Losses
	(Thousands of dollars)
Commercial Paper	$	42,471	$	(16	)
U.S. Government Agencies		3,993		(10	)
Corporate bonds and notes		60,501		(214	)
	$	106,965	$	(240	)

As of June 30, 2011 and December 31, 2010, we had no investments in a continuous unrealized loss position for more than twelve months.

We consider the decline in market value to be due to market conditions, and we do not plan to sell these investments prior to a recovery of cost. For these reasons, we do not consider any of our investments to be other than temporarily impaired at June 30, 2011. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether the Company has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if the Company does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). The Company did not have any other-than-temporary impairments relating to credit losses on debt securities for the six months ended June 30, 2011.