Investments

3 Months Ended

Mar. 31, 2013

Investments [Abstract]

INVESTMENTS

2. 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 Condensed Consolidated Balance Sheets and our Condensed Consolidated Statements of Shareholders’ Equity. Cost, gains, and losses are determined using the specific identification method.

Investments consisted of the following as of March 31, 2013:

	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(Thousands of dollars)
Investments:
Money Market Mutual Funds	$	24,392	$	—	$	—		$	24,392
Commercial Paper		7,496		—		(2	)		7,494
Corporate bonds and notes		28,796		30		(7	)		28,819
Subtotal		60,684		30		(9	)		60,705
Deferred compensation plan assets included in other assets		2,879		—		—			2,879
Total	$	63,563	$	30	$	(9	)	$	63,584

$14.7 million of our investments are long-term and included on the balance sheet as Restricted investments, as they are securing outstanding letters of credit with maturities beyond one year.

Investments consisted of the following as of December 31, 2012:

	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(Thousands of dollars)
Investments:
Money Market Mutual Funds	$	29,816	$	—	$	—		$	29,816
Commercial Paper		5,494		1		(2	)		5,493
Corporate bonds and notes		29,986		2		(11	)		29,977
Subtotal		65,296		3		(13	)		65,286
Deferred compensation plan assets included in other assets		2,687		—		—			2,687
Total	$	67,983	$	3	$	(13	)	$	67,973

The following table presents the cost and fair value of our debt investments based on maturities as of:

	March 31, 2013				December 31, 2012
	Amortized Costs		Fair Value		Amortized Costs		Fair Value
	(Thousands of dollars)
Due in one year or less	$	34,673	$	34,697	$	35,480	$	35,470
Due within two years		1,619		1,616		—		—
Total	$	36,292	$	36,313	$	35,480	$	35,470

The following table presents the average coupon rate percentage and the average days to maturity of our debt investments as of:

	March 31, 2013				December 31, 2012
	Average Coupon Rate (%)		Average Days To Maturity		Average Coupon Rate (%)		Average Days To Maturity
Commercial Paper		0.163		116		0.305		138
Corporate bonds and notes		3.041		108		2.965		112

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:

	March 31, 2013					December 31, 2012
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Thousands of dollars)
Commercial Paper	$	7,494	$	(2	)	$	2,494	$	(2	)
Corporate bonds and notes		16,067		(7	)		16,771		(11	)
Total	$	23,561	$	(9	)	$	19,265	$	(13	)

The following table presents the fair value and unrealized losses related to our investments that have been in a continuous unrealized loss position for twelve months or more as of:

	March 31, 2013				December 31, 2012
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Thousands of dollars)
Corporate bonds and notes	$	—	$	—	$	2,004	$	(.4	)
	$	—	$	—	$	2,004	$	(.4	)

We consider the decline in market value of our investments to be due to market conditions, and we do not plan to sell these investments prior to maturity. For these reasons, we do not consider any of our investments to be other than temporarily impaired at March 31, 2013 and December 31, 2012. 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 quarter ended March 31, 2013.