INVESTMENTS

12 Months Ended

Dec. 31, 2011

INVESTMENTS

NOTE 5—INVESTMENTS

At December 31, 2011, we had investments with a fair value of $139.0 million. Our investment portfolio consists primarily of investments in commercial paper. Our investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of tax, reported as a component of other comprehensive income (loss). Our net unrealized loss on investments was $4.4 million and $4.3 million at December 31, 2011 and 2010, respectively. The major components of our investments in an unrealized loss position are asset-backed and mortgage-backed obligations. These investments have generally shown a positive trend, continue to perform and we currently do not have the intent to sell these securities before their anticipated recovery. Based on our analysis of these investments, we believe that none of our available-for-sale securities were other than temporarily impaired as of December 31, 2011.

The following is a summary of our available-for-sale securities at December 31, 2011:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Mutual funds	$	1,975	$	—	$	(52	)	$	1,923
Commercial paper		123,195		22		(7	)		123,210
Asset-backed securities and collateralized mortgage obligations(1)		12,489		—		(4,358	)		8,131
Corporate notes and bonds		5,750		—		(8	)		5,742
Total	$	143,409	$	22	$	(4,425	)	$	139,006

(1) Included in our asset-backed securities and collateralized mortgage obligations is approximately $7.4 million of commercial paper secured by mortgaged-backed securities.

The following is a summary of our available-for-sale securities at December 31, 2010:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. Government agencies	$	269,154	$	8	$	(1	)	$	269,161
Money market instruments and short-term investments		1,975		32		—			2,007
Asset-backed securities and collateralized mortgage obligations(1)		14,248		—		(4,379	)		9,869
Corporate and foreign government bonds and notes		4,167		1		—			4,168
Total	$	289,544	$	41	$	(4,380	)	$	285,205

Proceeds, gross realized gains and gross realized losses on sales of available-for-sale securities were as follows:

	Proceeds		Gross Realized Gains		Gross Realized Losses
	(In thousands)
Year Ended December 31, 2011	$	693,424	$	—	$	20
Year Ended December 31, 2010	$	1,363,803	$	—	$	91
Year Ended December 31, 2009	$	331,474	$	—	$	94