INVESTMENTS

12 Months Ended

Dec. 31, 2012

INVESTMENTS

NOTE 5—INVESTMENTS

At December 31, 2012, we had investments with a fair value of $46.0 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. Our net unrealized loss on investments was $2.4 million and $4.4 million as of December 31, 2012 and 2011, 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 and continue to perform positively, and we currently do not have the intent to sell these securities before their anticipated recovery. Based on our analysis, we believe that none of our available-for-sale securities were other than temporarily impaired at December 31, 2012.

The following is a summary of our available-for-sale securities at December 31, 2012:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Mutual funds(1)	$	1,975	$	48	$	—		$	2,023
Commercial paper(5)		29,728		9		—			29,737
Asset-backed securities and collateralized mortgage obligations(2)(3)		10,853		—		(2,376	)		8,477
Corporate notes and bonds(4)		5,750		5		—			5,755
Total	$	48,306	$	62	$	(2,376	)	$	45,992

(1) Various U.S. equities and other investments managed under mutual funds.

(2) Included in our asset-backed securities and collateralized mortgage obligations is approximately $6.3 million of commercial paper secured by mortgaged-backed securities.

(3) Asset-backed and mortgage-backed securities with maturities of up to 26 years.

(4) Corporate notes and bonds with maturities of three years or less.

(5) Commercial paper with maturities less than one year.

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)	$	1,975	$	—	$	(52	)	$	1,923
Commercial paper(5)		123,195		22		(7	)		123,210
Asset-backed securities and collateralized mortgage obligations(2)(3)		12,489		—		(4,358	)		8,131
Corporate notes and bonds(4)		5,750		—		(8	)		5,742
Total	$	143,409	$	22	$	(4,425	)	$	139,006

(1) Various U.S. equities and other investments managed under mutual funds.

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

(3) Asset-backed and mortgage-backed securities with maturities of up to 26 years.

(4) Corporate notes and bonds with maturities of three years or less.

(5) Commercial paper with maturities less than one year.

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, 2012	$	191,298	$	—	$	—
Year Ended December 31, 2011	$	693,424	$	—	$	20
Year Ended December 31, 2010	$	1,363,803	$	—	$	91