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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2012



	December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,474,029	$	12,420	$	(1,488	)	$	2,484,961
U.S. corporate debt securities	1,400,373		9,953		(2,573		)	1,407,753
High yield corporate debt securities	442,723		12,498		(7,742		)	447,479
Asset-backed securities	29,101		72		(25		)	29,148
Municipal obligations	814,657		2,021		(597		)	816,081
Auction rate securities	82,900		—		(8,304		)	74,596
Foreign debt securities	984,696		5,185		(2,807		)	987,074
Total fixed income securities	6,228,479		42,149		(23,536		)	6,247,092
Publicly traded equity securities	58,199		6,802		—			65,001
Total	$	6,286,678	$	48,951	$	(23,536	)	$	6,312,093

The following tables summarize the composition of our short- and long-term investments at June 30, 2012 and December 31, 2011 (tables in thousands):



	June 30, 2012
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,301,054	$	9,614	$	(1,231	)	$	2,309,437
U.S. corporate debt securities	1,498,162		9,087		(642		)	1,506,607
High yield corporate debt securities	442,573		22,658		(2,844		)	462,387
Asset-backed securities	39,898		85		(11		)	39,972
Municipal obligations	1,217,070		2,860		(852		)	1,219,078
Auction rate securities	80,706		—		(6,810		)	73,896
Foreign debt securities	1,192,128		6,351		(551		)	1,197,928
Total fixed income securities	6,771,591		50,655		(12,941		)	6,809,305
Publicly traded equity securities	46,433		57,955		(633		)	103,755
Total	$	6,818,024	$	108,610	$	(13,574	)	$	6,913,060

Fair Value Hierarchy For Financial Assets And Liabilities Measured At Fair Value

The following table represents our fair value hierarchy for our financial assets and liabilities measured at fair value as of June 30, 2012 (in thousands):



	Level 1		Level 2			Level 3		Total
Cash	$	1,662,937	$	—		$	—	$	1,662,937
Cash equivalents	2,265,587		64,494			—		2,330,081
U.S. government and agency obligations	1,335,207		974,230			—		2,309,437
U.S. corporate debt securities	—		1,506,607			—		1,506,607
High yield corporate debt securities	—		462,387			—		462,387
Asset-backed securities	—		39,972			—		39,972
Municipal obligations	—		1,219,078			—		1,219,078
Auction rate securities	—		—			73,896		73,896
Foreign debt securities	—		1,197,928			—		1,197,928
Publicly traded equity securities	103,755		—			—		103,755
Total cash and investments	$	5,367,486	$	5,464,696		$	73,896	$	10,906,078
Other items:
Strategic investments held at cost	$	—	$	—		$	204,963	$	204,963
Convertible debt	—		(2,702,220		)	—		(2,702,220		)
Foreign exchange derivative assets	—		26,955			—		26,955
Foreign exchange derivative liabilities	—		(35,865		)	—		(35,865		)
Commodity derivative liabilities	—		(3,371		)	—		(3,371		)
Interest rate swap contracts	—		(30,207		)	—		(30,207		)

Changes in Fair Value of Level 3 Financial Assets

The following table provides a summary of changes in fair value of our Level 3 auction rate securities for the three and six months ended June 30, 2012 (table in thousands):



	Three Months Ended June 30, 2012			Six Months Ended June 30, 2012
Balance, beginning of the period	$	78,397		$	74,596
Calls at par value	—			(225		)
Other-than-temporary impairment loss	(1,969		)	(1,969		)
(Increase) decrease in previously recognized unrealized losses included in other comprehensive income	(2,532		)	1,494
Balance, end of the period	$	73,896		$	73,896

Unrealized Losses on Investments by Investment Category and Length of Time in Continuous Unrealized Loss Position

Unrealized losses on investments at June 30, 2012 by investment category and length of time the investment has been in a continuous unrealized loss position are as follows (table in thousands):



	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency obligations	$	821,950	$	(1,170	)	$	8,029	$	(61	)	$	829,979	$	(1,231	)
U.S. corporate debt securities	377,330		(642		)	—		—			377,330		(642		)
High yield corporate debt securities	63,023		(2,793		)	2,225		(51		)	65,248		(2,844		)
Asset-backed securities	9,393		(10		)	5		(1		)	9,398		(11		)
Municipal obligations	418,354		(852		)	—		—			418,354		(852		)
Auction rate securities	—		—			73,896		(6,810		)	73,896		(6,810		)
Foreign debt securities	259,385		(551		)	—		—			259,385		(551		)
Publicly traded equity securities	1,293		(633		)	—		—			1,293		(633		)
Total	$	1,950,728	$	(6,651	)	$	84,155	$	(6,923	)	$	2,034,883	$	(13,574	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at June 30, 2012 are as follows (table in thousands):



	June 30, 2012
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	1,651,057	$	1,654,507
Due after 1 year through 5 years	4,346,582		4,367,732
Due after 5 years through 10 years	429,524		446,114
Due after 10 years	344,428		340,952
Total	$	6,771,591	$	6,809,305

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

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