Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Composition of Investments

	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 December 31, 2012 and 2011 (tables in thousands):

	December 31, 2012
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,186,952	$	10,224	$	(967	)	$	2,196,209
U.S. corporate debt securities	1,470,770		10,189		(509		)	1,480,450
High yield corporate debt securities	476,989		34,223		(800		)	510,412
Asset-backed securities	2,114		3		—			2,117
Municipal obligations	1,020,422		3,007		(540		)	1,022,889
Auction rate securities	73,451		—		(3,365		)	70,086
Foreign debt securities	1,264,195		9,083		(255		)	1,273,023
Total fixed income securities	6,494,893		66,729		(6,436		)	6,555,186
Publicly traded equity securities	48,526		38,687		(731		)	86,482
Total	$	6,543,419	$	105,416	$	(7,167	)	$	6,641,668

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 December 31, 2012 and 2011 (in thousands):

	December 31, 2012
	Level 1		Level 2			Level 3		Total
Cash	$	1,493,843	$	—		$	—	$	1,493,843
Cash equivalents	2,898,183		362,034			—		3,260,217
U.S. government and agency obligations	1,324,919		871,290			—		2,196,209
U.S. corporate debt securities	—		1,480,450			—		1,480,450
High yield corporate debt securities	—		510,412			—		510,412
Asset-backed securities	—		2,117			—		2,117
Municipal obligations	—		1,022,889			—		1,022,889
Auction rate securities	—		—			70,086		70,086
Foreign debt securities	—		1,273,023			—		1,273,023
Publicly traded equity securities	86,482		—			—		86,482
Total cash and investments	$	5,803,427	$	5,522,215		$	70,086	$	11,395,728
Other items:
Strategic investments held at cost	$	—	$	—		$	351,855	$	351,855
Investment in joint venture	—		—			32,745		32,745
Convertible debt	—		(2,665,690		)	—		(2,665,690		)
Foreign exchange derivative assets	—		30,189			—		30,189
Foreign exchange derivative liabilities	—		(34,590		)	—		(34,590		)
Commodity derivative liabilities	—		(588		)	—		(588		)

	December 31, 2011
	Level 1		Level 2			Level 3		Total
Cash	$	3,096,275	$	—		$	—	$	3,096,275
Cash equivalents	1,424,761		10,000			—		1,434,761
U.S. government and agency obligations	1,179,280		1,305,681			—		2,484,961
U.S. corporate debt securities	—		1,407,753			—		1,407,753
High yield corporate debt securities	—		447,479			—		447,479
Asset-backed securities	—		29,148			—		29,148
Municipal obligations	—		816,081			—		816,081
Auction rate securities	—		—			74,596		74,596
Foreign debt securities	—		987,074			—		987,074
Publicly traded equity securities	65,001		—			—		65,001
Total cash and investments	$	5,765,317	$	5,003,216		$	74,596	$	10,843,129
Other items:
Convertible debt	$	—	$	(2,500,477	)	$	—	$	(2,500,477	)
Foreign exchange derivative assets	—		23,372			—		23,372
Foreign exchange derivative liabilities	—		(27,741		)	—		(27,741		)
Commodity derivative liabilities	—		(3,093		)	—		(3,093		)
Interest rate swap contract	—		(19,872		)	—		(19,872		)

Changes in Fair Value of Level 3 Financial Assets

The following table provides a summary of changes in fair value of our LenovoEMC joint venture for the year ended December 31, 2012 (table in thousands):

	2012		2011
Balance, beginning of the period	$	—	$	—
Purchase of investment	32,745		—
Balance, end of period	$	32,745	$	—

The following table provides a summary of changes in fair value of our Level 3 auction rate securities for the years ended December 31, 2012 and 2011 (table in thousands):

	2012			2011
Balance, beginning of the period	$	74,596		$	146,044
Calls at par value	(6,625		)	(73,050		)
Other-than-temporary impairment loss	(2,824		)	—
(Increase) decrease in previously recognized unrealized losses included in other comprehensive income	4,939			1,602
Balance, end of the period	$	70,086		$	74,596

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

Unrealized losses on investments at December 31, 2012 and 2011 by investment category and length of time the investment has been in a continuous unrealized loss position are as follows (table in thousands):

December 31, 2012	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	$	188,010	$	(740	)	$	11,930	$	(227	)	$	199,940	$	(967	)
U.S. corporate debt securities	265,773		(509		)	—		—			265,773		(509		)
High yield corporate debt securities	21,394		(475		)	598		(325		)	21,992		(800		)
Asset-backed securities	—		—			6		—			6		—
Municipal obligations	257,357		(506		)	12,167		(34		)	269,524		(540		)
Auction rate securities	—		—			70,086		(3,365		)	70,086		(3,365		)
Foreign debt securities	178,382		(255		)	2,000		—			180,382		(255		)
Publicly traded equity securities	1,157		(731		)	—		—			1,157		(731		)
Total	$	912,073	$	(3,216	)	$	96,787	$	(3,951	)	$	1,008,860	$	(7,167	)

December 31, 2011	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	$	618,510	$	(1,434	)	$	2,107	$	(54	)	$	620,617	$	(1,488	)
U.S. corporate debt securities	449,404		(2,573		)	—		—			449,404		(2,573		)
High yield corporate debt securities	131,112		(7,211		)	840		(531		)	131,952		(7,742		)
Asset-backed securities	20,016		(24		)	5		(1		)	20,021		(25		)
Municipal obligations	303,988		(566		)	8,054		(31		)	312,042		(597		)
Auction rate securities	—		—			74,596		(8,304		)	74,596		(8,304		)
Foreign debt securities	372,531		(2,807		)	—		—			372,531		(2,807		)
Publicly traded equity securities	—		—			—		—			—		—
Total	$	1,895,561	$	(14,615	)	$	85,602	$	(8,921	)	$	1,981,163	$	(23,536	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at December 31, 2012 are as follows (table in thousands):

	December 31, 2012
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	1,404,872	$	1,407,373
Due after 1 year through 5 years	4,222,054		4,251,311
Due after 5 years through 10 years	466,061		493,258
Due after 10 years	401,906		403,244
Total	$	6,494,893	$	6,555,186