Cash, Cash Equivalents, and Investments (Tables)

9 Months Ended

Sep. 30, 2012

Components of Cash, Cash Equivalents and Investments

Cash, cash equivalents, and investments consisted of the following (in thousands):

	September 30, 2012		December 31, 2011
Cash	$	43,260	$	36,404
Cash equivalents		6,799		—
Money market instruments		4,099		1,699
Cash and cash equivalents		54,158		38,103
Corporate bonds		45,025		55,570
Municipal bonds		25,257		54,036
Asset-backed securities		12,184		—
Treasury bills		10,043		1,945
Covered bonds		4,664		1,319
Agency bonds		2,998		27,545
Sovereign bonds		1,699		4,016
Short-term investments		101,870		144,431
Corporate bonds		91,839		59,902
Municipal bonds		58,586		69,680
Treasury bills		35,989		—
Asset-backed securities		35,018		—
Agency bonds		24,025		12,335
Sovereign bonds		6,134		22,355
Covered bonds		2,757		4,701
Limited partnership interest (accounted for using cost method)		5,562		5,933
Long-term investments		259,910		174,906
	$	415,938	$	357,440

Summary of Available-for-Sale Investments

The following tables summarize the Company’s available-for-sale investments as of September 30, 2012 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	44,935	$	94	$	(4	)	$	45,025
Municipal bonds		25,241		17		(1	)		25,257
Asset-backed securities		12,192		5		(13	)		12,184
Treasury bills		10,044		—		(1	)		10,043
Covered bonds		4,679		—		(15	)		4,664
Agency bonds		2,999		—		(1	)		2,998
Sovereign bonds		1,699		—		—			1,699
Long-term:
Corporate bonds		91,131		723		(15	)		91,839
Municipal bonds		58,246		341		(1	)		58,586
Treasury bills		35,993		2		(6	)		35,989
Asset-backed securities		34,998		48		(28	)		35,018
Agency bonds		24,001		43		(19	)		24,025
Sovereign bonds		6,118		18		(2	)		6,134
Covered bonds		2,753		4		—			2,757
	$	355,029	$	1,295	$	(106	)	$	356,218

Gross Unrealized Losses and Fair Value for Available-for-Sale Investments

The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 30, 2012 (in thousands):

	Unrealized Loss Position For
	Less than 12 Months
	Fair Value		Unrealized Losses
Treasury bills	$	38,529	$	(7	)
Asset-backed securities		30,573		(41	)
Corporate bonds		17,333		(19	)
Agency bonds		12,558		(20	)
Municipal bonds		4,828		(2	)
Covered bonds		4,664		(15	)
Sovereign bonds		2,464		(2	)
	$	110,949	$	(106	)

Effective Maturity Dates of Available-for-Sale Investments

The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 30, 2012 (in thousands):

	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-7 Years		Total
Corporate bonds	$	45,025	$	19,494	$	61,676	$	8,456	$	2,213	$	—	$	136,864
Municipal bonds		25,257		31,111		10,209		7,530		4,519		5,217		83,843
Asset-backed securities		12,184		17,388		12,595		4,530		—		505		47,202
Treasury bills		10,043		20,009		15,980		—		—		—		46,032
Covered bonds		4,664		961		—		1,796		—		—		7,421
Agency bonds		2,998		8,647		7,935		5,425		1,011		1,007		27,023
Sovereign bonds		1,699		765		3,254		2,115		—		—		7,833
	$	101,870	$	98,375	$	111,649	$	29,852	$	7,743	$	6,729	$	356,218