Cash, Cash Equivalents, and Investments (Tables)

3 Months Ended

Mar. 31, 2013

Components of Cash, Cash Equivalents, and Investments

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

	March 31, 2013		December 31, 2012
Cash	$	32,290	$	34,986
Cash equivalents		9,398		5,098
Money market instruments		1,069		5,076
Cash and cash equivalents		42,757		45,160
Corporate bonds		60,962		46,001
Asset-backed securities		22,982		17,666
Municipal bonds		12,952		16,224
Agency bonds		11,493		7,482
Treasury bills		5,604		5,997
Covered bonds		4,660		5,618
Commercial paper		2,998		—
Sovereign bonds		1,997		3,986
Corporate stock		1,763		2,131
Short-term investments		125,411		105,105
Corporate bonds		110,443		100,072
Asset-backed securities		42,337		34,710
Treasury bills		28,123		36,276
Agency bonds		27,785		29,441
Municipal bonds		16,619		17,846
Sovereign bonds		9,826		10,606
Covered bonds		6,611		5,564
Limited partnership interest (accounted for using cost method)		3,740		3,740
Long-term investments		245,484		238,255
	$	413,652	$	388,520

Summary of Available-for-Sale Investments

The following table summarizes the Company’s available-for-sale investments as of March 31, 2013 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term:
Corporate bonds	$	60,871	$	111	$	(20	)	$	60,962
Asset-backed securities		22,984		20		(22	)		22,982
Municipal bonds		12,917		35		—			12,952
Agency bonds		11,502		—		(9	)		11,493
Treasury bills		5,602		2		—			5,604
Covered bonds		4,676		1		(17	)		4,660
Commercial paper		2,998		—		—			2,998
Sovereign bonds		2,000		—		(3	)		1,997
Long-term:
Corporate bonds		109,693		796		(46	)		110,443
Asset-backed securities		42,581		25		(269	)		42,337
Treasury bills		28,117		7		(1	)		28,123
Agency bonds		27,720		89		(24	)		27,785
Municipal bonds		16,477		142		—			16,619
Sovereign bonds		9,794		32		—			9,826
Covered bonds		6,591		20		—			6,611
	$	364,523	$	1,280	$	(411	)	$	365,392

Gross Unrealized Losses and Fair Values 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 March 31, 2013 (in thousands):

	Less than 12 Months
	Fair Value		Unrealized Losses
Corporate bonds	$	45,301	$	(66	)
Asset-backed securities		43,706		(291	)
Agency bonds		13,371		(33	)
Treasury bills		12,498		(1	)
Covered bonds		2,937		(17	)
Sovereign bonds		1,997		(3	)
	$	119,810	$	(411	)

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 March 31, 2013 (in thousands):

	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	60,962	$	36,566	$	64,948	$	7,381	$	1,548	$	171,405
Asset-backed securities		22,982		34,387		7,950		—		—		65,319
Agency bonds		11,493		20,385		6,477		—		923		39,278
Treasury bills		5,604		4,503		23,620		—		—		33,727
Municipal bonds		12,952		11,181		2,437		1,427		1,574		29,571
Commercial paper		2,998		—		—		—		—		2,998
Sovereign bonds		1,997		1,522		6,727		1,577		—		11,823
Covered bonds		4,660		3,766		—		2,845		—		11,271
	$	123,648	$	112,310	$	112,159	$	13,230	$	4,045	$	365,392