MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2011

MARKETABLE SECURITIES

MARKETABLE SECURITIES

NOTE 5—MARKETABLE SECURITIES

        At June 30, 2011, available-for-sale marketable securities are as follows (in thousands):

			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Corporate debt securities			$	116,492	$	249	$	(9	)	$	116,732
States of the U.S. and state political subdivisions				112,593		589		(42	)		113,140
U.S. Treasury securities				49,987		12		—			49,999
	Total debt securities			279,072		850		(51	)		279,871
	Equity security			7,631		1,495		—			9,126
		Total marketable securities	$	286,703	$	2,345	$	(51	)	$	288,997

        At December 31, 2010, available-for-sale marketable securities are as follows (in thousands):

			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Corporate debt securities			$	237,406	$	773	$	(16	)	$	238,163
States of the U.S. and state political subdivisions				110,478		373		(230	)		110,621
U.S. Treasury securities				199,881		18		—			199,899
	Total debt securities			547,765		1,164		(246	)		548,683
	Equity security			12,896		2,418		—			15,314
		Total marketable securities	$	560,661	$	3,582	$	(246	)	$	563,997

        The net unrealized gains in the tables above are included in accumulated other comprehensive income for their respective periods.

        The contractual maturities of debt securities classified as available-for-sale at June 30, 2011 are as follows (in thousands):

		Amortized Cost		Estimated Fair Value
Due in one year or less		$	195,082	$	195,443
Due after one year through five years			83,990		84,428
	Total	$	279,072	$	279,871

        The following table summarizes investments in marketable securities that have been in a continuous unrealized loss position for less than twelve months (in thousands):

		June 30, 2011					December 31, 2010
		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Corporate debt securities		$	12,271	$	(9	)	$	34,552	$	(16	)
States of the U.S. and state political subdivisions			6,764		(42	)		39,171		(230	)
	Total	$	19,035	$	(51	)	$	73,723	$	(246	)

        At June 30, 2011 and December 31, 2010, there are no investments in marketable securities that have been in a continuous unrealized loss position for twelve months or longer.

        Substantially all of the Company's debt securities are rated investment grade. Because the Company does not intend to sell any marketable securities and it is not more likely than not that the Company will be required to sell any marketable securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider any of its marketable securities to be other-than-temporarily impaired at June 30, 2011.

        The following table presents the proceeds from sales and maturities of available-for-sale marketable securities and the related gross realized gains and losses (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011			2010
	(In thousands)
Proceeds from sales and maturities of available-for-sale marketable securities	$	215,139	$	170,878		$	413,904		$	371,868
Gross realized gains		1,022		83			1,916			4,332
Gross realized losses		—		(7	)		(18	)		(7	)

        Gross realized gains and losses from the sales of marketable securities and from the sales of investments are included in "Other income, net" in the accompanying consolidated statement of operations.