Cash, Cash Equivalents, and Available-For-Sale Investments (Tables)

9 Months Ended

Sep. 30, 2012

Cash, Cash Equivalents, and Available-for-Sale Investments

Cash, cash equivalents, and available-for-sale investments are as follows (in thousands). Included in our restricted cash and long-term investments balance on our Condensed Consolidated Balance Sheet at September 30, 2012 is $25.0 million of restricted cash required to be maintained in a separate reserve account until July 1, 2015 under the terms of our senior secured notes issued in July 2012.

	Estimated Fair Value at
	September 30, 2012		December 31, 2011
Cash and cash equivalents	$	10,338	$	15,312
Short-term investments		308,939		225,856
Restricted cash and long-term investments		35,022		173,768
Total cash, cash equivalents, and available-for-sale investments	$	354,299	$	414,936

Portfolio of Cash, Cash Equivalents, and Available-for-Sale Investments

Our portfolio of cash, cash equivalents, and available-for-sale investments includes (in thousands):

	Estimated Fair Value at
	September 30, 2012		December 31, 2011
Corporate notes and bonds	$	299,457	$	344,427
U.S. corporate commercial paper		12,998		9,464
Obligations of U.S. government agencies		5,001		44,230
Obligations of U.S. states and municipalities		1,505		1,503
Available-for-sale investments		318,961		399,624
Cash and money market funds		35,338		15,312
Total cash, cash equivalents, and available-for-sale investments	$	354,299	$	414,936

Portfolio of Available-for-Sale Investments Reported as Short-Term and Long-Term Investments by Contractual Maturity

The following table summarizes our portfolio of available-for-sale investments reported as short-term and long-term investments by contractual maturity (in thousands):

	Estimated Fair Value at
	September 30, 2012		December 31, 2011
Less than one year	$	308,939	$	213,386
Greater than one year but less than two years		10,022		186,238
Total available-for-sale investments	$	318,961	$	399,624

Financial Assets Measured at Fair Value on a Recurring Basis

The following table represents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 (in thousands):

As of September 30, 2012:	Level 1		Level 2		Level 3		Total
Money market funds	$	8,992	$	—	$	—	$	8,992
U.S. corporate commercial paper		—		12,998		—		12,998
Corporate notes and bonds		—		299,457		—		299,457
Obligations of U.S. government agencies		—		5,001		—		5,001
Obligations of U.S. states and municipalities		—		1,505		—		1,505
Cash equivalents and available-for-sale investments	$	8,992	$	318,961	$	—	$	327,953
Cash, including restricted cash								26,346
Cash, cash equivalents, and available-for-sale investments							$	354,299
As of December 31, 2011:	Level 1		Level 2		Level 3		Total
Money market funds	$	13,950	$	—	$	—	$	13,950
U.S. corporate commercial paper		—		9,464		—		9,464
Corporate notes and bonds		—		344,427		—		344,427
Obligations of U.S. government agencies		—		44,230		—		44,230
Obligations of U.S. states and municipalities		—		1,503		—		1,503
Cash equivalents and available-for-sale investments	$	13,950	$	399,624	$	—	$	413,574
Cash								1,362
Cash, cash equivalents, and available-for-sale investments							$	414,936