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Marketable Securities | 9 Months Ended
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Sep. 30, 2011
Marketable Securities |
Marketable Securities |
6. Marketable Securities Rambus invests its excess cash and cash equivalents primarily in U.S. government sponsored obligations, commercial paper, corporate notes and bonds, money market funds and municipal notes and bonds that mature within three years. All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:
|  | September 30, 2011 |
(Dollars in thousands) |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Weighted Rate of Return |
Money market funds |  | $ | 132,721 |  | $ | 132,721 |  | $ | — |  | $ | — |  | 0.01 | %
U.S. government sponsored obligations |  | 35,668 |  | 35,668 |  | 3 |  | (3 | ) | 0.25 | %
Corporate notes, bonds and commercial paper |  | 96,241 |  | 96,359 |  | — |  | (118 | ) | 0.43 | %
Total cash equivalents and marketable securities |  | 264,630 |  | 264,748 |  | 3 |  | (121 | ) |  |
Cash |  | 28,123 |  | 28,123 |  | — |  | — |  |  |
Total cash, cash equivalents and marketable securities |  | $ | 292,753 |  | $ | 292,871 |  | $ | 3 |  | $ | (121 | ) |  |
|  | December 31, 2010 |
(Dollars in thousands) |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Weighted Rate of Return |
Money market funds |  | $ | 132,364 |  | $ | 132,364 |  | $ | — |  | $ | — |  | 0.04 | %
U.S. government sponsored obligations |  | 266,817 |  | 266,840 |  | 29 |  | (52 | ) | 0.26 | %
Corporate notes, bonds and commercial paper |  | 95,724 |  | 95,773 |  | 8 |  | (57 | ) | 0.39 | %
Total cash equivalents and marketable securities |  | 494,905 |  | 494,977 |  | 37 |  | (109 | ) |  |
Cash |  | 17,104 |  | 17,104 |  | — |  | — |  |  |
Total cash, cash equivalents and marketable securities |  | $ | 512,009 |  | $ | 512,081 |  | $ | 37 |  | $ | (109 | ) |  |
Available-for-sale securities are reported at fair value on the balance sheets and classified as follows:
(Dollars in thousands) |  | September 30, 2011 |  | December 31, 2010 |
Cash equivalents |  | $ | 132,721 |  | $ | 198,158 |
Short term marketable securities |  | 131,909 |  | 296,747 |
Total cash equivalents and marketable securities |  | 264,630 |  | 494,905 |
Cash |  | 28,123 |  | 17,104 |
Total cash, cash equivalents and marketable securities |  | $ | 292,753 |  | $ | 512,009 |
The Company continues to invest in high quality, highly liquid debt securities that mature within three years. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and unrealized losses that may be other than temporary. As of September 30, 2011, certain marketable debt securities with a fair value of $115.4 million, which mature within one year, had insignificant unrealized losses. The unrealized loss, net, at September 30, 2011 was insignificant in relation to the Company’s total available-for-sale portfolio. The unrealized loss, net, can be primarily attributed to a combination of market conditions as well as the demand for and duration of the Company’s U.S. government sponsored obligations. The Company has no intent to sell, there is no requirement to sell and the Company believes that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). However, the Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results. The estimated fair value of cash equivalents and marketable securities classified by date of contractual maturity and the associated unrealized loss, net, at September 30, 2011 and December 31, 2010 are as follows:
|  | As of |  | Unrealized Loss, net |
(Dollars in thousands) |  | September 30, 2011 |  | December 31, 2010 |  | September 30, 2011 |  | December 31, 2010 |
Contractual maturity: |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 264,630 |  | $ | 494,905 |  | $ | (118 | ) | $ | (72 | )
See Note 14, “Fair Value of Financial Instruments,” for fair value discussion regarding the Company’s cash equivalents and marketable securities.

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