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Cash, Cash Equivalents, and Investments | 12 Months Ended
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Dec. 31, 2011
Cash, Cash Equivalents, and Investments [Abstract] |
Cash, Cash Equivalents, and Investments | NOTE 4: Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Cash |  | $ | 36,404 |  |  | $ | 26,650 |
Money market instruments |  |  | 1,699 |  |  |  | 6,553 |
Cash and cash equivalents |  |  | 38,103 |  |  |  | 33,203 |
Corporate bonds |  |  | 55,570 |  |  |  | 34,543 |
Municipal bonds |  |  | 54,036 |  |  |  | 75,457 |
Agency bonds |  |  | 27,545 |  |  |  | 15,979 |
Sovereign bonds |  |  | 4,016 |  |  |  | 19,350 |
Treasury bills |  |  | 1,945 |  |  |  | 2,494 |
Covered bonds |  |  | 1,319 |  |  |  | - |
Short-term investments |  |  | 144,431 |  |  |  | 147,823 |
Municipal bonds |  |  | 69,680 |  |  |  | 34,794 |
Corporate bonds |  |  | 59,902 |  |  |  | 36,762 |
Sovereign bonds |  |  | 22,355 |  |  |  | - |
Agency bonds |  |  | 12,335 |  |  |  | 21,025 |
Covered bonds |  |  | 4,701 |  |  |  | 3,541 |
Limited partnership interest (accounted for using cost method) |  |  | 5,933 |  |  |  | 5,933 |
Long-term investments |  |  | 174,906 |  |  |  | 102,055 |
|  | $ | 357,440 |  |  | $ | 283,081 |
The Company’s cash balance included foreign bank balances totaling $29,452,000 and $23,639,000 as of December 31, 2011 and 2010, respectively. The Company’s portfolio of debt securities consists of treasury bills, municipal bonds, corporate bonds, agency bonds, sovereign bonds, and covered bonds. Treasury bills consist of debt securities issued by both the U.S. and foreign governments; municipal bonds consist of debt securities issued by state and local government entities; corporate bonds consist of debt securities issued by both domestic and foreign companies; agency bonds consist of domestic or foreign obligations of government agencies and government sponsored enterprises that have government backing; sovereign bonds consist of direct debt issued by foreign governments; and covered bonds consist of debt securities backed by governments, mortgages, or public sector loans. The following table summarizes the Company’s available-for-sale investments as of December 31, 2011 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 56,277 |  |  | $ | 32 |  |  | $ | (739 | ) |  | $ | 55,570 |
Municipal bonds |  |  | 53,974 |  |  |  | 65 |  |  |  | (3 | ) |  |  | 54,036 |
Agency bonds |  |  | 27,676 |  |  |  | 19 |  |  |  | (150 | ) |  |  | 27,545 |
Sovereign bonds |  |  | 3,973 |  |  |  | 43 |  |  |  | - |  |  |  | 4,016 |
Treasury bills |  |  | 1,944 |  |  |  | 1 |  |  |  | - |  |  |  | 1,945 |
Covered bonds |  |  | 1,317 |  |  |  | 2 |  |  |  | - |  |  |  | 1,319 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  |  | 69,576 |  |  |  | 201 |  |  |  | (97 | ) |  |  | 69,680 |
Corporate bonds |  |  | 59,461 |  |  |  | 467 |  |  |  | (26 | ) |  |  | 59,902 |
Sovereign bonds |  |  | 22,029 |  |  |  | 326 |  |  |  | - |  |  |  | 22,355 |
Agency bonds |  |  | 12,371 |  |  |  | 35 |  |  |  | (71 | ) |  |  | 12,335 |
Covered bonds |  |  | 4,679 |  |  |  | 22 |  |  |  | - |  |  |  | 4,701 |
|  | $ | 313,277 |  |  | $ | 1,213 |  |  | $ | (1,086) |  |  | $ | 313,404 |
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 December 31, 2011 (in thousands):
|  | Unrealized Loss Position For: |  |  |  |  |  |  |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate bonds |  | $ | 42,094 |  |  | $ | (754 | ) |  | $ | 5,316 |  |  | $ | (11 | ) |  | $ | 47,410 |  |  | $ | (765 | )
Municipal bonds |  |  | 34,657 |  |  |  | (100 | ) |  |  | - |  |  |  | - |  |  |  | 34,657 |  |  |  | (100 | )
Agency bonds |  |  | 24,610 |  |  |  | (220 | ) |  |  | 3,280 |  |  |  | (1 | ) |  |  | 27,890 |  |  |  | (221 | )
|  | $ | 101,361 |  |  | $ | (1,074 | ) |  | $ | 8,596 |  |  | $ | (12 | ) |  | $ | 109,957 |  |  | $ | (1,086 | )
As of December 31, 2011, the Company did not recognize an other-than-temporary impairment of these investments. In its evaluation, management considered the type of security, the credit rating of the security, the length of time the security has been in a loss position, the size of the loss position, our intent and ability to hold the security to expected recovery of value, and other meaningful information. The Company does not intend to sell, and is unlikely to be required to sell, any of these securities before its effective maturity or market price recovery. The Company recorded gross realized gains on the sale of debt securities totaling $82,000 in 2011, $7,000 in 2010, and $19,000 in 2009, and gross realized losses on the sale of debt securities totaling $263,000 in 2011. Losses were immaterial in 2010 and 2009. The following table presents the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2011 (in thousands):
|  | <1 Year |  |  | 1-2 Years |  |  | 2-3 Years |  |  | 3-4 Years |  |  | 4-5 Years |  |  | Total |
Municipal bonds |  | $ | 54,036 |  |  | $ | 25,713 |  |  | $ | 23,976 |  |  | $ | - |  |  | $ | 19,991 |  |  | $ | 123,716 |
Corporate bonds |  |  | 55,570 |  |  |  | 33,555 |  |  |  | 21,543 |  |  |  | 2,398 |  |  |  | 2,406 |  |  |  | 115,472 |
Agency bonds |  |  | 27,545 |  |  |  | 7,700 |  |  |  | 4,635 |  |  |  | - |  |  |  | - |  |  |  | 39,880 |
Sovereign bonds |  |  | 4,016 |  |  |  | 10,831 |  |  |  | 5,933 |  |  |  | - |  |  |  | 5,591 |  |  |  | 26,371 |
Covered bonds |  |  | 1,319 |  |  |  | 4,701 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,020 |
Treasury bills |  |  | 1,945 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,945 |
|  | $ | 144,431 |  |  | $ | 82,500 |  |  | $ | 56,087 |  |  | $ | 2,398 |  |  | $ | 27,988 |  |  | $ | 313,404 |
The Company has chosen to disclose its Euro-denominated investment portfolio by country and specifically by security type. Financial institutions are included within the corporate bond sector and represent 11% of the total international portfolio. The following table summarizes the Company’s available-for-sale investments held in its international portfolio as of December 31, 2011 (in thousands):
Short-term |  | Corporate bonds |  |  | Agency bonds |  |  | Sovereign bonds |  |  | Treasury bills |  |  | Covered bonds |  |  | Total |
Australia |  | $ | 3,235 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,235 |
Canada |  |  | 3,551 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,551 |
France |  |  | 3,374 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,374 |
Germany |  |  | 5,062 |  |  |  | 3,636 |  |  |  | 3,973 |  |  |  | - |  |  |  | - |  |  |  | 12,671 |
Great Britain |  |  | 10,836 |  |  |  | 5,466 |  |  |  | - |  |  |  | - |  |  |  | 1,317 |  |  |  | 17,619 |
Japan |  |  | 1,332 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,332 |
Netherlands |  |  | 2,202 |  |  |  | 10,379 |  |  |  | - |  |  |  | 1,945 |  |  |  | - |  |  |  | 14,526 |
Supranational |  |  | - |  |  |  | 2,865 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,865 |
Sweden |  |  | 1,943 |  |  |  | 3,557 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,500 |
Switzerland |  |  | 3,542 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,542 |
Total |  | $ | 35,077 |  |  | $ | 25,903 |  |  | $ | 3,973 |  |  | $ | 1,945 |  |  | $ | 1,317 |  |  | $ | 68,215 |
Long-term |  | Corporate bonds |  |  | Sovereign bonds |  |  | Agency bonds |  |  | Covered bonds |  |  | Total |
Austria |  | $ | - |  |  | $ | - |  |  | $ | 3,062 |  |  | $ | - |  |  | $ | 3,062 |
Canada |  |  | - |  |  |  | - |  |  |  | 4,568 |  |  |  | - |  |  |  | 4,568 |
Denmark |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,694 |  |  |  | 1,694 |
Finland |  |  | - |  |  |  | 1,880 |  |  |  | - |  |  |  | - |  |  |  | 1,880 |
France |  |  | 4,100 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,100 |
Germany |  |  | 3,498 |  |  |  | 16,522 |  |  |  | - |  |  |  | - |  |  |  | 20,020 |
Great Britain |  |  | 6,346 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,346 |
Japan |  |  | 1,853 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,853 |
Netherlands |  |  | 6,831 |  |  |  | 3,952 |  |  |  | 1,334 |  |  |  | 1,673 |  |  |  | 13,790 |
Norway |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,333 |  |  |  | 1,333 |
Sweden |  |  | - |  |  |  | - |  |  |  | 1,004 |  |  |  | - |  |  |  | 1,004 |
Switzerland |  |  | 2,149 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,149 |
Total |  | $ | 24,777 |  |  | $ | 22,354 |  |  | $ | 9,968 |  |  | $ | 4,700 |  |  | $ | 61,799 |
In June 2000, the Company became a Limited Partner in Venrock Associates III, L.P. (Venrock), a venture capital fund. A Director of the Company was a General Partner of Venrock Associates through December 31, 2009. The Company has committed to a total investment in the limited partnership of up to $20,500,000, with an expiration date of December 31, 2013. As of December 31, 2011, the Company contributed $19,886,000 to the partnership. The remaining commitment of $614,000 can be called by Venrock at any time before December 31, 2013. No contributions were made and no distributions were received during 2011. Distributions are received and contributions are requested at the discretion of Venrock’s management. As of December 31, 2011, the carrying value of this investment was $5,933,000 compared to an estimated fair value of $7,460,000.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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