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Cash and Cash Equivalents and Short-term Investments | 6 Months Ended
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Jun. 30, 2013
Cash and Cash Equivalents and Short-term Investments |
Cash and Cash Equivalents and Short-term Investments | Note 3 Cash and Cash Equivalents and Short-term Investments Our cash and cash equivalents and short-term investments consisted of the following:
|  | June 30, |  | December 31, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 508,128 |  | $ | 524,922 |
Short-term investments: |  |  |  |  |
Trading equity securities |  | $ | — |  | $ | 52,705 |
Available-for-sale equity securities |  | 78,662 |  | 174,610 |
Available-for-sale debt securities |  | 21,170 |  | 25,967 |
Total short-term investments |  | $ | 99,832 |  | $ | 253,282 |
We sold our trading equity securities during the first quarter of 2013. Certain information related to our cash and cash equivalents and short-term investments follows:
|  | June 30, 2013 |  | December 31, 2012 |
|  | Fair Value |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |
|  | (In thousands) |
Cash and cash equivalents |  | $ | 508,128 |  | $ | — |  | $ | — |  | $ | 524,922 |  | $ | — |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading equity securities |  | — |  | — |  | — |  | 52,705 |  | 46,981 |  | — |
Available-for-sale equity securities |  | 78,662 |  | 50,115 |  | — |  | 174,610 |  | 137,282 |  | (1,030 | )
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper and CDs |  | — |  | — |  | — |  | 206 |  | — |  | — |
Corporate debt securities |  | 19,685 |  | 4,432 |  | — |  | 23,399 |  | 1,870 |  | — |
Mortgage-backed debt securities |  | 216 |  | 13 |  | — |  | 244 |  | 15 |  | — |
Mortgage-CMO debt securities |  | 209 |  | 4 |  | (3 | ) | 523 |  | 10 |  | (3 | )
Asset-backed debt securities |  | 1,060 |  | — |  | (88 | ) | 1,595 |  | 28 |  | (192 | )
Total available-for-sale debt securities |  | 21,170 |  | 4,449 |  | (91 | ) | 25,967 |  | 1,923 |  | (195 | )
Total available-for-sale securities |  | 99,832 |  | 54,564 |  | (91 | ) | 200,577 |  | 139,205 |  | (1,225 | )
Total short-term investments |  | 99,832 |  | 54,564 |  | (91 | ) | 253,282 |  | 186,186 |  | (1,225 | )
Total cash, cash equivalents and short-term investments |  | $ | 607,960 |  | $ | 54,564 |  | $ | (91 | ) | $ | 778,204 |  | $ | 186,186 |  | $ | (1,225 | )
Certain information related to the gross unrealized losses of our cash and cash equivalents and short-term investments follows:
|  | As of June 30, 2013 |
|  | Less Than 12 Months |  | More Than 12 Months |
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
|  | (In thousands) |
Available-for-sale equity securities |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Available-for-sale debt securities: (1) |  |  |  |  |  |  |  |  |
Mortgage-CMO debt securities |  | 21 |  | (2 | ) | 108 |  | (1 | )
Asset-backed debt securities |  | 554 |  | (1 | ) | 506 |  | (87 | )
Total available-for-sale debt securities |  | 575 |  | (3 | ) | 614 |  | (88 | )
Total |  | $ | 575 |  | $ | (3 | ) | $ | 614 |  | $ | (88 | )
(1) Our unrealized losses on available-for-sale debt securities held for more than one year are comprised of various types of securities. Each of these securities has a rating ranging from “A” to “AAA” from Standard & Poor’s and ranging from “A2” to “Aaa” from Moody’s Investors Service and is considered to be of high credit quality. In each case, we do not intend to sell these investments, and it is less likely than not that we will be required to sell them to satisfy our own cash flow and working capital requirements. We believe that we will be able to collect all amounts due according to the contractual terms of each investment and, therefore, do not consider the decline in value of these investments to be other-than-temporary at June 30, 2013. The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at June 30, 2013, classified by time to contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to repay obligations without prepayment penalties and we may elect to sell the securities prior to the contractual maturity date.
|  | Estimated |
|  | Fair Value |
|  | June 30, 2013 |
|  | (In thousands) |
Debt securities: |  |  |
Due in one year or less |  | $ | — |
Due after one year through five years |  | 15,413 |
Due in more than five years |  | 5,757 |
Total debt securities |  | $ | 21,170 |
Certain information regarding our debt and equity securities is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (In thousands) |
Available-for-sale |  |  |  |  |  |  |  |  |
Proceeds from sales and maturities |  | $ | 20,352 |  | $ | 796 |  | $ | 106,953 |  | $ | 19,233 |
Realized gains (losses), net |  | $ | 12,183 |  | $ | 19 |  | $ | 88,157 |  | $ | 12,484 |

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