Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Available-For-Sale Securities

v2.4.0.8
Cash, Cash Equivalents and Available-For-Sale Securities
6 Months Ended
Jun. 30, 2013
Cash, Cash Equivalents and Available-For-Sale Securities  
Cash, Cash Equivalents and Available-For-Sale Securities

9.     Cash, Cash Equivalents and Available-For-Sale Securities

 

Cash, cash equivalents and available-for-sale securities consisted of the following (in thousands):

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

Checking account

 

$

281

 

$

251

 

Money market funds

 

7,688

 

23,936

 

Government-sponsored enterprise securities

 

92,470

 

77,047

 

Corporate bonds and commercial paper

 

151,202

 

197,007

 

 

 

$

251,641

 

$

298,241

 

Reported as:

 

 

 

 

 

Cash and cash equivalents

 

$

21,868

 

$

33,484

 

Available-for-sale securities

 

229,773

 

264,757

 

 

 

$

251,641

 

$

298,241

 

 

Cash equivalents and available-for-sale securities include the following securities with unrealized gains and losses (in thousands):

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

June 30, 2013

 

Cost

 

Gains

 

Losses

 

Fair Value

 

Government-sponsored enterprise securities

 

$

92,459

 

$

25

 

$

(14

)

$

92,470

 

Corporate bonds and commercial paper

 

151,196

 

54

 

(48

)

151,202

 

Total

 

$

243,655

 

$

79

 

$

(62

)

$

243,672

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

December 31, 2012

 

Cost

 

Gains

 

Losses

 

Fair Value

 

Government-sponsored enterprise securities

 

$

77,041

 

$

37

 

$

(31

)

$

77,047

 

Corporate bonds and commercial paper

 

196,931

 

98

 

(22

)

197,007

 

Total

 

$

273,972

 

$

135

 

$

(53

)

$

274,054

 

 

As of June 30, 2013, the contractual maturities of our cash equivalents and available-for-sale securities were (in thousands):

 

 

 

Years to Maturity

 

 

 

 

 

After One Year

 

 

 

Within One

 

Through

 

 

 

Year

 

Two Years

 

Government-sponsored enterprise securities

 

$

56,069

 

$

36,401

 

Corporate bonds and commercial paper

 

149,647

 

1,555

 

 

 

$

205,716

 

$

37,956

 

 

As of June 30, 2013, our cash equivalents and available-for-sale securities had a weighted average time to maturity of 235 days. We view our available-for-sale portfolio as available for use in current operations.  Accordingly, we have classified certain investments as available-for-sale securities on our balance sheet even though the stated maturity date of these securities may be more than one year from the current balance sheet date. We have the ability to hold all investments as of June 30, 2013 to maturity. In the second quarter of 2013, we sold certain available-for-sale securities at their approximate carrying values prior to maturity and received proceeds of $16.5 million. The cost of securities we sell is determined based on the specific identification method. At June 30, 2013 and December 31, 2012, we had no investments that had been in a continuous unrealized loss position for more than 12 months.  As of June 30, 2013, a total of 44 individual securities had been in an unrealized loss position for 12 months or less and the losses were determined to be temporary.

 

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):

 

 

 

 

 

Unrealized

 

June 30, 2013

 

Fair Value

 

Losses

 

Government-sponsored enterprise securities

 

$

31,495

 

$

(14

)

Corporate bonds and commercial paper

 

67,105

 

(48

)

Total

 

$

98,600

 

$

(62

)