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Available-For-Sale Securities (Tables)
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3 Months Ended |
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Mar. 31, 2012
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary Of Available-For-Sale Debt And Equity Securities At Estimated Fair Value |
The following table is a summary of available-for-sale debt and equity securities included in cash and cash equivalents or marketable securities in our Condensed Consolidated Balance Sheets. During the quarter ended March 31, 2012, we liquidated a portion of our investment portfolio to partially fund the acquisition of Pharmasset, Inc. (Pharmasset). Estimated fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services (in thousands): | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | March 31, 2012 | | | | | | | | Debt securities: | | | | | | | | Money market funds | $ | 518,248 |
| | $ | — |
| | $ | — |
| | $ | 518,248 |
| Certificates of deposit | — |
| | — |
| | — |
| | — |
| Non-U.S. government securities | — |
| | — |
| | — |
| | — |
| Corporate debt securities | — |
| | — |
| | — |
| | — |
| Student loan-backed securities | 51,500 |
| | — |
| | (3,332 | ) | | 48,168 |
| Total debt securities | 569,748 |
| | — |
| | (3,332 | ) | | 566,416 |
| Equity securities | — |
| | — |
| | — |
| | — |
| Total | $ | 569,748 |
| | $ | — |
| | $ | (3,332 | ) | | $ | 566,416 |
| December 31, 2011 | | | | | | | | Debt securities: | | | | | | | | Money market funds | $ | 7,455,982 |
| | $ | — |
| | $ | — |
| | $ | 7,455,982 |
| Certificates of deposit | 1,140,000 |
| | — |
| | (18 | ) | | 1,139,982 |
| Non-U.S. government securities | 55,246 |
| | — |
| | (30,505 | ) | | 24,741 |
| Corporate debt securities | 404,994 |
| | — |
| | (5 | ) | | 404,989 |
| Student loan-backed securities | 51,500 |
| | — |
| | (4,548 | ) | | 46,952 |
| Total debt securities | 9,107,722 |
| | — |
| | (35,076 | ) |
| 9,072,646 |
| Equity securities | 1,451 |
| | 7,052 |
| | — |
| | 8,503 |
| Total | $ | 9,109,173 |
| | $ | 7,052 |
| | $ | (35,076 | ) | | $ | 9,081,149 |
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| Summary Of The Classification Of Available-For-Sale Debt And Equity Securities |
The following table summarizes the classification of the available-for-sale debt and equity securities on our Condensed Consolidated Balance Sheets (in thousands): | | | | | | | | | | March 31,
2012 | | December 31,
2011 | Cash and cash equivalents | $ | 518,248 |
| | $ | 9,000,954 |
| Short-term marketable securities | — |
| | 16,491 |
| Long-term marketable securities | 48,168 |
| | 63,704 |
| Total | $ | 566,416 |
| | $ | 9,081,149 |
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| Summary Of Available-For-Sale Debt Securities By Contractual Maturity |
The following table summarizes our portfolio of available-for-sale debt securities by contractual maturity (in thousands): | | | | | | | | | | March 31, 2012 | | Amortized Cost | | Fair Value | Less than one year | $ | 518,248 |
| | $ | 518,248 |
| Greater than one year but less than five years | — |
| | — |
| Greater than five years but less than ten years | — |
| | — |
| Greater than ten years | 51,500 |
| | 48,168 |
| Total | $ | 569,748 |
| | $ | 566,416 |
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| Summary Of Gross Realized Gains And Losses Related To Sales Of Marketable Securities |
The following table summarizes the gross realized gains and losses related to sales of marketable securities (in thousands): | | | | | | | | | | Three Months Ended | | March 31, | | 2012 | | 2011 | Gross realized gains on sales | $ | 10,015 |
| | $ | 3,697 |
| Gross realized losses on sales | $ | (40,096 | ) | | $ | (1,362 | ) |
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| Summary Of Available-For-Sale Debt Securities In A Continuous Unrealized Loss Position Deemed Not To Be Other-Than-Temporarily Impaired |
The following table summarizes our available-for-sale debt securities that were in a continuous unrealized loss position, but were not deemed to be other-than-temporarily impaired (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Greater | | Total | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | March 31, 2012 | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | Certificates of deposit | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Non-U.S. government securities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Corporate debt securities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Student loan-backed securities | — |
| | — |
| | (3,332 | ) | | 48,168 |
| | (3,332 | ) | | 48,168 |
| Total | $ | — |
| | $ | — |
| | $ | (3,332 | ) | | $ | 48,168 |
| | $ | (3,332 | ) | | $ | 48,168 |
| December 31, 2011 | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | Certificates of deposit | $ | (18 | ) | | $ | 1,019,982 |
| | $ | — |
| | $ | — |
| | $ | (18 | ) | | $ | 1,019,982 |
| Non-U.S. government securities | (30,505 | ) | | 24,741 |
| | — |
| | — |
| | (30,505 | ) | | 24,741 |
| Corporate debt securities | (5 | ) | | 224,989 |
| | — |
| | — |
| | (5 | ) | | 224,989 |
| Student loan-backed securities | — |
| | — |
| | (4,548 | ) | | 46,952 |
| | (4,548 | ) | | 46,952 |
| Total | $ | (30,528 | ) | | $ | 1,269,712 |
| | $ | (4,548 | ) | | $ | 46,952 |
| | $ | (35,076 | ) | | $ | 1,316,664 |
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