Classmates.com 2006 Annual Report Download - page 87
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3. BALANCE SHEET COMPONENTS
Short-Term Investments
Short-term investments consist of the following (in thousands):
Gross unrealized gains and losses are presented net of tax in accumulated other comprehensive income on the consolidated balance sheets.
The Company had no material realized gains or losses from the sale of short-term investments in the years ended December 31, 2006 and 2005.
The Company recognized $0.1 million of realized gains from the sale of short-term investments in the year ended December 31, 2004.
The following table summarizes the fair value and gross unrealized losses on the Company’s short-term investments, aggregated by type of
investment instrument and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2006 and
2005 (in thousands):
The Company’
s investment portfolio consists of both corporate and government securities that have a maximum maturity of four years. The
longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those
securities purchased with a lower yield-at-cost show a mark-to-market unrealized loss. All unrealized losses are due to changes in interest rates
and bond yields.
F- 25
December 31, 2006
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
U.S. corporate notes
$
2,500
$
—
$
—
$
2,500
Government agencies
140,822
15
(227
)
140,610
Total
$
143,322
$
15
$
(227
)
$
143,110
December 31, 2005
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
U.S. corporate notes
$
28,143
$
3
$
(10
)
$
28,136
Government agencies
116,321
—
(
492
)
115,829
Total
$
144,464
$
3
$
(502
)
$
143,965
December 31, 2006
Less than 12 Months
12 Months or Greater
Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
U.S. corporate notes
$
—
$
—
$
—
$
—
$
—
$
—
Government agencies
21,432
(5
)
22,568
(222
)
44,000
(227
)
Total
$
21,432
$
(5
)
$
22,568
$
(222
)
$
44,000
$
(227
)
December 31, 2005
Less than 12 Months
12 Months or Greater
Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
U.S. corporate notes
$
26,132
$
(10
)
$
—
$
—
$
26,132
$
(10
)
Government agencies
33,990
(172
)
19,819
(320
)
53,809
(492
)
Total
$
60,122
$
(182
)
$
19,819
$
(320
)
$
79,941
$
(502
)