Classmates.com 2007 Annual Report Download - page 106

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UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
3. BALANCE SHEET COMPONENTS
Short-Term Investments
Due to the lack of liquidity and other concerns related to the U.S. credit markets, the Company has liquidated much of its short-term
investments portfolio and converted it to cash and cash equivalents. Cash and cash equivalents and short-term investments were $218.3 million
at December 31, 2007, compared to $162.4 million at December 31, 2006.
Short-term investments consisted of the following (in thousands):
Gross unrealized gains and losses are presented net of tax in accumulated other comprehensive income (loss) 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, 2007,
2006 and 2005.
The Company did not have any gross unrealized losses in its short-term investments at December 31,
2007. 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 (in thousands):
F-24
December 31, 2007
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Municipal securities
$
68,546
$
254
$
—
$
68,800
Total
$
68,546
$
254
$
—
$
68,800
December 31, 2006
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
U.S. corporate notes
$
2,500
$
—
$
—
$
2,500
Municipal securities
126,822
15
(114
)
126,723
Government agencies
14,000
—
(
113
)
13,887
Total
$
143,322
$
15
$
(227
)
$
143,110
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
Municipal securities
$
21,432
$
(5
)
$
8,681
$
(109
)
$
30,113
$
(114
)
Government agencies
—
—
13,887
(113
)
13,887
(113
)
Total
$
21,432
$
(5
)
$
22,568
$
(222
)
$
44,000
$
(227
)