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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
E. Fair Value of Financial Instruments
Fair Value
The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts and notes receivable, current portion of long-
term debt and accounts and notes payable approximate fair value due to the short maturities of these instruments.
Investments
The following tables summarize the composition of EMC's available for sale short and long-term investments at December 31, 2002 and 2001 (tables in
thousands):
December 31, 2002
Amortized
Cost Basis
Aggregate
Fair Value
Asset and mortgage-backed securities $ 755,859 $ 765,345
U.S. government and agency obligations 2,125,537 2,160,977
U.S. corporate debt securities 968,001 994,557
Foreign debt securities 76,088 78,154
Total $3,925,485 $3,999,033
December 31, 2001
Amortized
Cost Basis
Aggregate
Fair Value
Asset and mortgage-backed securities $ 450,108 $ 457,481
U.S. government and agency obligations 1,111,550 1,123,706
U.S. corporate debt securities 595,674 609,139
Foreign debt securities 23,483 23,850
Municipal obligations 732,718 740,364
Total $2,913,533 $2,954,540
Gross unrealized gains on these investments were $75.9 million and $47.2 million at December 31, 2002 and 2001, respectively. Gross unrealized
losses on these investments were $2.4 million and $6.2 million at December 31, 2002 and 2001, respectively. Gross realized gains on these investments were
$72.2 million, $53.7 million and $10.4 million in 2002, 2001 and 2000, respectively. Gross realized losses on these investments were $9.2 million, $8.3
million and $14.9 million in 2002, 2001 and 2000 respectively.
The effective maturities of investments held at December 31, 2002 and 2001 are as follows (tables in thousands):
December 31, 2002
Amortized
Cost Basis
Aggregate
Fair Value
Due within one year $ 856,439 $ 864,743
Due after one year through 5 years 3,069,046 3,134,290
Total $3,925,485 $3,999,033
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