EMC 2011 Annual Report Download - page 72

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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
In 2011, a realized gain of $56.0 million was recorded in other expense, net on the consolidated income statements for the sale of VMware's investment
in Terremark Worldwide, Inc.
Contractual Maturities
The contractual maturities of fixed income securities held at December 31, 2011 are as follows (table in thousands):
December 31, 2011
Amortized
Cost Basis
Aggregate
Fair Value
Due within one year $ 1,777,170 $ 1,780,391
Due after 1 year through 5 years 3,697,240 3,714,177
Due after 5 years through 10 years 443,037 448,203
Due after 10 years 311,032 304,321
Total $ 6,228,479 $ 6,247,092
Short-term investments on the consolidated balance sheet include $6.6 million of variable rate demand notes which have contractual maturities in 2013,
and are not classified within investments due within one year above.
G. Inventories
Inventories consist of (table in thousands):
December 31,
2011
December 31,
2010
Work-in-process $ 492,064 $ 508,426
Finished goods 517,904 347,979
$ 1,009,968 $ 856,405
H. Accounts and Notes Receivable and Allowance for Credit Losses
Accounts and Notes Receivable
Our accounts and notes receivable are recorded at cost. The portion of our notes receivable due in one year or less are included in accounts and notes
receivable and the long-term portion is included in other assets, net. Lease receivables, which are included in notes receivable, arise from sales-type leases of
products. We typically sell, without recourse, the contractual right to the lease payment stream to third parties. For certain customers we retain the lease.
The contractual amounts due under our leases as of December 31, 2011 were as follows (table in thousands):
Year
Contractual amounts
due under leases
2012 $ 126,598
2013 108,242
2014 99,389
Thereafter 1,231
Total 335,460
Less amounts representing interest (6,856)
Present value 328,604
Current portion (included in accounts and notes receivable) 123,896
Long-term portion (included in other assets, net) $ 204,708
Subsequent to December 31, 2011, we sold $92.3 million of these notes to third parties without recourse.
70