First Data 2011 Annual Report Download - page 82
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The principal components of the Company's investment securities are as follows:
(in millions) Cost (a)
Gross
Unrealized
Gain
Gross
Unrealized
(Loss) excludin
g
OTTI (b)
OTTI Recogniz
ed in
OCI (b)/(c)
Fair
Value (d)
As of December 31, 2011
Student loan auction rate securities $ 169.3 $ 1.2 $ — $ — $ 170.5
Corporate bonds 10.3 — (0.1) — 10.2
State and municipal obligations 96.0 — — — 96.0
U.S. Government guaranteed securities 10.0 — — — 10.0
Other 0.1 0.4 — — 0.5
Total available-for-sale securities 285.7 1.6 (0.1)— 287.2
Cost method investments 23.7 — — — 23.7
Totals $ 309.4 $ 1.6 $ (0.1) $ — $ 310.9
As of December 31, 2010
Student loan auction rate securities $ 341.1 $ — $ — $ — $ 341.1
Corporate bonds 63.0 0.1 (0.1) — 63.0
State and municipal obligations (e) 0.5 — — — 0.5
Other 0.1 0.1 — — 0.2
Total available-for-sale securities 404.7 0.2 (0.1)— 404.8
Cost method investments 24.5 — — — 24.5
Totals $ 429.2 $ 0.2 $ (0.1)$ — $ 429.3
(a) Represents amortized cost for debt securities.
(b) "OTTI" refers to other-than-temporary impairments.
(c) For debt securities, represents the fair value adjustment excluding that attributable to credit losses.
(d) Represents cost for cost method investments.
(e) State and municipal obligations have been reclassified from "Other" to conform to current year presentation.
The following table presents the gross unrealized losses and fair value of the Company's investments with unrealized losses,
aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
Less than 12 months More than 12 months Total
(in millions)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Total
Fair Value
Unrealized
Losses
As of December 31, 2011
Corporate bonds $ 10.2 $ (0.1) $ — $ — $ 10.2 $ (0.1)
As of December 31, 2010
Corporate bonds $ 45.8 $ (0.1) $ — $ — $ 45.8 $ (0.1)
All of the above investments, with the exception of cost method investments, were classified as available-for-sale. The
Company uses specific identification to determine the cost of a security sold and the amount of gains and losses reclassified out of
OCI into the Consolidated Statements of Operations. Unrealized gains and losses on investments carried at fair value are included as a
separate component of OCI, net of any related tax effects.
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