Yahoo 2009 Annual Report Download - page 94

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Yahoo! Inc.
Notes to Consolidated Financial Statements—(Continued)
The following tables show all investments in an unrealized loss position for which an other-than-temporary
impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by
investment category and length of time that individual securities have been in a continuous unrealized loss
position (in thousands):
December 31, 2008
Less than 12 Months 12 Months or Greater Total
Fair Value
Unrealized
Loss
Fair
Value
Unrealized
Loss Fair Value
Unrealized
Loss
Total investments in available-for-sale
securities(*) .................... $72,585 $(2,521) $18,640 $(464) $91,225 $(2,985)
(*) Consists of corporate debt securities.
December 31, 2009
Less than 12 Months 12 Months or Greater Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
U.S. Government and agency
securities ...................... $ 886,657 $(1,825) $— $— $ 886,657 $(1,825)
Municipal bonds .................. 8,760 (3) — — 8,760 (3)
Corporate debt securities and
commercial paper ............... 352,031 (1,298) — — 352,031 (1,298)
Total investments in
available-for-sale securities .... $1,247,448 $(3,126) $— $— $1,247,448 $(3,126)
The Company’s investment portfolio consists of liquid high-quality fixed income government, agency,
municipal, corporate debt securities, money market funds, and term deposits with financial institutions.
Investments in both fixed rate and floating rate interest earning instruments carry a degree of interest rate risk.
Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while
floating rate securities may produce less income than expected if interest rates fall. Fixed income securities may
have their fair market value adversely impacted due to a deterioration of the credit quality of the issuer. The
longer the term of the securities, the more susceptible they are to changes in market rates. Investments are
reviewed periodically to identify possible other-than-temporary impairment. The Company has no current
requirement or intent to sell these securities. The Company expects to recover up to (or beyond) the initial cost of
investment for securities held.
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