Yahoo 2011 Annual Report Download - page 92

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The contractual maturities of available-for-sale marketable debt securities were as follows (in thousands):
December 31,
2010 2011
Due within one year ...................................................... $1,357,661 $493,189
Due after one year through five years ........................................ 744,594 474,338
Total available-for-sale marketable debt securities .......................... $2,102,255 $967,527
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, 2010
Less than 12 Months 12 Months or Greater Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Government and agency securities ........ $539,287 $ (514) $ — $ — $539,287 $ (514)
Corporate debt securities, commercial paper,
and bank certificates of deposit ......... 153,209 (75) 6,006 (1) 159,215 (76)
Corporate equity securities .............. 1,469 (1,128) — — 1,469 (1,128)
Total investments in available-for-sale
securities ...................... $693,965 $(1,717) $6,006 $ (1) $699,971 $(1,718)
December 31, 2011
Less than 12 Months 12 Months or Greater Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Government and agency securities ........ $138,755 $(172) $ — $ — $138,755 $ (172)
Corporate debt securities, commercial
paper, and bank certificates of deposit . . . 123,574 (226) — — 123,574 (226)
Corporate equity securities .............. — — 783 (1,978) 783 (1,978)
Total investments in available-for-sale
securities ...................... $262,329 $(398) $ 783 $(1,978) $263,112 $(2,376)
The Company’s investment portfolio consists of liquid high-quality fixed income government, agency,
municipal, and corporate debt securities, money market funds, and time 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.
The FASB’s authoritative guidance on fair value measurements establishes a framework for measuring fair value
and requires disclosures about fair value measurements by establishing a hierarchy that prioritizes the inputs to
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