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Cash and Investments
The following is a summary of available-for-sale securities:
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| Money market funds |
$ 76,931 |
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$ — |
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$ — |
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$ 76,931 |
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$160,093 |
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$ — |
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$ — |
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$160,093 |
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| Commercial paper |
86,697 |
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— |
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— |
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86,697 |
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127,142 |
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— |
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— |
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127,142 |
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| Corporate bonds |
85,379 |
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— |
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— |
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85,379 |
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7,063 |
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— |
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— |
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7,063 |
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| Auction rate preferred |
91,193 |
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— |
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(496 |
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90,697 |
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21,512 |
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3 |
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— |
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21,515 |
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| Municipal bonds |
292,321 |
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1,493 |
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(1,884 |
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291,930 |
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332,628 |
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5,610 |
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(32 |
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338,206 |
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| U.S. Treasury notes |
23,465 |
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— |
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(185 |
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23,280 |
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— |
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— |
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— |
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— |
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Government agency
bonds |
4,274 |
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— |
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(64 |
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4,210 |
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— |
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— |
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— |
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— |
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| Investment in UMC |
152,432 |
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141,321 |
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— |
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293,753 |
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251,355 |
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— |
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251,355 |
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$812,692 |
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$142,814 |
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$(2,629 |
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$952,877 |
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$899,793 |
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$5,613 |
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$(32 |
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$905,374 |
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| Included in: |
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Cash and cash
equivalents |
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$ 90,016 |
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$202,956 |
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Short-term
investments |
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279,381 |
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162,091 |
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Long-term
investments |
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289,727 |
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288,972 |
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Investment in UMC |
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293,753 |
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251,355 |
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$952,877 |
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$905,374 |
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The amortized cost and estimated fair value of marketable debt securities (commercial paper, corporate bonds, municipal bonds, U.S. Treasury notes and government agency bonds) at March 31, 2002, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.
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| Due in one year or less |
$155,267 |
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$154,644 |
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| Due after one year through five years |
231,524 |
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231,507 |
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| Due after five years through ten years |
67,106 |
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67,106 |
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| Due after ten years |
38,239 |
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38,239 |
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$492,136 |
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$491,496 |
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Certain information related to available-for-sale securities is as follows:
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| Gross realized gains on sale of available-for-sale securities |
$9,882 |
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$8,209 |
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$ 115 |
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| Gross realized losses on sale of available-for-sale securities |
(310 |
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(829 |
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(1,715 |
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| Net realized gains (losses) on sale of available-for-sale securities |
$9,572 |
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$7,380 |
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$(1,600 |
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| Amortization of premiums/discounts on available-for-sale securities |
$5,195 |
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$3,781 |
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$ 1,415 |
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For fiscal 2001, interest income and other, net included a pre-tax gain on one of our investments of $4.5 million. The gain was recorded under guidance from Emerging Issues Task Force Bulletin 91-5 “Non-Monetary Exchange of Cost-Method investments.”
Line of Credit
Our Ireland manufacturing facility has $6.2 million available under an uncommitted multicurrency credit line, which expires in November 2002. Under this agreement, borrowings bear interest at 0.75% over the Euribor rate. At March 31, 2002, no borrowings were outstanding under this credit line. We are in full compliance with the agreement's required covenants and financial ratios. The agreement prohibits the payment of cash dividends without prior bank approval in certain limited circumstances.
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