NOTE 3: AVAILABLE-FOR-SALE SECURITIES
Our investments consist of investment-grade marketable debt securities. These investments are classified as short-term based on their highly liquid nature and because these securities represent the investment of cash that is available for current operations. All are classified as available-for-sale and recorded at fair value. The carrying value of available-for-sale securities approximates fair market value. As of December 31, 2008 and 2007, we had $2.6 million and $115.8 million in available-for-sale securities. Unrealized holding gains and losses are recorded, net of any tax effect, as a separate component of accumulated other comprehensive income. Unrealized gains and losses on available-for-sale securities were not material as of December 31, 2008 and 2007. The gross realized gains and losses on sales of available-for-sale securities were not material for the years ended December 31, 2008, 2007, and 2006.
The fair value of available-for-sale debt securities at December 31, 2008, by contractual maturity, is shown below (in thousands):
| Cost basis | Estimated fair value |
|||||
|---|---|---|---|---|---|---|
| Due in one year or less | $ | 2,610 | $ | 2,644 | ||
| Total | $ | 2,610 | $ | 2,644 | ||
