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ADOBE SYSTEMS INC

NOTE 2. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” These investments are free of trading restrictions or become free of trading restrictions within one year. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity. Gains are recognized when realized in our Condensed Consolidated Statements of Income. Losses are recognized as realized or when we have determined that an other-than-temporary decline in fair value has occurred. Gains and losses are determined using the specific identification method.

Cash, cash equivalents and short-term investments consisted of the following as of August 28, 2009 (in thousands):


	Carrying		Unrealized		Unrealized			Estimated
	Value		Gains		Losses			Fair Value
Current assets:
Cash	$	33,923	$	—	$	—		$	33,923

Cash equivalents:
Money market mutual funds		1,043,750		—		—			1,043,750
Bank deposits		49,451		—		—			49,451
United States treasury notes		5,021		—		(1	)		5,020

Total cash equivalents		1,098,222		—		(1	)		1,098,221

Total cash and cash equivalents		1,132,145		—		(1	)		1,132,144

Short-term investments:
United States treasury notes		749,616		5,164		(10	)		754,770
United States government agency bonds		133,164		127		(21	)		133,270
Government guaranteed bonds		265,448		1,724		(73	)		267,099
Corporate bonds		204,126		3,626		(2	)		207,750
Obligations of foreign governments		28,222		488		—			28,710
Bonds of multi-lateral government agencies		27,434		340		—			27,774

Subtotal		1,408,010		11,469		(106	)		1,419,373
Other marketable equity securities		2,504		2,440		—			4,944

Total short-term investments		1,410,514		13,909		(106	)		1,424,317

Total cash, cash equivalents and short-term investments	$	2,542,659	$	13,909	$	(107	)	$	2,556,461

Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2008 (in thousands):


	Carrying		Unrealized		Unrealized			Estimated
	Value		Gains		Losses			Fair Value
Current assets:
Cash	$	117,681	$	—	$	—		$	117,681

Cash equivalents:
Money market mutual funds		682,148		—		—			682,148
Bank deposits		40,594		—		—			40,594
United States treasury notes		35,992		7		—			35,999
Corporate bonds		10,028		—		—			10,028

Total cash equivalents		768,762		7		—			768,769

Total cash and cash equivalents		886,443		7		—			886,450

Short-term investments:
United States treasury notes		863,772		14,384		(1	)		878,155
Corporate bonds		109,415		219		(997	)		108,637
Obligations of foreign governments		115,316		811		(33	)		116,094
Bonds of multi-lateral government agencies		26,559		260		—			26,819

Subtotal		1,115,062		15,674		(1,031	)		1,129,705
Other marketable equity securities		2,773		274		—			3,047

Total short-term investments		1,117,835		15,948		(1,031	)		1,132,752

Total cash, cash equivalents and short-term investments	$	2,004,278	$	15,955	$	(1,031	)	$	2,019,202

See Note 3 for further information regarding our financial instruments.

The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at August 28, 2009 (in thousands):


	Less Than 12 Months					Total
			Gross					Gross
			Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses
United States treasury notes and agency bonds	$	108,878	$	(32	)	$	108,878	$	(32	)
Government guaranteed bonds		23,084		(73	)		23,084		(73	)
Corporate bonds		3,473		(2	)		3,473		(2	)

Total	$	135,435	$	(107	)	$	135,435	$	(107	)

As of August 28, 2009, there were no securities in a continuous loss position for more than twelve months. There were 18 securities that were in an unrealized loss position at August 28, 2009.


	Less Than 12 Months					Total
			Gross					Gross
			Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses
United States treasury notes	$	37,400	$	(1	)	$	37,400	$	(1	)
Corporate bonds		67,606		(997	)		67,606		(997	)
Obligations of foreign governments		28,033		(33	)		28,033		(33	)

Total	$	133,039	$	(1,031	)	$	133,039	$	(1,031	)

As of November 28, 2008, there were no securities in a continuous loss position for more than twelve months. There were 33 securities that were in an unrealized loss position at November 28, 2008.

The following table summarizes the cost and estimated fair value of debt securities classified as short-term investments based on stated maturities as of August 28, 2009 (in thousands):


			Estimated
	Cost		Fair Value
Due within one year	$	772,898	$	775,869
Due within two years		317,246		320,399
Due within three years		241,150		243,434
Due after three years		76,716		79,671

Total	$	1,408,010	$	1,419,373

We review our debt and marketable equity securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell, the investment before recovery of the investment’s amortized cost basis. If we believe that an other-than-temporary decline exists in one of these securities, we write down these investments to fair value. The portion of the write-down related to the credit loss would be recorded to investment gains (losses), net on our Condensed Consolidated Statements of Income for equity securities and to interest and other income, net for debt securities. Any portion of the other-than-temporary decline not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity on our Condensed Consolidated Balance Sheets. As of August 28, 2009, we do not consider any of our investments to be other-than-temporarily impaired.

BED BATH & BEYOND INC.

4) Cash and Cash Equivalents

Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within 5 business days, of $64.3 million and $51.8 million as of August 29, 2009 and February 28, 2009, respectively.

BRISTOL MYERS SQUIBB CO

Note 12. Cash, Cash Equivalents and Marketable Securities

Cash and cash equivalents at September 30, 2009 and December 31, 2008 of $6,367 million and $7,976 million, respectively, primarily consisted of prime money market funds, government agency securities and treasury securities. Cash equivalents primarily consist of highly liquid investments with original maturities of three months or less at the time of purchase and are recorded at cost, which approximates fair value. The Company maintains cash and cash equivalent balances in U.S. dollars and foreign currencies, which are subject to currency rate risk.

The following tables summarize the Company’s current and non-current marketable securities, which include U.S. dollar-denominated FRS and ARS, and are accounted for as “available for sale” debt securities:


	September 30, 2009									December 31, 2008
Dollars in Millions	Cost		Fair Value		Carrying Value		Unrealized (Loss)/Gain in Accumulated OCI			Cost		Fair Value		Carrying Value		Unrealized (Loss)/Gain in Accumulated OCI
Current marketable securities:
U.S. government agency securities	$	275	$	275	$	275	$	—		$	—	$	—	$	—	$	—
U.S. Treasury Bills		25		25		25		—			179		180		180		1
Floating rate securities		2		2		2		—			115		109		109		(6	)

Total current	$	302	$	302	$	302	$	—		$	294	$	289	$	289	$	(5	)

Non-current marketable securities:
Corporate debt securities	$	622	$	624	$	624	$	2		$	—	$	—	$	—	$	—
FDIC insured debt securities		200		201		201		1			—		—		—		—
U.S. government agency securities		175		175		175		—			—		—		—		—
Auction rate securities		169		94		94		—			169		94		94		—
Floating rate securities		121		106		106		(15	)		139		94		94		(45	)
Other		2		2		2		—			—		—		—		—

Total non-current	$	1,289	$	1,202	$	1,202	$	(12	)	$	308	$	188	$	188	$	(45	)


Other assets:
Equity securities⁽¹⁾	$	88	$	79	$	79	$	(9	)	$	31	$	21	$	21	$	(10	)

(1)	Includes investments in Genmab ($64 million) and Celldex Therapeutics, Inc. ($17 million) acquired in September 2009. See “—Note 5. Medarex Inc., Acquisition.”

The following table summarizes the activity for those financial assets where fair value measurements are estimated utilizing Level 3 inputs (ARS and FRS):


	2009											2008
	Current			Non-current								Current			Non-current
Dollars in Millions	FRS			FRS			ARS		Total			FRS			FRS			ARS			Total
Carrying value at January 1	$	109		$	94		$	94	$	297		$	337		$	—		$	419		$	756
Settlements		(113	)		(18	)		—		(131	)		(105	)		—			(49	)		(154	)
Transfers between current and non-current		—			—			—		—			(104	)		104			—			—
Losses included in earnings		—			—			—		—			—			—			(247	)		(247	)
Gains/(losses) included in OCI		6			30			—		36			(34	)		(20	)		90			36

Carrying value at September 30	$	2		$	106		$	94	$	202		$	94		$	84		$	213		$	391

The following table summarizes the marketable securities that have been in an unrealized loss position for less than 12 months and those that have been in a loss position for more than 12 months at September 30, 2009:


	Less than 12 Months					12 Months or More					Total
Dollars in Millions	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Available for sale
Floating Rate Securities	$	—	$	—		$	108	$	(15	)	$	108	$	(15	)
Equity Securities		74		(8	)		5		(1	)		79		(9	)

Carrying value at September 30	$	74	$	(8	)	$	113	$	(16	)	$	187	$	(24	)

NABORS INDUSTRIES LTD

Note 4 Cash and Cash Equivalents and Investments

Our cash and cash equivalents, short-term and long-term investments and other receivables consisted of the following:


	September 30,		December 31,
(In thousands)	2009		2008
Cash and cash equivalents	$	935,051	$	442,087
Short-term investments:
Trading equity securities		24,185		14,263
Available-for-sale equity securities		96,934		55,453
Available-for-sale debt securities		47,993		72,442

Total short-term investments		169,112		142,158
Long-term investments and other receivables		138,093		239,952

Total	$	1,242,256	$	824,197

As of September 30, 2009, our short-term investments consisted of investments in available-for-sale marketable debt and equity securities of $144.9 million and trading securities of $24.2 million and our long-term investments and other receivables consisted of $127.7 million in oil and gas financing receivables and $10.4 million in investments in certain offshore funds accounted for using the equity method. The oil and gas financing receivables represent our financing agreements for certain production payment contracts in our Oil and Gas segment. Income and gains associated with our oil and gas financing receivables are recognized as operating revenues. See Note 3 for discussion of an impairment charge recorded during the nine months ended September 30, 2009 related to a certain oil and gas financing receivable.

As of December 31, 2008, our short-term investments consisted of investments in available-for-sale marketable debt and equity securities of $127.9 million and trading securities of $14.3 million and our long-term investments and other receivables consisted of investments of $224.2 million in oil and gas financing receivables and $15.7 million in investments in offshore funds accounted for using the equity method.

Certain information related to our cash and cash equivalents and short-term investments follows:


	As of September 30,
	2009
			Gross		Gross
			Unrealized		Unrealized
	Fair		Holding		Holding
(In thousands)	Value		Gains		Losses
Cash and cash equivalents	$	935,051	$	—	$	—

Short-term investments:
Trading equity securities		24,185		18,460		—

Available-for-sale equity securities		96,934		50,679		(16,206	)

Available-for-sale debt securities:
Commercial paper and CDs		1,195		—		—
Corporate debt securities		34,499		1,511		(3	)
Mortgage-backed debt securities		878		22		(40	)
Mortgage-CMO debt securities		7,070		118		(244	)
Asset-backed debt securities		4,351		—		(1,000	)

Total available-for-sale debt securities		47,993		1,651		(1,287	)

Total available-for-sale securities		144,927		52,330		(17,493	)

Total short-term investments		169,112		70,790		(17,493	)

Total cash and cash equivalents and short-term investments	$	1,104,163	$	70,790	$	(17,493	)

Certain information related to the gross unrealized losses of our cash and cash equivalents and short-term investments follows:


	As of September 30, 2009
	Less Than 12 Months				More Than 12 Months
			Gross				Gross
			Unrealized				Unrealized
(In thousands)	Fair Value		Loss		Fair Value		Loss
Available-for-sale equity securities ⁽¹⁾	$	—	$	—	$	30,540	$	(16,206	)
Available-for-sale debt securities: ⁽²⁾
Corporate debt securities		—		—		4,047		(3	)
Mortgage-backed debt securities		—		—		248		(40	)
Mortgage-CMO debt securities		—		—		2,233		(244	)
Asset-backed debt securities		—		—		4,351		(1,000	)

Total available-for-sale debt securities		—		—		10,879		(1,287	)

Total	$	—	$	—	$	41,419	$	(17,493	)


(1)		The unrealized loss on investments in available-for-sale equity securities primarily relates to a single investment in a public entity for which the price of oil is a primary driver of operations. This investment, made during the second and third quarters of 2008, was recorded at approximately $46 million. At September 30, 2008, the trading value of the securities was only 4%, below our weighted average historical cost. During October 2008, demand for oil and gas began to diminish significantly as part of the general deterioration of the global economic environment. This caused a broad decline in value of nearly all oil and gas related equity securities during the fourth quarter of 2008 and the first quarter of 2009. Through March 31, 2009, the decline in the trading price per share of this security had continued for less than six months. In the broad context of the deteriorating global economic environment at the time and the short duration of the decline, we did not consider the investment to be other-than-temporarily impaired. Subsequent to March 31, 2009, the trading price per share of this equity security recovered by approximately 136% during the second quarter of 2009 and has reached highs since then that are over 50% greater than its closing price at June 30, 2009. We believe this recovery is consistent with recoveries in the equity markets in general over the two most recent quarters and has significantly reduced the severity of the decline. As a result, we do not consider this security to be other-than-temporarily impaired at September 30, 2009. If the trading price of this security remains below our cost basis throughout the remainder of 2009, our evaluation of whether this security has experienced impairment could result in an other-than-temporary impairment charge.

(2)		Our unrealized losses on available-for-sale debt securities held for more than one year are comprised of various types of securities. Each of these securities have a rating ranging from “A” to “AAA” from Standard & Poor’s and ranging from “A2” to “Aaa” from Moody’s Investors Service and is considered of high credit quality. In each case, we do not intend to sell these investments and it is not more likely than not that we will be required to sell the investments to generate our own cash flow and working capital requirements. We believe that we will be able to collect all amounts due according to the contractual terms of each investment and, therefore, do not consider the decline in value of these investments to be other than temporary at September 30, 2009.

The estimated fair values of our corporate, mortgage-backed, mortgage-CMO and asset-backed debt securities at September 30, 2009, classified by time to contractual maturity, are shown below. Expected maturities differ from contractual maturities because the issuers of the securities may have the right to repay obligations without prepayment penalties and we may elect to sell the securities prior to the contractual maturity date.


	Estimated
	Fair Value
(In thousands)	September 30, 2009
Debt securities:
Due in one year or less	$	6,644
Due after one year through five years		687
Due in more than five years		40,662

Total debt securities	$	47,993

Certain information regarding our debt and equity securities is presented below:


	Nine Months Ended
(In thousands)	September 30, 2009
Available-for-sale:
Proceeds from sales and maturities	$	21,129
Realized gains (losses), net		(35,664	) ⁽¹⁾


(1)		Includes the net credit loss of an other-than-temporary impairment of $35.6 million related to a corporate debt security.

ROWAN COMPANIES INC

Certain of Rowan’s debt securities are government-guaranteed through the Title XI program of U.S. Department of Transportation’s Maritime Administration (“MARAD”). At the Company’s request, MARAD waived certain windstorm insurance coverage requirements under the loan agreements, for which the Company agreed to maintain a minimum unrestricted cash balance, which is currently $25 million. Rowan remains subject to restrictions on the use of certain insurance proceeds should the Company experience future windstorm losses. Each of these security provisions will be released by MARAD should Rowan be able to obtain windstorm coverage that satisfies the original terms of its debt agreements.