us-gaap:MarketableSecuritiesTextBlock

3M Company

NOTE 7. Marketable Securities

The Company invests in agency securities, corporate securities, asset-backed securities, treasury securities and other securities. The following is a summary of amounts recorded on the Consolidated Balance Sheet for marketable securities (current and non-current).

	Sept. 30,		Dec. 31,
(Millions)	2009		2008

Agency securities	$	310	$	180
Corporate securities	139		145
Asset-backed securities:
Automobile loans related	144		24
Credit cards related	19		—
Other	29		11
Asset-backed securities total	192		35
Other securities	56		13

Current marketable securities	$	697	$	373

Agency securities	$	82	$	200
Corporate securities	97		62
Treasury securities	114		12
Asset-backed securities:
Automobile loans related	157		25
Credit cards related	50		40
Other	13		11
Asset-backed securities total	220		76
Auction rate and other securities	6		2

Non-current marketable securities	$	519	$	352

Total marketable securities	$	1,216	$	725

Classification of marketable securities as current or non-current is dependent upon management’s intended holding period, the security’s maturity date and liquidity considerations based on market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current. At September 30, 2009, gross unrealized losses totaled approximately $19 million (pre-tax), while gross unrealized gains totaled approximately $4 million (pre-tax). At December 31, 2008, gross unrealized losses totaled approximately $30 million (pre-tax), while gross unrealized gains were not material. Gross unrealized losses related to auction rate securities totaled $11 million and $16 million (pre-tax) as of September 30, 2009 and December 31, 2008, respectively. Gross realized gains and losses on sales or maturities of marketable securities for the first nine months of 2009 and 2008 were not material. Cost of securities sold or reclassified use the first in, first out (FIFO) method. Since these marketable securities are classified as available-for-sale securities, changes in fair value will flow through other comprehensive income, with amounts reclassified out of other comprehensive income into earnings upon sale or “other-than-temporary” impairment.

3M has a diversified marketable securities portfolio of $1.216 billion as of September 30, 2009. Within this portfolio, current and long-term asset-backed securities (estimated fair value of $412 million) are primarily comprised of interests in automobile loans and credit cards. At September 30, 2009, the asset-backed securities credit ratings were AAA or A-1+, with the following exceptions: three securities rated AA with a total fair value of $23 million, one security rated A with a fair value of less than $1 million, and one security rated BBB with a fair value of less than $1 million. Historically, 3M’s marketable securities portfolio included auction rate securities that represented interests in investment grade credit default swaps, however, these have been written down to $6 million as of September 30, 2009. Since the second half of 2007, these auction rate securities failed to auction due to sell orders exceeding buy orders. Liquidity for these auction-rate securities is typically provided by an auction process that resets the applicable interest rate at pre-determined intervals, usually every 7, 28, 35, or 90 days. The funds associated with failed auctions will not be accessible until a successful auction occurs or a buyer is found outside of the auction process. Based upon an analysis of “temporary” and “other-than-temporary” impairment factors, auction rate securities with an original par value of approximately $34 million were written-down to an estimated fair value of $1 million as of December 31, 2008 and adjusted to an estimated fair value of $6 million as of September 30, 2009. There are $11 million (pre-tax) of temporary impairments associated with auction rate securities at September 30, 2009, which were recorded as unrealized losses within other comprehensive income. As of September 30, 2009, these investments have been in a loss position for more than 12 months. 3M recorded “other-than-temporary” impairment charges that reduced pre-tax income by approximately $8 million in the second quarter of 2008, $1 million in the first quarter of 2008, and $8 million in the fourth quarter of 2007. Refer to Note 10 for a table that reconciles the beginning and ending balances of auction rate securities.

3M reviews impairments associated with the above in accordance with the measurement guidance provided by ASC 320, Investments-Debt and Equity Securities, when determining the classification of the impairment as “temporary” or “other-than-temporary. In addition, as discussed in Note 1, beginning in April 2009, the Company considers the new accounting standard with respect to the determination of “other-than-temporary” impairments associated with investments in debt securities. A temporary impairment charge results in an unrealized loss being recorded in the other comprehensive income component of equity. Such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as other-than-temporary. The factors evaluated to differentiate between temporary and other-than-temporary include the projected future cash flows, credit ratings actions, and assessment of the credit quality of the underlying collateral, as well as the factors included in the impairment model for debt securities included in the new standard relating to “other-than temporary” impairments, as described in Note 1.

The balances at September 30, 2009 for marketable securities by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	Sept. 30,
(Millions)	2009

Due in one year or less	$	480
Due after one year through three years	563
Due after three years through five years	133
Due after five years	40

Total marketable securities	$	1,216

ARCHER DANIELS MIDLAND CO

Note 5.

Marketable Securities and Cash Equivalents

				Unrealized		Unrealized			Fair
	Cost			Gains		Losses			Value
	(In millions)
September 30, 2009
United States government obligations
Maturity less than 1 year		$	490	$	1	$	(1	)	$	490
Maturity 1 to 5 years			29		1		-			30
Government–sponsored enterprise obligations
Maturity 1 to 5 years			59		2		-			61
Maturity 5 to 10 years			107		1		-			108
Maturity greater than 10 years			262		7		-			269
Corporate debt securities
Maturity less than 1 year			9		-		-			9
Maturity 1 to 5 years			33		2		-			35
Other debt securities
Maturity less than 1 year			1,863		-		-			1,863
Maturity 5 to 10 years			6		-		-			6
Maturity greater than 10 years			15		-		(2	)		13
Equity securities
Available-for-sale			70		40		(17	)		93
Trading			22		-		-			22
		$	2,965	$	54	$	(20	)	$	2,999

				Unrealized		Unrealized			Fair
	Cost			Gains		Losses			Value
		(In millions)
June 30, 2009
United States government obligations
Maturity less than 1 year		$	645	$	–	$	–		$	645
Maturity 1 to 5 years			29		1		–			30
Government–sponsored enterprise obligations
Maturity less than 1 year			8		–		–			8
Maturity 1 to 5 years			59		2		–			61
Maturity 5 to 10 years			104		1		(1	)		104
Maturity greater than 10 years			268		6		–			274
Corporate debt securities
Maturity less than 1 year			10		–		–			10
Maturity 1 to 5 years			37		1		–			38
Other debt securities
Maturity less than 1 year			463		–		–			463
Maturity 5 to 10 years			6		–		–			6
Maturity greater than 10 years			16		–		(3	)		13
Equity securities
Available-for-sale			69		33		(29	)		73
Trading			19		–		–			19
		$	1,733	$	44	$	(33	)	$	1,744

Of the $20 million in unrealized losses at September 30, 2009, $1 million arose within the last 12 months. The market value of the investments that have been in an unrealized loss position for less than 12 months and for 12 months and longer is $40 million and $42 million, respectively. The market value of United States government obligations, government-sponsored enterprise obligations, and other debt securities with unrealized losses as of September 30, 2009, is $54 million. The $3 million of unrealized losses associated with United States government obligations, government sponsored enterprise obligations and other debt securities are not considered to be other-than-temporary because the present value of expected cash flows to be collected is equivalent to or exceeds the amortized cost basis of the securities. The market value of available-for-sale equity securities with unrealized losses as of September 30, 2009, is $28 million. All of the $17 million in unrealized losses associated with available-for-sale equity securities is related to the Company’s investment in one security. The Company does not intend to sell any of its impaired debt and equity securities, and, based upon its evaluation, the Company does not believe it is likely that the Company will be required to sell the investments before recovery of their amortized cost bases which is expected in the foreseeable future.

Bank of New York Mellon CORP

Note 5 — Securities

The following tables set forth the amortized cost and the fair values of securities at Sept. 30, 2009 and Dec. 31, 2008.


Securities at Sept. 30, 2009	Amortized cost			Gross unrealized				Fair value
(in millions)	Amortized cost			Gains		Losses		Fair value
Available-for-sale:
U.S. Government obligations	$	5,056		$	50	$	-	$	5,106
U.S. Government agencies		1,241			32		-		1,273
Obligations of states and political subdivisions		556			12		16		552
Agency RMBS		15,998			369		64		16,303
Alt-A RMBS		2,931			-		68		2,863
Prime RMBS		4,125			2		235		3,892
Subprime RMBS		1,108			-		354		754
Other RMBS		2,600			2		536		2,066
Commercial MBS		3,116			26		279		2,863
Asset-backed CDOs		417			2		61		358
Other asset-backed securities		1,216			99		184		1,131
Other debt securities		9,275			85		47		9,313	^(a)
Equity securities		1,549			10		1		1,558
Total securities available-for-sale		49,188			689		1,845		48,032
Held-to-maturity:
Obligations of states and political subdivisions		163			5		-		168
Agency RMBS		562			33		-		595
Alt-A RMBS		1,688			1		82		1,607
Prime RMBS		199			-		10		189
Subprime RMBS		50			-		7		43
Other RMBS		3,661			27		237		3,451
Commercial MBS		19			-		5		14
Other securities		4			-		-		4
Total securities held-to-maturity		6,346	^(b)		66		341		6,071
Total securities	$	55,534		$	755	$	2,186	$	54,103

^(a)

Includes $8.7 billion, at fair value, of government-sponsored and government guaranteed entities

^(b)

Held-to-maturity securities on the balance sheet are reported at amortized cost less the non-credit portion of an other-than-temporary impairment recorded in OCI ($28 million) in accordance with ASC 320.


Securities at Dec. 31, 2008	Amortized cost		Gross unrealized				Fair value
(in millions)	Amortized cost		Gains		Losses		Fair value
Available-for-sale:
U.S. Government obligations	$	746	$	36	$	1	$	781
U.S. Government agencies		1,259		40		-		1,299
Obligations of states and political subdivisions		896		8		21		883
Agency RMBS		10,862		211		174		10,899
Alt-RMBS		5,164		21		2,223		2,962
Prime RMBS		6,437		-		1,733		4,704
Subprime RMBS		1,512		-		575		937
Other RMBS		2,997		-		596		2,401
Commercial MBS		3,275		-		803		2,472
Asset-backed CDOs		604		2		166		440
Other asset-backed securities		1,612		-		479		1,133
Other debt securities		1,884		36		130		1,790
Equity securities		1,392		-		29		1,363
Total securities available-for-sale		38,640		354		6,930		32,064
Held-to-maturity:
Obligations of states and political subdivisions		193		2		2		193
Agency RMBS		699		24		1		722
Alt-A RMBS		2,335		-		562		1,773
Prime RMBS		288		-		48		240
Subprime RMBS		66		-		16		50
Other RMBS		3,770		-		432		3,338
Commercial MBS		13		-		3		10
Other debt securities		4		-		-		4
Other securities		3		-		-		3
Total securities held-to-maturity		7,371		26		1,064		6,333
Total securities	$	46,011	$	380	$	7,994	$	38,397

The amortized cost and fair values of securities at Sept. 30, 2009, by contractual maturity, are as follows:


Securities by contractual maturity at Sept. 30, 2009	Available-for-sale				Held-to-maturity
(in millions)	Amortized cost		Fair value		Amortized cost		Fair value
Due in one year or less	$	1,123	$	1,138	$	-	$	-
Due after one year through five years		14,090		14,224		2		2
Due after five years through ten years		266		276		12		12
Due after ten years		649		606		149		154
Mortgage-backed securities		29,878		28,741		6,179		5,899
Asset-backed securities		1,633		1,489		-		-
Equity/other securities		1,549		1,558		4		4
Total securities	$	49,188	$	48,032	$	6,346	$	6,071

The realized gross gains, realized gross losses, and recognized gross impairments are as follows:


Net securities losses										YTD
(in millions)	3Q09			2Q09			3Q08			2009			2008
Realized gross gains	$	15		$	40		$	4		$	58		$	7
Realized gross losses		(15	)		(6	)		(4	)		(21	)		(6	)
Recognized gross impairments		(4,833	)		(290	)		(162	)		(5,421	)		(388	)
Total net securities losses	$	(4,833	)	$	(256	)	$	(162	)	$	(5,384	)	$	(387	)

Temporarily impaired securities

At Sept. 30, 2009, substantially all of the unrealized losses on the securities portfolio were attributable to credit spreads widening since purchase. We do not intend to sell these securities and it is not more likely than not that we will have to sell.

The following tables show the aggregate related fair value of investments with a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for greater than 12 months.


Temporarily impaired securities	Less than 12 months				12 months or more				Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Sept. 30, 2009:
Available-for-sale:
Obligations of states and political subdivisions	$	-	$	-	$	156	$	16	$	156	$	16
Agency RMBS		-		-		5,216		64		5,216		64
Alt-A RMBS		-		-		133		68		133		68
Prime RMBS		-		-		1,478		235		1,478		235
Subprime RMBS		-		-		425		354		425		354
Other RMBS		-		-		2,063		536		2,063		536
Commercial MBS		-		-		1,617		279		1,617		279
Asset-backed CDOs		30		9		251		52		281		61
Other asset-backed securities		-		-		952		184		952		184
Other debt securities		85		1		6,734		46		6,819		47
Equity securities		14		-		3		1		17		1
Total securities available-for-sale	$	129	$	10	$	19,028	$	1,835	$	19,157	$	1,845
Held-to-maturity:
Alt-A RMBS	$	-	$	-	$	320	$	82	$	320	$	82
Prime RMBS		-		-		189		10		189		10
Subprime RMBS		-		-		23		7		23		7
Other RMBS		-		-		1,849		237		1,849		237
Commercial MBS		-		-		14		5		14		5
Total securities held-to-maturity	$	-	$	-	$	2,395	$	341	$	2,395	$	341
Total temporarily impaired securities	$	129	$	10	$	21,423	$	2,176	$	21,552	$	2,186

Dec. 31, 2008:
Available-for-sale:
U.S. Government obligations	$	-	$	-	$	30	$	1	$	30	$	1
Obligations of states and political subdivisions		247		8		264		13		511		21
Agency RMBS		-		-		4,370		174		4,370		174
Alt-A RMBS		145		64		1,891		2,159		2,036		2,223
Prime RMBS		375		102		4,291		1,631		4,666		1,733
Subprime RMBS		129		58		808		517		937		575
Other RMBS		39		-		2,362		596		2,401		596
Commercial MBS		136		55		2,295		748		2,431		803
Asset-backed CDOs		70		50		349		116		419		166
Other asset-backed securities		89		3		989		476		1,078		479
Other debt securities		67		8		199		122		266		130
Other equity securities		10		6		33		23		43		29
Total securities available-for-sale	$	1,307	$	354	$	17,881	$	6,576	$	19,188	$	6,930
Held-to-maturity:
Obligations of states and political subdivisions	$	-	$	-	$	63	$	2	$	63	$	2
Agency RMBS		-		-		25		1		25		1
Alt-A RMBS		172		75		1,575		487		1,747		562
Prime RMBS		-		-		240		48		240		48
Subprime RMBS		-		-		50		16		50		16
Other RMBS		-		-		3,338		432		3,338		432
Commercial MBS		-		-		10		3		10		3
Total securities held-to-maturity	$	172	$	75	$	5,301	$	989	$	5,473	$	1,064
Total temporarily impaired securities	$	1,479	$	429	$	23,182	$	7,565	$	24,661	$	7,994

Other-than-temporary impairment

Upon acquisition of a security, BNY Mellon decides whether it is within the scope of ASC 325 -Investments – Other or will be evaluated for impairment under the guidance within ASC 320. Subsequently, if the security is downgraded we do not alter this decision.

ASC 325 provides specific guidance for certain debt securities which are beneficial interests in securitized financial assets. Specifically, ASC 325 provides incremental impairment guidance for a subset of the debt securities within the scope of ASC 320. For securities where there is no debt rating at acquisition, and the security is a beneficial interest in securitized financial assets, BNY Mellon uses the ASC 325 impairment model. For securities where there is no debt rating at acquisition and the security is not a beneficial interest in securitized financial assets BNY Mellon uses the impairment model guidance under ASC 320.

We routinely conduct periodic reviews to identify and evaluate each investment security to determine whether OTTI has occurred. Economic models are used to determine whether an OTTI has occurred on these securities. While all securities are considered, the securities primarily impacted by OTTI testing are non-agency RMBS and HELOCs. For each non-agency RMBS in the investment portfolio (including but not limited to those whose fair value is less than their amortized cost basis), an extensive, regular review is conducted to determine if an OTTI has occurred. Various inputs to the economic models are used to determine if an unrealized loss on non-agency RMBS is other-than-temporary. The most significant inputs are:

•

Default rate – the number of mortgage loans expected to go into default over the life of the transaction, which is driven by the roll rate of loans in each performance bucket that will ultimately migrate to default; and

•

Severity – the loss expected to be realized when a loan defaults

To determine if the unrealized loss for non-agency RMBS is other-than-temporary, we project total estimated defaults of the underlying assets (mortgages) and multiply that calculated amount by an estimate of realizable value upon sale in the marketplace (severity) in order to determine the projected collateral loss. We also evaluate the current credit enhancement underlying the bond to determine the impact on cash flows. If we determine that a given RMBS position will be subject to a write-down or loss, we record the expected credit loss as a charge to earnings.

In addition, we have estimated the expected loss by taking into account observed performance of the underlying securities, industry studies, market forecasts, as well as our view of the economic outlook affecting bond collateral.

The table below shows the projected weighted-average default rates and loss severities for the recent-vintage (i.e. 2007, 2006 and late 2005) non-agency RMBS portfolios at Sept. 30, 2009 and Dec. 31, 2008.


Projected weighted-average default rates and severities
	Sept. 30, 2009				Dec. 31, 2008
	Default Rate		Severity		Default Rate		Severity
Alt-A	42	%	51	%	28	%	43	%
Subprime	74	%	70	%	56	%	59	%
Prime	18	%	44	%	14	%	31	%

The HELOC portfolio holdings are regularly evaluated for potential OTTI. The HELOC securities credit enhancement is provided by a combination of excess spread, over-collateralization, subordination, and a note insurance policy provided by a monoline insurer. For the HELOC holdings, the rating is highly dependent upon the rating of the monoline insurance provider.

If a monoline insurer experiences a credit rating downgrade and it is determined that the monoline insurer may not be able to meet its obligations, the HELOC holdings guaranteed by that insurer are further evaluated based on the deal collateral and structure without the insurer guarantee. Potential losses are compared to the available total coverage provided by excess spread, over-collateralization and subordination for each bond to determine OTTI.

The following table provides the detail of securities portfolio losses. Securities losses in 2008 reflect mark-to-market (both credit and non-credit) impairment securities losses.


Net investment securities losses							Year-to-date
(in millions)	3Q09		2Q09		3Q08		2009		2008
Alt-A RMBS	$	2,857	$	114	$	29	$	3,096	$	101
Prime RMBS		999		9		12		1,011		12
Subprime RMBS		321		1		12		322		12
Home equity lines of credit		234		4		10		256		68
European floating rate notes		234		66		-		304		-
Credit cards		-		26		-		28		-
Commercial MBS		89		-		-		89		-
Other		99		36		99		278		194
Total net investment securities losses	$	4,833	$	256	$	162	$	5,384	$	387

The following tables reflect investment securities credit losses recorded in earnings. The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. The additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred.

In conjunction with the restructuring of the investment securities portfolio, in the third quarter of 2009, we changed our intent to hold to maturity on $1.7 billion of securities included in the held-to-maturity classification and recorded mark-to-market losses, both credit and non-credit, on these securities in the income statement. These securities have experienced a decrease in the credit quality of the issuer or a significant increase in the risk-weight used for regulatory capital purposes.


Debt securities credit loss roll forward	QTD
Beginning balance as of June 30, 2009	$	1,025
Add: Initial OTTI credit losses Subsequent OTTI credit losses		318
Subsequent OTTI credit losses		60
Less: Realized losses for securities sold		-
Securities intended or required to be sold		591
Increases in expected cash flows on debt securities		-
Ending balance as of Sept. 30, 2009	$	812


Debt securities credit loss roll forward	YTD
Beginning balance as of Dec. 31, 2008	$	535
Add: Initial OTTI credit losses		661
Subsequent OTTI credit losses		207
Less: Realized losses for securities sold		-
Securities intended or required to be sold		591
Increases in expected cash flows on debt securities		-
Ending balance as of Sept. 30, 2009	$	812

DIAMOND OFFSHORE DRILLING INC

3. Marketable Securities

We report our investments as current assets in our Consolidated Balance Sheets in “Marketable securities,” representing the investment of cash available for current operations. See Note 5.

Our investments in marketable securities are classified as available for sale and are summarized as follows:


	September 30, 2009
	Amortized		Unrealized		Market
	Cost		Gain		Value
			(In thousands)

Mortgage-backed securities	$	816	$	64	$	880


	December 31, 2008
	Amortized		Unrealized		Market
	Cost		Gain		Value
	(In thousands)
Due within one year	$	398,791	$	758	$	399,549
Mortgage-backed securities		1,016		27		1,043

Total	$	399,807	$	785	$	400,592

Proceeds from sales and maturities of marketable securities and gross realized gains and losses are summarized as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
	(In thousands)
Proceeds from sales	$	100,039		$	643,720		$	2,548,868		$	743,742
Proceeds from maturities		800,000			—			1,550,000			550,000
Gross realized gains		22			680			790			680
Gross realized losses		(2	)		(3	)		(171	)		(6	)

FOREST LABORATORIES INC

5. Marketable Securities (In thousands):

Available-for-sale debt securities consist of the following:

	September 30, 2009
	Estimated fair value		Gains in accumulated other comprehensive income		Losses in accumulated other comprehensive income
Current:
Variable rate demand notes	$	135,394
Municipal bonds and notes		189,274	$	1,029
Commercial paper		922,854		1,586
Floating rate notes		83,082			$	( 135	)
Total current securities		1,330,604		2,615		( 135	)

Noncurrent:
Municipal bonds and notes		101,256		723
Commercial paper		78,711		726
Auction rate notes		36,539
Floating rate notes		312,170				( 23,726	)
Total noncurrent securities		528,676		1,449		( 23,726	)

Total available-for-sale debt securities	$	1,859,280	$	4,064	$	(23,861	)

Proceeds from the sales of available-for-sale debt securities was $1,151,199 for the six months ended September 30, 2009. Gross realized gains on those sales for the six months ended September 30, 2009 was $9,970. For purposes of determining gross realized gains and losses, the cost of the securities is based on average cost. Net unrealized holding losses on available-for-sale debt securities in the amount of $19,797 for the six months ended September 30, 2009 has been included in Stockholders’ equity: Accumulated other comprehensive income. The preceding table does not include the Company’s $16,600 investment in Ironwood Pharmaceuticals, Inc., which is held at cost and described in Note 6 to the Condensed Consolidated Financial Statements.

Contractual maturities of available-for-sale debt securities at September 30, 2009, are as follows:

	Estimated fair value
Within one year	$	1,330,604
1-5 years		418,143
5-10 years		60,617
After 10 years		49,916
	$	1,859,280

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call penalties.

The Company currently invests funds in variable rate demand notes that have major bank liquidity agreements, municipal bonds and notes, commercial paper including money market instruments, auction rate securities and bank floating rate notes. Certain securities are subject to a hard-put option(s) where the principal amount is contractually assured by the issuer and any resistance to the exercise of these options would be deemed as a default by the issuer. Such a potential default would be reflected in the issuer’s respective credit rating, for which the Company maintains investment grade requirements pursuant to its corporate investment guidelines. While the Company believes its investments that have net unrealized losses are temporary, further declines in the value of these investments may be deemed other-than-temporary if the credit and capital markets were to continue to deteriorate in future periods. The Company does not have the intent to sell its investments and it is more likely than not that the Company will not have to sell the investments before the recovery of its cost basis. Therefore, the Company does not consider these investments to be other-than-temporarily impaired and will continue to monitor global market conditions to minimize the uncertainty of impairments in future periods.

GENZYME CORPORATION

9. Investments in Equity Securities

We recorded the following losses on investments in equity securities, net of charges for impairment of investments, for the periods presented (amounts in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,

	2009			2008			2009			2008
Gross gains (losses) on investments in equity securities	$	(36	)	$	(8,819	)	$	422		$	2,398
Less: charges for impairment of investments		(615	)		(5,310	)		(1,754	)		(6,599	)

Losses on investments in equity securities, net	$	(651	)	$	(14,129	)	$	(1,332	)	$	(4,201	)

Gross gains (losses) on investments in equity securities for both the three and nine months ended September 30, 2008 includes a charge of $10.0 million to write off the purchase price of an exclusive option to acquire equity in a private company as a result of our termination of the option agreement prior to the exercise deadline. Gross gains (losses) for the nine months ended September 30, 2008 also includes a gain of $10.3 million recorded in the second quarter of 2008 resulting from the liquidation of our investment in the common stock of Sirtris for net cash proceeds of $14.8 million.

Charges for impairment of investments for all periods presented represents the write down of our investments in certain venture capital funds to fair value at the end of each period.

At September 30, 2009, our stockholders' equity includes $14.2 million of unrealized gains and $0.2 million of unrealized losses related to our strategic investments in equity securities.

HUMANA INC

4. INVESTMENT SECURITIES

Investment securities have been categorized as available for sale and, as a result, are stated at fair value. Unrealized holding gains and losses, net of applicable deferred taxes, are included as a component of stockholders’ equity and comprehensive income until realized from a sale or an other-than-temporary impairment, or OTTI.

Investment securities classified as current and long-term were as follows at September 30, 2009 and December 31, 2008, respectively:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
September 30, 2009
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	1,242,072	$	12,425	$	(861	)	$	1,253,636
Mortgage-backed securities		1,418,907		29,679		(541	)		1,448,045
Tax-exempt municipal securities		1,978,814		93,097		(6,599	)		2,065,312
Mortgage-backed securities:
Residential		167,170		24		(29,692	)		137,502
Commercial		286,417		3,014		(13,468	)		275,963
Asset-backed securities		151,198		4,319		(283	)		155,234
Corporate debt securities		1,794,602		78,982		(17,326	)		1,856,258
Redeemable preferred stock		19,993		1,650		—			21,643

Total debt securities		7,059,173		223,190		(68,770	)		7,213,593
Equity securities		5,197		—		(86	)		5,111

Total	$	7,064,370	$	223,190	$	(68,856	)	$	7,218,704


December 31, 2008
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	587,207	$	12,759	$	(68	)	$	599,898
Mortgage-backed securities		1,268,956		28,974		(225	)		1,297,705
Tax-exempt municipal securities		1,702,026		27,649		(40,213	)		1,689,462
Mortgage-backed securities:
Residential		450,867		1,565		(105,124	)		347,308
Commercial		313,933		—		(53,634	)		260,299
Asset-backed securities		156,618		27		(12,275	)		144,370
Corporate debt securities		930,707		10,532		(99,842	)		841,397
Redeemable preferred stock		18,052		1,650		—			19,702

Total debt securities		5,428,366		83,156		(311,381	)		5,200,141
Equity securities		16,956		—		(1,655	)		15,301

Total	$	5,445,322	$	83,156	$	(313,036	)	$	5,215,442

We participate in a securities lending program where we loan certain investment securities for short periods of time in exchange for collateral, consisting of cash or U.S. Government securities, initially equal to at least 102% of the fair value of the investment securities on loan. Investment securities with a fair value of $187.8 million at September 30, 2009 and $437.1 million at December 31, 2008 were on loan. At September 30, 2009, all collateral from lending our investment securities was in the form of cash which has been reinvested in money market funds, certificates of deposit, and short-term corporate and asset-backed securities with an average maturity of approximately 244 days. These available for sale investment securities have an amortized cost basis and fair value of $188.3 million and $176.7 million, respectively, at September 30, 2009, and $437.2 million and $402.4 million, respectively, at December 31, 2008.

In April 2009, the FASB amended the other-than-temporary impairment model for debt securities which we adopted for the period ended June 30, 2009. Under the new model, we recognize an impairment loss in income in an amount equal to the full difference between the amortized cost basis and the fair value when we have the intent to sell the debt security or it is more likely than not we will be required to sell the debt security before recovery of our amortized cost basis. However, if we do not intend to sell the debt security, we evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event of a credit loss, only the amount of the impairment associated with the credit loss is recognized currently in income with the remainder of the loss recognized in other comprehensive income. A transition adjustment to reclassify the non-credit portion of any previously recognized impairment from retained earnings to accumulated other comprehensive income was required upon adoption if we did not intend to sell and it was not more likely than not that we would be required to sell the security before recovery of its amortized cost basis. We did not record a transition adjustment for securities previously considered other-than-temporarily impaired because these securities were already sold or we had the intent to sell these securities.

When we do not intend to sell a security in an unrealized loss position, potential OTTI is considered using a variety of factors, including the length of time and extent to which the fair value has been less than cost; adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; payment structure of the security; changes in credit rating of the security by the rating agencies; the volatility of the fair value changes; and changes in fair value of the security after the balance sheet date. For debt securities, we take into account expectations of relevant market and economic data. For example, with respect to mortgage and asset-backed securities, such data includes underlying loan level data and structural features such as seniority and other forms of credit enhancements. A decline in fair value is considered other-than-temporary when we do not expect to recover the entire amortized cost basis of the security. We estimate the amount of the credit loss component of a debt security as the difference between the amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate of future cash flows discounted at the implicit interest rate at the date of purchase.

Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at September 30, 2009 and December 31, 2008, respectively:


	Less than 12 months					12 months or more					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
September 30, 2009
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	155,686	$	(861	)	$	—	$	—		$	155,686	$	(861	)
Mortgage-backed securities		139,273		(264	)		7,122		(277	)		146,395		(541	)
Tax-exempt municipal securities		9,966		(237	)		205,585		(6,362	)		215,551		(6,599	)
Mortgage-backed securities:
Residential		—		—			129,134		(29,692	)		129,134		(29,692	)
Commercial		—		—			170,940		(13,468	)		170,940		(13,468	)
Asset-backed securities		1,123		(82	)		3,856		(201	)		4,979		(283	)
Corporate debt securities		42,410		(474	)		149,027		(16,852	)		191,437		(17,326	)

Total debt securities		348,458		(1,918	)		665,664		(66,852	)		1,014,122		(68,770	)
Equity securities		—		—			706		(86	)		706		(86	)

Total	$	348,458	$	(1,918	)	$	666,370	$	(66,938	)	$	1,014,828	$	(68,856	)


December 31, 2008
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	$	146,315	$	(68	)	$	—	$	—		$	146,315	$	(68	)
Mortgage-backed securities		18,308		(168	)		4,297		(57	)		22,605		(225	)
Tax-exempt municipal securities		409,787		(22,238	)		141,730		(17,975	)		551,517		(40,213	)
Mortgage-backed securities:
Residential		246,144		(96,593	)		18,092		(8,531	)		264,236		(105,124	)
Commercial		153,415		(28,404	)		106,885		(25,230	)		260,300		(53,634	)
Asset-backed securities		141,495		(12,200	)		1,377		(75	)		142,872		(12,275	)
Corporate debt securities		422,005		(64,786	)		98,124		(35,056	)		520,129		(99,842	)

Total debt securities		1,537,469		(224,457	)		370,505		(86,924	)		1,907,974		(311,381	)
Equity securities		7,388		(1,655	)		—		—			7,388		(1,655	)

Total	$	1,544,857	$	(226,112	)	$	370,505	$	(86,924	)	$	1,915,362	$	(313,036	)

Approximately 98% of our debt securities were investment-grade quality, with an average credit rating of AA+ by S&P at September 30, 2009. Most of the debt securities that are below investment-grade are rated BB or better, the higher end of the below investment-grade rating scale. At September 30, 2009, 20% of our tax-exempt municipal securities were pre-refunded, generally with U.S. government and agency securities, and 28% of our tax-exempt securities were insured by bond insurers and have an equivalent S&P credit rating of AA- exclusive of the bond insurers’ guarantee. Our investment policy limits investments in a single issuer and requires diversification among various asset types.

The largest amount of our unrealized losses at September 30, 2009 relate to our residential and commercial mortgage-backed securities. Factors such as seniority, underlying collateral characteristics and credit enhancements support the recoverability of these securities. Residential and commercial mortgage-backed securities are primarily composed of senior tranches having high credit support, with 99% of the collateral consisting of prime loans. All commercial mortgage-backed securities are rated AAA at September 30, 2009.

All issuers of securities we own trading at an unrealized loss remain current on all contractual payments. After taking into account these and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates and tighter liquidity conditions in the current markets than when the securities were purchased. As of September 30, 2009, we do not intend to sell the securities with an unrealized loss position in accumulated other comprehensive income and it is not likely that we will be required to sell these securities before recovery of their amortized cost basis, and as a result, we believe that the securities with an unrealized loss are not other-than-temporarily impaired as of September 30, 2009.

For the purpose of determining gross realized gains and losses, which are included as a component of investment income in the consolidated statements of income, the cost of investment securities sold is based upon specific identification. The detail of realized gains (losses) related to investment securities and included with investment income was as follows for the three and nine months ended September 30, 2009 and 2008:


	For the three months ended September 30,						For the nine months ended September 30,

	2009			2008			2009			2008
	(in thousands)
Gross realized gains	$	41,428		$	16,023		$	92,173		$	49,346
Gross realized losses		(37,244	)		(108,308	)		(78,439	)		(122,782	)

Net realized gains (losses)	$	4,184		$	(92,285	)	$	13,734		$	(73,436	)

There were no material other-than-temporary impairments during the three and nine months ended September 30, 2009. For the three and nine months ended September 30, 2008, net realized investment losses of $92.3 million and $73.4 million, respectively, included other-than-temporary impairments of $91.9 million and $93.1 million, respectively. The other-than-temporary impairments primarily were due to investments in Lehman Brothers Holdings Inc. and certain of its subsidiaries, which filed for bankruptcy protection in 2008, as well as declines in the values of securities primarily associated with the financial services industry.

The contractual maturities of debt securities available for sale at September 30, 2009, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Fair Value
	(in thousands)

Due within one year	$	630,986	$	631,382
Due after one year through five years		1,520,086		1,557,348
Due after five years through ten years		1,070,966		1,118,542
Due after ten years		1,813,443		1,889,577
Mortgage and asset-backed securities		2,023,692		2,016,744

Total debt securities	$	7,059,173	$	7,213,593

Kimco Realty Corporation

9. Marketable Securities and Other Investments

During the nine months ended September 30, 2009, the Company received approximately $70.0 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $3.9 million and gross realizable losses of approximately $3.3 million from sales of marketable securities during the nine months ended September 30, 2009.

At September 30, 2009, the Company’s investment in marketable securities was approximately $218.6 million which includes an aggregate unrealized gain of approximately $11.4 million relating to marketable equity security investments and an unrealized loss of approximately $23.1 million, which includes approximately $4.0 million in an unrealized loss due to foreign currency fluctuations, related to its investment in Valad Property Group convertible notes.

For each of the equity securities in the Company’s portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.

For marketable debt securities, the Company assesses current interest payments and the probability of the issuer’s ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASB’s Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the security’s entire amortized cost basis even if the entity does not intend to sell.

During June 2009, the Company recorded non-cash impairment charges of approximately $26.1 million due to the decline in value of certain marketable securities and other investments that were deemed to be other-than-temporary. Market value for the equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period.

At September 30, 2009, marketable equity securities with unrealized loss positions for (i) less than twelve months had an aggregate unrealized loss of approximately $0.4 million and (ii) more than twelve months had an aggregate unrealized loss of less than $0.1 million.

The Company will continue to assess declines in value of its marketable securities on an on going basis. Based on these assessments, the Company may determine that a decline in value for one or more of its investments may be other-than-temporary and would therefore write-down its cost basis accordingly.

NEWMONT MINING CORP /DE/

NOTE 17 INVESTMENTS


	At September 30, 2009
	Cost/Equity		Unrealized					Fair/Equity
	Basis		Gain		Loss			Basis
Current:
Marketable Equity Securities	$	8	$	11	$	—		$	19


Long-term:
Marketable Debt Securities:
Asset backed securities	$	25	$	—	$	(7	)	$	18
Auction rate securities		7		—		(2	)		5
Corporate		8		2		—			10

		40		2		(9	)		33

Marketable Equity Securities:
Canadian Oil Sands Trust		285		593		—			878
Gabriel Resources Ltd.		72		29		—			101
Shore Gold Inc.		4		14		—			18
Other		9		4		—			13

		370		640		—			1,010

Other investments, at cost		7		—		—			7
Investment in Affiliate:
AGR Matthey Joint Venture		19		—		—			19

	$	436	$	642	$	(9	)	$	1,069


	At December 31, 2008
	Cost/Equity		Unrealized					Fair/Equity
	Basis		Gain		Loss			Basis
Current:
Marketable Equity Securities	$	14	$	1	$	(3	)	$	12


Long-term:
Marketable Debt Securities:
Asset backed securities	$	25	$	—	$	(3	)	$	22
Auction rate securities		7		—		(2	)		5

		32		—		(5	)		27

Marketable Equity Securities:
Canadian Oil Sands Trust		251		283		—			534
Gabriel Resources Ltd.		64		—		—			64
Shore Gold Inc.		6		—		—			6
Other		8		—		(3	)		5

		329		283		(3	)		609

Other investments, at cost		7		—		—			7
Investment in Affiliate:
AGR Matthey Joint Venture		12		—		—			12

	$	380	$	283	$	(8	)	$	655

During the third quarter of 2009, the Company did not recognize any impairments for other-than temporary declines in value, resulting in total impairments for the first nine months of 2009 of $2 for Shore Gold Inc. and $4 for other marketable equity securities. During the third quarter of 2008, the Company recognized impairments for other-than temporary declines in value of $26 for Shore Gold Inc. and $8 for other marketable securities, resulting in total impairments of $58 for Shore Gold Inc., $13 for Gabriel Resources Ltd. and $19 for other marketable securities for the first nine months of 2008.

The following tables present the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by length of time that the individual securities have been in a continuous unrealized loss position:


	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
At September 30, 2009	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Asset backed securities	$	18	$	7	$	—	$	—	$	18	$	7
Auction rate securities		—		—		5		2		5		2

	$	18	$	7	$	5	$	2	$	23	$	9


	Less than 12 Months				12 Months or Greater				Total
			Unrealized				Unrealized				Unrealized
At December 31, 2008	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Marketable equity securities	$	6	$	6	$	—	$	—	$	6	$	6
Asset backed securities		22		3		—		—		22		3
Auction rate securities		—		—		5		2		5		2

	$	28	$	9	$	5	$	2	$	33	$	11

The unrealized loss of $9 and $11 at September 30, 2009 and December 31, 2008, respectively, relates to the Company’s investments in marketable equity securities, auction rate securities and asset backed commercial paper as listed in the tables above. While the fair values of these investments are below their respective cost, the Company views these declines as temporary. Generally, the Company’s policy is to treat a decline in a marketable equity security’s quoted market value that has lasted continuously for more than six months as an other-than-temporary decline in value. The fair values of these marketable equity securities have not been continuously below cost for the past six months. The Company intends to hold its investment in auction rate securities and asset backed commercial paper until maturity or such time that the market recovers and therefore considers these losses temporary.

QUALCOMM INC/DE

Note 3. Marketable Securities

Marketable securities were comprised as follows (in millions):

	Current				Noncurrent
	September 27, 2009		September 28, 2008		September 27, 2009		September 28, 2008
Available-for-sale:
U.S. Treasury securities and government-related securities	$	1,407	$	514	$	-	$	-
Corporate bonds and notes		3,988		3,296		1,204		175
Mortgage- and asset-backed securities		821		499		36		-
Auction rate securities		-		-		174		186
Non-investment-grade debt securities		21		23		2,719		2,030
Equity securities		140		150		1,377		1,187
Equity mutual funds and exchange-traded funds		-		-		948		1,280
Debt mutual funds		1,975		89		215		-
	$	8,352	$	4,571	$	6,673	$	4,858

There were no marketable securities loaned under the Company’s securities lending program at September 27, 2009. Marketable securities in the amount of $169 million at September 28, 2008 were loaned under the Company’s securities lending program.

As of September 27, 2009, the contractual maturities of available-for-sale debt securities were as follows (in millions):

Years to Maturity								No Single Maturity Date		Total
Less Than One Year		One to Five Years		Five to Ten Years		Greater Than Ten Years		No Single Maturity Date		Total
$	2,320	$	4,665	$	956	$	477	$	4,142	$	12,560

Securities with no single maturity date included mortgage- and asset-backed securities, auction rate securities, non-investment-grade debt securities and debt mutual funds.

The Company recorded realized gains and losses on sales of available-for-sale marketable securities as follows (in millions):

Fiscal Year	Gross Realized Gains		Gross Realized Losses			Net Realized Gains
2009	$	215	$	(79	)	$	136
2008		246		(119	)		127
2007		244		(26	)		218

Available-for-sale securities were comprised as follows (in millions):

	Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 27, 2009
Equity securities	$	2,282	$	340	$	(157	)	$	2,465
Debt securities		12,069		530		(39	)		12,560
	$	14,351	$	870	$	(196	)	$	15,025

September 28, 2008
Equity securities	$	2,810	$	90	$	(283	)	$	2,617
Debt securities		6,966		12		(166	)		6,812
	$	9,776	$	102	$	(449	)	$	9,429

In April 2009, the FASB amended the existing guidance on determining whether an impairment for investments in debt securities is other-than-temporary. The new guidance was effective for the Company’s third quarter of fiscal 2009 and resulted in a net after-tax increase to retained earnings and a corresponding decrease to accumulated other comprehensive income (loss) of $19 million primarily for the portion of other-than-temporary impairments recorded in earnings in previous periods on securities in the Company’s portfolio at March 30, 2009 that were related to factors other than credit and would not have been required to be recognized in earnings had the new guidance been effective for those periods.

The following table shows the gross unrealized losses and fair values of the Company’s investments in individual securities that have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category (in millions):

	September 27, 2009
	Less than 12 months					More than 12 months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

Corporate bonds and notes	$	462	$	(1	)	$	183	$	(5	)
Mortgage- and asset-backed securities		56		(1	)		20		(1	)
Auction rate securities		23		(1	)		151		(10	)
Non-investment-grade debt securities		127		(5	)		263		(15	)
Equity securities		155		(11	)		155		(16	)
Equity mutual funds and exchange-traded funds		44		(6	)		730		(124	)
	$	867	$	(25	)	$	1,502	$	(171	)

	September 28, 2008
	Less than 12 months					More than 12 months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

U.S. Treasury securities and government-related securities	$	375	$	(2	)	$	-	$	-
Corporate bonds and notes		1,524		(46	)		219		(9	)
Mortgage- and asset-backed securities		271		(10	)		8		-
Auction rate securities		186		(8	)		-		-
Non-investment-grade debt securities		864		(78	)		87		(9	)
Equity securities		784		(115	)		6		(1	)
Equity mutual funds and exchange-traded funds		1,229		(167	)		-		-
Debt mutual funds		86		(4	)		-		-
	$	5,319	$	(430	)	$	320	$	(19	)

The unrealized losses on the Company’s investments in marketable securities at September 27, 2009 and September 28, 2008 were caused primarily by a prolonged disruption in global financial markets that included a deterioration of confidence and a severe decline in the availability of capital and demand for debt and equity securities. The result has been depressed securities values in most types of securities, including investment- and non-investment-grade debt obligations, mortgage- and asset-backed securities, equity securities, equity mutual and exchanged-traded funds and debt mutual funds. At September 27, 2009, the Company concluded that the unrealized losses were temporary. Further, for equity securities, equity mutual and exchange-traded funds and debt mutual funds with unrealized losses, the Company has the ability and the intent to hold such securities until they recover, which is expected to be within a reasonable period of time. For debt securities with unrealized losses, the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, such securities before recovery or maturity.

The following table shows the credit loss portion of other-than-temporary impairments on debt securities held by the Company as of the dates indicated and the corresponding changes in such amounts (in millions):

	2009

Beginning balance of credit losses	$	-
Credit losses remaining in retained earnings upon adoption		186
Additional credit losses recognized on securities previously impaired		2
Credit losses recognized on securities previously not impaired		17
Reductions in credit losses related to securities sold		(21	)
Reductions in credit losses related to previously impaired securities that the Company intends to sell		(14	)
Ending balance of credit losses	$	170

SYMANTEC CORP

Note 3. Investments

The following summarizes our available-for-sale investments:

	As of October 2, 2009				As of April 3, 2009
	Amortized Cost	Unrealized Gains	Unrealized Losses	Estimated Fair Value	Amortized Cost	Unrealized Gains	Unrealized Losses	Estimated Fair Value
	(In millions)
Asset-backed securities.......................................	$ 10	$ —	$ (1)	$ 9	$ 15	$ —	$ (2)	$ 13
Corporate securities.............................................	4	—	—	4	8	—	—	8
Government securities.........................................	—	—	—	—	175	—	—	175
Marketable equity securities..............................	2	3	—	5	2	1	—	3
Total.....................................................................	$ 16	$ 3	$ (1)	$ 18	$ 200	$ 1	$ (2)	$ 199

The following table provides the gross unrealized losses and the fair market value of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

As of October 2, 2009

As of April 3, 2009

Less than 12

Months

12 Months or

Greater

Total

Less than 12

Months

12 Months or

Greater

Total

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

(In millions)

Asset-backed securities..

$ —

$ 1

$ 8

$ 1

$ 8

$ —

$ 2

$ 13

$ 2

$ 13

Proceeds from sales, maturities and principal pay downs on available-for-sale securities were $6 million primarily from corporate securities and $196 million primarily from asset-backed securities for the three months ended October 2, 2009 and October 3, 2008, respectively. Proceeds from available-for-sale securities were $189 million primarily from government securities and $668 million primarily from asset-backed securities for the six months ended October 2, 2009 and October 3, 2008, respectively. Gross realized losses on these sales were not material for the same periods.

VORNADO REALTY TRUST

18. Marketable Securities

At September 30, 2009 and December 31, 2008, we had $4,099,000 of net unrealized gains and $2,061,000 of net unrealized losses, respectively, on our marketable equity securities. During 2008, we concluded that certain of the investments in our marketable equity securities portfolio were “other-than-temporarily” impaired; accordingly, we recognized non-cash impairment charges, aggregating $20,881,000, of which $9,073,000 and $11,808,000 were recognized in the first and third quarters of 2008, respectively. Our conclusions were based on the severity of the declines in the market value of those securities and our inability to forecast a recovery in the near-term.

The following table sets forth the details of our marketable securities:

	As of September 30, 2009				As of December 31, 2008
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Marketable equity securities	$	85,717	$	85,717	$	118,438	$	118,438
Debt securities held-to-maturity		227,501		242,848		215,884		164,728
	$	313,218	$	328,565	$	334,322	$	283,166