Investments

6 Months Ended

Jul. 28, 2012

Investments [Abstract]

INVESTMENTS

6. INVESTMENTS

Investments consisted of (in thousands):

				July 28, 2012		January 28, 2012
Marketable securities:
	Available-for-sale securities:
		Auction rate securities - student loan backed		$	4,787	$	84,650
		Auction rate securities - municipal authority bonds			15,323		14,858
			Total available-for-sale securities		20,110		99,508
Rabbi Trust assets: (1)
	Money market funds				22		23
	Trust-owned life insurance policies (at cash surrender value)				86,799		85,126
			Total Rabbi Trust assets		86,821		85,149
			Total Investments	$	106,931	$	184,657
(1) Rabbi Trust assets are included in Other Assets on the Consolidated Balance Sheets and are restricted as to their use.

At July 28, 2012, the Company's investment grade auction rate securities (“ARS”)consisted of onestudent loan backed security andtwo municipal authority bonds, with maturities ranging from 22 to 28 years.

The par and carrying values, and related cumulative other-than-temporary impairment charges for the Company'savailable-for-sale marketable securities as of July 28, 2012 were as follows:

					Other-than-
					Temporary			Carrying
(in thousands)			Par Value		Impairment			Value
Available-for-sale securities:
	Auction rate securities - student loan backed		$	5,200	$	(413)	$	4,787
	Auction rate securities - municipal authority bonds			19,975		(4,652)		15,323
		Total available-for-sale securities	$	25,175	$	(5,065)	$	20,110

See Note 7, “Fair Value,” for further discussion on the valuation of the ARS.

An impairment is considered to be other-than-temporary if an entity (i) intends to sell the security, (ii) more likely than not will be required to sell the security before recovering its amortized cost basis, or (iii) does not expect to recover the security's entire amortized cost basis, even if there is no intent to sell the security. The Company intends to sell the remaining ARS.

The irrevocable rabbi trust (the “Rabbi Trust”) is intended to be used as a source of funds to match respective funding obligations to participants in the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement Plan I, the Abercrombie & Fitch Co. Nonqualified Savings and Supplemental Retirement Plan II and the Chief Executive Officer Supplemental Executive Retirement Plan. The Rabbi Trust assets primarily consist of trust-owned life insurance policies which are recorded at cash surrender value. The Rabbi Trust assets are included in Other Assets on the Consolidated Balance Sheets and are restricted as to their use as noted above. The change in cash surrender value of the trust-owned life insurance policies held in the Rabbi Trust resulted in realized gains of $0.8 million and$0.7 million for the thirteen weeks ended July 28, 2012 and July 30, 2011, respectively, and realized gains of $1.7 million and $1.4million for the twenty-six weeks ended July 28, 2012 and July 30, 2011, respectively, recorded inInterest Expense, Net on the Consolidated Statements of Operations and ComprehensiveIncome.