CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The following tables summarize our cash, cash equivalents and short-term investments as of October 31, 2014 and January 31, 2014:



	October 31, 2014
(in thousands)	Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash and cash equivalents:
Cash and bank time deposits	$	189,142	$	—	$	—	$	189,142
Money market funds	194		—		—		194
Commercial paper	2,999		—		—		2,999
Total cash and cash equivalents	$	192,335	$	—	$	—	$	192,335

Short-term investments:
Commercial paper and corporate debt securities (available-for-sale)	$	13,774	$	22	$	—	$	13,796
Bank time deposits	26,340		—		—		26,340
Total short-term investments	$	40,114	$	22	$	—	$	40,136



	January 31, 2014
(in thousands)	Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash and cash equivalents:
Cash and bank time deposits	$	314,604	$	—	$	—	$	314,604
Money market funds	14,023		—		—		14,023
Commercial paper	49,986		5		—		49,991
Total cash and cash equivalents	$	378,613	$	5	$	—	$	378,618

Short-term investments:
Commercial paper and corporate debt securities (available-for-sale)	$	9,402	$	4	$	—	$	9,406
Bank time deposits	22,643		—		—		22,643
Total short-term investments	$	32,045	$	4	$	—	$	32,049

Bank time deposits which are reported within short-term investments consist of deposits held outside of the U.S. with maturities of greater than three months, or without specified maturity dates which we intend to hold for periods in excess of three months. All other bank deposits are included within cash and cash equivalents.

As of October 31, 2014 and January 31, 2014, all of our available-for-sale investments had contractual maturities of less than one year. We report our available-for-sale securities at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income (loss) within stockholders’ equity on our condensed consolidated balance sheets. Realized gains or losses, if applicable, are recorded in other income (expense), net in our condensed consolidated statement of operations, using the specific identification method. Gains and losses on sales of available-for-sale securities during the nine months ended October 31, 2014 and 2013 were not significant.

During the nine months ended October 31, 2014 and 2013, proceeds from sales and maturities of available-for-sale securities were $11.4 million and $70.0 million, respectively.

We periodically review our investment portfolios to determine if any investment is other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. We believe that the investments we held at October 31, 2014 were not other-than-temporarily impaired. We held no available-for-sale securities with unrealized losses at October 31, 2014. We do not intend to sell our available-for-sale securities and it is not more likely than not that we will be required to sell them before recovery at par, which may be at maturity.