16. OTHER LONG-TERM LIABILITIES

Other long-term liabilities as of January 31, 2011 and 2010 consist of the following:


	January 31,
	2011		2010
	(In thousands)
Shareholder class action settlement	$	—	$	112,500
Liability for severance pay		61,910		68,637
Tax contingencies		151,937		148,878
Interest rate swap		—		8,824
Other long-term liabilities		15,482		12,353

	$	229,329	$	351,192

Severance

Under Israeli law, the Company is obligated to make severance payments to employees of its Israeli subsidiaries on the basis of each individual's current salary and length of employment. The Company's liability for severance pay is calculated pursuant to Israel's Severance Pay Law based on the most recent monthly salary of the employee multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. The gross severance liability as of January 31, 2011 and 2010 was $61.9 million and $68.6 million, respectively. A portion of such liability is funded by monthly deposits into insurance policies, which are restricted to only be used to satisfy such severance payments. The amount of deposits is classified in "Other assets" as severance pay fund in the amounts of $44.7 million and $47.8 million as of January 31, 2011 and 2010, respectively (see Note 9, Other Assets).