Investments

3 Months Ended

Apr. 30, 2011

Investments

Investments

3. INVESTMENTS

The following is a summary of available-for-sale securities as of April 30, 2011 and January 31, 2011:

	April 30, 2011
			Included in Accumulated  Other Comprehensive (Loss) Income
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Cumulative Impairment Charges			Estimated Fair Value
	(In thousands)
Short-term:
Auction rate securities - Student loans	$	71,700	$	16,069	$	—	$	(24,085	)	$	63,684
Auction rate securities - Corporate issuers		22,500		5,690		—		(19,442	)		8,748
Total short-term investments	$	94,200	$	21,759	$	—	$	(43,527	)	$	72,432
	January 31, 2011
			Included in Accumulated  Other Comprehensive (Loss) Income
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Cumulative Impairment Charges			Estimated Fair Value
	(In thousands)
Short-term:
Auction rate securities - Student loans	$	71,900	$	16,044	$	—	$	(24,181	)	$	63,763
Auction rate securities - Corporate issuers		22,500		5,619		—		(19,441	)		8,678
Total short-term investments	$	94,400	$	21,663	$	—	$	(43,622	)	$	72,441

The auction rate securities ("ARS") have stated maturities in excess of 5 years.

Investments with original maturities of three months or less, when purchased, are included in "Cash and cash equivalents," or in "Restricted cash and bank time deposits" in the condensed consolidated balance sheets. Such investments are not reflected in the tables above as of April 30, 2011 or January 31, 2011 and include commercial paper and money market funds totaling $240.3 million and $195.8 million as of April 30, 2011 and January 31, 2011, respectively.

As of April 30, 2011 and January 31, 2011, all the ARS (all of which were held by CTI as of such dates) were restricted pursuant to the settlement agreement of the consolidated shareholder class action CTI entered into on December 16, 2009, as amended on June 19, 2010. All cash proceeds from sales and redemptions of ARS (other than ARS that were held in an account with UBS) (including interest thereon) were restricted (see Note 20, Commitments and Contingencies).

There were no investments in unrealized loss positions as of April 30, 2011 and January 31, 2011.

The Company sold investments for proceeds of $0.4 million and $20.2 million in the three months ended April 30, 2011 and 2010, respectively.

The gross realized gains and losses on the Company's investments are as follows, for the three months ended April 30, 2011 and 2010:

(In thousands)	Gross Realized Gains		Gross Realized Losses
April 30, 2011	$	95	$	—
April 30, 2010	$	8,104	$	—

The components of other comprehensive income related to available-for-sale securities are as follows:

	Three Months Ended April 30,
	2011			2010
	(In thousands)
Accumulated OCI related to available-for-sale securities, beginning of the period	$	17,871		$	25,663
Unrealized gains on available-for-sale securities		161			1,438
Reclassification adjustment for gains included in net loss		(65	)		(5,320	)
Unrealized gains (losses) on available-for-sale securities, before tax		96			(3,882	)
Other comprehensive loss attributable to noncontrolling interest		—			(21	)
Deferred income tax benefit		—			627
Unrealized gains (losses) on available-for-sale securities, net of tax		96			(3,276	)
Accumulated OCI related to available-for-sale securities, end of the period	$	17,967		$	22,387