3. INVESTMENTS

The following is a summary of available-for-sale securities as of July 31, 2010 and January 31, 2010:


	July 31, 2010
			Included in Accumulated Other Comprehensive Income
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Cumulative Impairment Charges			Estimated Fair Value
	(In thousands)
Long-term:
Auction rate securities - Corporate issuers	$	61,200	$	3,751	$	—	$	(57,321	)	$	7,630
Auction rate securities - Student loans		72,300		13,790		—		(24,371	)		61,719


Total long-term investments	$	133,500	$	17,541	$	—	$	(81,692	)	$	69,349


	January 31, 2010
			Included in Accumulated Other Comprehensive Income
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Cumulative Impairment Charges			Estimated Fair Value
	(In thousands)
Short-term:
Auction rate securities - Student loans	$	42,550	$	11,136	$	—	$	(17,840	)	$	35,846


Total short-term investments	$	42,550	$	11,136	$	—	$	(17,840	)	$	35,846

Long-term:
Auction rate securities - Corporate issuers	$	91,200	$	6,973	$	—	$	(79,509	)	$	18,664
Auction rate securities - Student loans		72,800		11,946		—		(24,606	)		60,140


Total long-term investments	$	164,000	$	18,919	$	—	$	(104,115	)	$	78,804

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," in "Restricted cash and bank time deposits" or in long-term restricted cash (long-term restricted cash is classified within "Other assets") in the condensed consolidated balance sheets. Such investments are not reflected in the tables above as of July 31, 2010 or January 31, 2010 and include commercial paper, money market funds and U.S. government agency securities totaling $176.6 million and $236.6 million as of July 31, 2010 and January 31, 2010, respectively.

As of July 31, 2010, 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) received after the original date of the settlement agreement, were also restricted (see Note 20, Commitments and Contingencies).

For ARS that the Company determined it could not assert its intent to hold such ARS until their fair value recovered to amortized cost, the Company recorded other-than-temporary impairment charges of $0.3 million, and $0.4 million during the three and six months ended July 31, 2010, respectively, and $3.6 million and $6.6 million during the three and six months ended July 31, 2009, respectively, as a component of "Other income (expense), net" in the condensed consolidated statements of operations.

There were no investments in unrealized loss positions as of July 31, 2010 and January 31, 2010.

The Company sold investments for proceeds of $34.3 million and $54.5 million for the three and six months ended July 31, 2010, respectively, and of $0.3 million and $149.1 million for the three and six months ended July 31, 2009, respectively.

The gross realized gains and losses on the Company's investments for the three and six months ended July 31, 2010 and 2009 are as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
	(In thousands)
2010	$	13,986	$	—	$	22,090	$	—


2009	$	143	$	—	$	171	$	—

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


	Three Months Ended July 31,						Six Months Ended July 31,
	2010			2009			2010			2009
	(In thousands)
Accumulated OCI related to available-for-sale securities, beginning of the period	$	22,387		$	13,930		$	25,663		$	10,302
Unrealized gains on available-for-sale securities		1,275			2,578			2,713			7,499
Reclassification adjustment for gains included in net loss		(10,042	)		(61	)		(15,362	)		(185	)

Unrealized (losses) gains on available-for-sale securities, before tax		(8,767	)		2,517			(12,649	)		7,314
Other comprehensive income attributable to noncontrolling interest		45			59			24			98
Deferred income tax benefit (provision)		82			116			709			(1,092	)

Unrealized (losses) gains on available-for-sale securities, net of tax		(8,640	)		2,692			(11,916	)		6,320

Accumulated OCI related to available-for-sale securities, end of the period	$	13,747		$	16,622		$	13,747		$	16,622