3. INVESTMENTS

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


	October 31, 2011
			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	$	46,150	$	12,605	$	—	$	(16,170	)	$	42,585
Auction rate securities - Corporate issuers		22,500		4,616		—		(19,442	)		7,674


Total short-term investments	$	68,650	$	17,221	$	—	$	(35,612	)	$	50,259


	January 31, 2011
			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	$	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 October 31, 2011 or January 31, 2011 and include commercial paper and money market funds totaling $160.0 million and $195.8 million as of October 31, 2011 and January 31, 2011, respectively.

As of October 31, 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. Subsequent to October 31, 2011, the Company paid all remaining amounts under the settlement agreement and accordingly, all ARS and cash proceeds received from sales and redemptions of ARS became unrestricted (see Note 20, Commitments and Contingencies and Note 21, Subsequent Events).

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

The Company received cash proceeds from sales and redemptions of investments of $0.5 million and $26.3 million for the three and nine months ended October 31, 2011, respectively, and $2.5 million and $57.1 million for the three and nine months ended October 31, 2010, respectively. In addition, in November 2011, CTI sold approximately $61.2 million aggregate principal amount of ARS with a carrying amount of $50.0 million as of October 31, 2011 for approximately $49.2 million in cash.

The gross realized gains and losses on the Company's investments for the three and nine months ended October 31, 2011 and 2010 are as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
	(In thousands)
2011	$	120	$	—	$	8,011	$	—


2010	$	1,625	$	—	$	23,715	$	—

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


	Three Months Ended October 31,						Nine Months Ended October 31,
	2011			2010			2011			2010
	(In thousands)
Accumulated OCI related to available-for-sale securities, beginning of the period	$	14,891		$	13,747		$	17,871		$	25,663
Unrealized gains on available-for-sale securities		(1,376	)		1,202			(287	)		3,915
Reclassification adjustment for gains included in net income/(loss)		(87	)		(57	)		(4,156	)		(15,419	)

Changes in accumulated OCI on available-for-sale securities, before tax		(1,463	)		1,145			(4,443	)		(11,504	)
Other comprehensive income attributable to noncontrolling interest		—			—			—			24
Deferred income tax benefit		—			3			—			712

Changes in accumulated OCI on available-for-sale securities, net of tax		(1,463	)		1,148			(4,443	)		(10,768	)

Accumulated OCI related to available-for-sale securities, end of the period	$	13,428		$	14,895		$	13,428		$	14,895