Cash and Cash Equivalents, Investments and Funds Held for Customers

The following table summarizes our cash and cash equivalents, investments and funds held for customers by balance sheet classification at the dates indicated.



	July 31, 2011				July 31, 2010
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Classification on balance sheets:
Cash and cash equivalents	$	722	$	722	$	214	$	214
Investments	698		699		1,407		1,408
Funds held for customers	413		414		336		337
Long-term investments	63		63		91		91
Total cash and cash equivalents, investments and funds held for customers	$	1,896	$	1,898	$	2,048	$	2,050

The following table summarizes our cash and cash equivalents, investments and funds held for customers by investment category at the dates indicated. See Note 2 for more information on our municipal auction rate securities.



	July 31, 2011				July 31, 2010
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Type of issue:
Total cash and cash equivalents	$	961	$	961	$	401	$	401
Available-for-sale debt securities:
Municipal bonds	434		434		1,049		1,050
Municipal auction rate securities	59		59		87		87
Corporate notes	287		288		333		334
U.S. agency securities	151		152		174		174
Total available-for-sale debt securities	931		933		1,643		1,645
Other long-term investments	4		4		4		4
Total cash and cash equivalents, investments and funds held for customers	$	1,896	$	1,898	$	2,048	$	2,050

We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the twelve months ended July 31, 2011, 2010 and 2009 were not significant.

We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income in the stockholders’ equity section of our balance sheets. Gross unrealized gains and losses on our available-for-sale debt securities at July 31, 2011 and July 31, 2010 were not significant.

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 that we held at July 31, 2011 were not other-than-temporarily impaired. Unrealized losses at July 31, 2011 were not significant and are due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.

The following table summarizes our available-for-sale debt securities classified by the stated maturity date of the security at the dates indicated.



	July 31, 2011				July 31, 2010
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	267	$	267	$	432	$	433
Due within two years	323		324		365		366
Due within three years	190		191		164		164
Due after three years	151		151		682		682
Total available-for-sale debt securities	$	931	$	933	$	1,643	$	1,645

Available-for-sale debt securities due after three years in the table above include our municipal auction rate securities. See Note 2 for more information. All of the remaining securities in that category had effective maturities of three years or less due to interest reset dates or mandatory call dates.