3. Cash and Cash Equivalents, Short-term Investments and Long-term Investments

The following table summarizes the fair market values for the Company’s cash and marketable securities, which are recorded on the Consolidated Balance Sheets:


(In thousands)	July 28, 2012		January 28, 2012		July 30, 2011
Cash and cash equivalents:
Cash	$	623,277	$	548,728	$	287,753
Money-market		44,789		131,785		74,387
Treasury bills		23,011		9,034		3,163
Commercial paper		5,000		29,998		23,996

Total cash and cash equivalents	$	696,077	$	719,545	$	389,299
Short-term investments:
Treasury bills	$	5,995	$	19,999	$	76,262
State and local government ARS		—		5,500		6,900
Corporate bonds		—		—		16,111
Term-deposits		—		—		15,427
Commercial paper		—		—		9,997

Total short-term investments	$	5,995	$	25,499	$	124,697
Long-term investments:
ARS Call Option	$	254	$	847	$	648

Total long-term investments	$	254	$	847	$	648

Total	$	702,326	$	745,891	$	514,644

Proceeds from the sale of investments were $20.6 million and $115.2 million for the 26 weeks ended July 28, 2012 and July 30, 2011, respectively. The purchase of investments was $0.6 million and $166.4 million for the 26 weeks ended July 28, 2012 and July 30, 2011, respectively.

During Fiscal 2010, the Company liquidated ARS investments with $191.4 million of carrying value for proceeds of $177.5 million and a realized loss of $24.4 million (of which $10.9 million had previously been included in OCI on the Company’s Consolidated Balance Sheets). The ARS securities sold during Fiscal 2010 included $119.7 million of par value ARS securities whereby the Company entered into a settlement agreement under which a financial institution (the “purchaser”) purchased the ARS at a discount to par, plus accrued interest. Additionally, under this agreement, the Company retained a right (the “ARS Call Option”), for a period ending October 29, 2013 to: (a) repurchase any or all of the ARS securities sold at the agreed upon purchase prices received from the purchaser plus accrued interest; and/or (b) receive additional proceeds from the purchaser upon certain redemptions of the ARS securities sold. The ARS Call Option is cancelable by the purchaser for additional cash consideration.

The Company is required to assess the value of the ARS Call Option at the end of each reporting period, with any changes in fair value recorded within the Consolidated Statement of Operations. Upon origination, the Company determined that the fair value was $0.4 million. The fair value of the ARS Call Option was included as an offsetting amount within the net loss on liquidation of $24.4 million referenced above. As of July 28, 2012, the Company determined that the remaining value of the ARS Call Option, which is classified as a long-term investment, was $0.3 million.