3. Marketable Securities

During all periods presented, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of April 30, 2013, January 31, 2013 and April 30, 2012 were as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of April 30, 2013
Short-term Investments:
Corporate bonds	$	76,563	$	49	$	(26	)	$	76,586
Municipal and pre-refunded municipal bonds		75,507		58		(1	)		75,564
Certificates of deposit		40,222		23		—			40,245
Treasury bills		12,060		1		—			12,061
Federal government agencies		2,000		—		—			2,000
Commercial paper		8,476		6		—			8,482

		214,828		137		(27	)		214,938

Long-term Investments:
Corporate bonds		76,717		117		(44	)		76,790
Municipal and pre-refunded municipal bonds		50,913		121		(4	)		51,030
Certificates of deposit		2,099		1		—			2,100
Treasury bills		9,666		4		—			9,670
Federal government agencies		9,845		—		(1	)		9,844
Mutual funds, held in rabbi trust		328		9		—			337

		149,568		252		(49	)		149,771

	$	364,396	$	389	$	(76	)	$	364,709


As of January 31, 2013
Short-term Investments:
Corporate bonds	$	88,432	$	106	$	(23	)	$	88,515
Municipal and pre-refunded municipal bonds		63,355		85		(17	)		63,423
Certificates of deposit		40,870		25		—			40,895
Treasury bills		21,354		14		—			21,368
Federal government agencies		3,500		4		—			3,504
Commercial paper		10,775		8		(2	)		10,781

		228,286		242		(42	)		228,486

Long-term Investments:
Corporate bonds		64,219		102		(61	)		64,260
Municipal and pre-refunded municipal bonds		52,925		76		(60	)		52,941
Certificates of deposit		2,340		—		—			2,340
Treasury bills		19,724		13		—			19,737
Federal government agencies		5,974		5		(2	)		5,977
Auction rate securities		4,925		—		(595	)		4,330

		150,107		196		(718	)		149,585

	$	378,393	$	438	$	(760	)	$	378,071


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of April 30, 2012
Short-term Investments:
Corporate bonds	$	40,934	$	23	$	(14	)	$	40,943
Municipal and pre-refunded municipal bonds		36,465		96		(5	)		36,556
Certificates of deposit		13,665		4		—			13,669
Treasury bills		11,694		—		(1	)		11,693
Federal government agencies		6,615		—		(1	)		6,614
Commercial paper		7,572		9		—			7,581

		116,945		132		(21	)		117,056

Long-term Investments:
Corporate bonds		46,685		148		(26	)		46,807
Municipal and pre-refunded municipal bonds		18,809		169		(5	)		18,973
Certificates of deposit		8,170		2		(1	)		8,171
Treasury bills		12,944		6		—			12,950
Auction rate securities		4,925		—		(595	)		4,330

		91,533		325		(627	)		91,231

	$	208,478	$	457	$	(648	)	$	208,287

Proceeds from the sale and maturities of available-for-sale securities were $155,801 and $53,829 for the three months ended April 30, 2013 and 2012, respectively. The Company included in “Other (expense) income, net,” realized losses of $215 and realized gains of $127 and a net charge related to amortization of discounts and premiums of $2,192 and $1,235 for the three months ended April 30, 2013 and April 30, 2012, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Urban Outfitters, Inc. Nonqualified Deferred Compensation Plan (“NQDC”), which was established during the first quarter of fiscal 2014. These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to our general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other (expense) income, net” in the Condensed Consolidated Statements of Income and not as a component of accumulated other comprehensive loss.

In April 2013, we sold all of our remaining auction rate securities (“ARS”) for approximately $4.6 million in cash. Our ARS had a par value and a recorded fair value of $4.9 million and $4.3 million, respectively, prior to the sale in April 2013 and as of January 31, 2013 and April 30, 2012.