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 July 31, 2013, January 31, 2013 and July 31, 2012 were as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of July 31, 2013
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	91,819	$	61	$	(9	)	$	91,871
Corporate bonds		79,637		22		(37	)		79,622
Certificates of deposit		29,870		24		—			29,894
Treasury bills		16,115		5		—			16,120
Commercial paper		8,284		8		—			8,292

		225,725		120		(46	)		225,799

Long-term Investments:
Municipal and pre-refunded municipal bonds		100,402		142		(54	)		100,490
Corporate bonds		95,795		51		(239	)		95,607
Certificates of deposit		3,801		1		(2	)		3,800
Treasury bills		8,218		6		—			8,224
Federal government agencies		7,800		—		(7	)		7,793
Mutual funds, held in rabbi trust		817		35		—			852

		216,833		235		(302	)		216,766

	$	442,558	$	355	$	(348	)	$	442,565

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

		228,286		242		(42	)		228,486

Long-term Investments:
Municipal and pre-refunded municipal bonds		52,925		76		(60	)		52,941
Corporate bonds		64,219		102		(61	)		64,260
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

As of July 31, 2012
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	28,019	$	95	$	(7	)	$	28,107
Corporate bonds		53,713		71		(8	)		53,776
Certificate of deposit		20,671		13		(2	)		20,682
Treasury bills		21,425		5		—			21,430
Commercial paper		7,279		8		—			7,287
Federal government agencies		4,608		—		—			4,608

		135,715		192		(17	)		135,890

Long-term Investments:
Municipal and pre-refunded municipal bonds		24,646		78		(23	)		24,701
Corporate bonds		47,905		150		(18	)		48,037
Certificate of deposit		4,514		2		—			4,516
Treasury bills		8,855		10		—			8,865
Federal government agencies		1,213		2		—			1,215
Auction rate securities		4,925		—		(595	)		4,330

		92,058		242		(636	)		91,664

	$	227,773	$	434	$	(653	)	$	227,554

Proceeds from the sale and maturities of available-for-sale securities were $245,759 and $122,343 for the six months ended July 31, 2013 and 2012, respectively. The Company included in “Other income, net,” realized gains of $12 and losses of $202 for the three and six months ended July 31, 2013, respectively. The Company included in “Other income, net,” realized gains of $85 and $212 for the three and six months ended July 31, 2012, respectively. Amortization of discounts and premiums, net, resulted in charges of $2,527 and $4,719 for the three and six months ended July 31, 2013, respectively. Amortization of discounts and premiums, net, resulted in charges of $1,243 and $2,478 for the three and six months ended July 31, 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 the Company’s 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 income, net” in the Condensed Consolidated Statements of Income and not as a component of accumulated other comprehensive loss.

In April 2013, the Company sold all of its remaining auction rate securities (“ARS”) for approximately $4.6 million in cash. The Company’s 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 July 31, 2012.