3. Marketable Securities

During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair values of available-for-sale securities by major security type and class of security as of January 31, 2014 and 2013 are as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of January 31, 2014
Short-term Investments:
Corporate bonds	$	100,856	$	56	$	(41	)	$	100,871
Municipal and pre-refunded municipal bonds		85,000		98		(2	)		85,096
Treasury bills		24,873		10		—			24,883
Certificates of deposit		35,844		13		(1	)		35,856
Commercial paper		35,101		7		(1	)		35,107

		281,674		184		(45	)		281,813

Long-term Investments:
Corporate bonds		208,446		268		(162	)		208,552
Municipal and pre-refunded municipal bonds		125,934		415		(8	)		126,341
Treasury bills		21,551		21		—			21,572
Certificates of deposit		4,000		—		(2	)		3,998
Federal government agencies		4,287		6		—			4,293
Mutual funds, held in rabbi trust		1,591		108		(33	)		1,666

		365,809		818		(205	)		366,422

	$	647,483	$	1,002	$	(250	)	$	648,235

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
Treasury bills		21,354		14		—			21,368
Certificates of deposit		40,870		25		—			40,895
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:
Corporate bonds		64,219		102		(61	)		64,260
Municipal and pre-refunded municipal bonds		52,925		76		(60	)		52,941
Treasury bills		19,724		13		—			19,737
Certificates of deposit		2,340		—		—			2,340
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

Proceeds from the sale and maturities of available-for-sale securities were $451,866, $207,576 and $414,769 in fiscal 2014, 2013 and 2012, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $101 during fiscal 2014, a net realized gain of $248 during fiscal 2013 and a net realized gain of $1,171 during fiscal 2012. Amortization of discounts and premiums, net, resulted in a reduction of “Interest Income” of $10,932, $5,276 and $7,373 for fiscal years 2014, 2013 and 2012, respectively. Mutual funds held in an irrevocable rabbi trust for the Urban Outfitters, Inc. Non-qualified 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 “Interest income” in the Consolidated Statements of Income and not as a component of accumulated other comprehensive loss.

The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2014 and January 31, 2013, respectively.


	January 31, 2014
	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	147,731	$	(203	)	$	—	$	—		$	147,731	$	(203	)
Municipal and pre-refunded municipal bonds		6,291		(10	)		—		—			6,291		(10	)
Treasury bills		6,606		—			—		—			6,606		—
Certificates of deposit		12,746		(3	)		—		—			12,746		(3	)
Commercial paper		6,640		(1	)		—		—			6,640		(1	)
Federal government agencies		1,753		—			—		—			1,753		—
Mutual funds, held in rabbi trust		1,666		(33	)		—		—			1,666		(33	)

Total	$	183,433	$	(250	)	$	—	$	—		$	183,433	$	(250	)


	January 31, 2013
	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	74,537	$	(85	)	$	—	$	—		$	74,537	$	(85	)
Municipal and pre-refunded municipal bonds		42,826		(77	)		1,413		—			44,239		(77	)
Certificates of deposit		3,400		—			244		—			3,644		—
Commercial paper		2,994		(1	)		—		—			2,994		(1	)
Federal government agencies		1,998		(2	)		—		—			1,998		(2	)
Auction rate securities		—		—			4,330		(595	)		4,330		(595	)

Total	$	125,755	$	(165	)	$	5,987	$	(595	)	$	131,742	$	(760	)

As of January 31, 2014 and 2013, there were a total of 219 and 342 securities with unrealized loss positions within the Company’s portfolio, respectively.

During the first quarter of fiscal 2014, the Company sold all of its remaining ARS for $4,580 in cash. The Company’s ARS had a par value and a recorded fair value of $4,925 and $4,330, respectively, prior to the sale in April 2013 and as of January 31, 2013. As of January 31, 2013, there was $595 of an unrealized loss position due to impairment of ARS held by the Company.