INVESTMENTS

During the first quarter of fiscal 2015, the Company liquidated investments classified as held-to-maturity. Held-to-maturity investments were primarily corporate bonds, municipal bonds and municipal term notes and were held at amortized cost, which approximated fair value. As a result of the sale of held-to-maturity investments, the Company transferred its entire portfolio to the available-for-sale classification at fair value at the date of transfer. The Company determined that this transfer was a change in investment strategy. For the available-for-sale bonds and term notes, the carrying value, plus any unrealized gains or losses, equals the fair value. The unrealized holding gains or losses for the available-for-sale securities are reported in other comprehensive income. The Company accounts for its purchases and sales of investments on the trade date of the investment. When the Company had a held-to-maturity portfolio, the short-term or long-term classification of the investment was based on its maturity. The classification of available-for-sale securities is based on management's intention of the use of the investments. The Company will use a portion of these investments for its acquisition of Ebuys, Inc. (see Note 20 for additional discussion on the acquisition of Ebuys, Inc.).

The following table discloses the major categories of the Company’s investments as of the dates presented:



	Short-term investments						Long-term investments
	January 30, 2016			January 31, 2015			January 30, 2016			January 31, 2015

	(in thousands)
Available-for-sale securities:
Carrying value	$	225,985		$	17,147		$	72,153		—

Unrealized gains included in accumulated other comprehensive income	477			—			22			—
Unrealized losses included in accumulated other comprehensive loss	(435		)	—			(222		)	—

Held-to-maturity securities:
Amortized cost	—			154,054			—			$	216,756
Total investments	$	226,027		$	171,201		$	71,953		$	216,756

Gross holding gains on held-to-maturity securities	—			$	117		—			$	371
Gross holding losses on held-to-maturity securities	—			(50		)	—			(317		)
Fair value of securities	$	226,027		$	171,268		$	71,953		$	216,810