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Marketable Securities
 6 Months Ended
Jul. 28, 2013
Notes to financial statements [Abstract]  
Marketable Securities
Marketable Securities
 
All of our cash equivalents and marketable securities are classified as “available-for-sale” securities. These securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax.

We performed an impairment review of our investment portfolio as of July 28, 2013. Based on our quarterly impairment review and having considered the guidance in the relevant accounting literature, we concluded that our investments were appropriately valued and that no other than temporary impairment charges were necessary on our portfolio as of July 28, 2013.

The following is a summary of cash equivalents and marketable securities at July 28, 2013 and January 27, 2013: 
 
July 28, 2013
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Estimated
Fair Value
 
(In thousands)
Debt securities of United States government agencies
$
691,223

 
$
634

 
$
(393
)
 
$
691,464

Corporate debt securities
965,222

 
1,637

 
(914
)
 
965,945

Mortgage backed securities issued by United States government-sponsored enterprises
191,265

 
5,114

 
(362
)
 
196,017

Money market funds
164,885

 
—

 
—

 
164,885

Debt securities issued by United States Treasury
496,789

 
487

 
(130
)
 
497,146

Total
$
2,509,384

 
$
7,872

 
$
(1,799
)
 
$
2,515,457

Classified as:
 

 
 

 
 

 
 

Cash equivalents
 

 
 

 
 

 
$
170,885

Marketable securities
 

 
 

 
 

 
2,344,572

Total
 

 
 

 
 

 
$
2,515,457

 
 
January 27, 2013
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
Loss
 
Estimated
Fair Value
 
(In thousands)
Debt securities of United States government agencies
$
867,087

 
$
1,199

 
$
(139
)
 
$
868,147

Corporate debt securities
1,255,297

 
3,175

 
(542
)
 
1,257,930

Mortgage backed securities issued by United States government-sponsored enterprises
183,034

 
6,194

 
(57
)
 
189,171

Money market funds
195,790

 
—

 
—

 
195,790

Debt securities issued by United States Treasury
785,228

 
1,102

 
(105
)
 
786,225

Total
$
3,286,436

 
$
11,670

 
$
(843
)
 
$
3,297,263

Classified as:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
$
302,166

Marketable securities
 
 
 
 
 
 
2,995,097

Total
 
 
 
 
 
 
$
3,297,263


 
The estimated fair value of cash equivalents and marketable securities was $2.52 billion and $3.30 billion at July 28, 2013 and January 27, 2013, respectively, a decrease of $781.8 million. This decrease was primarily due to the liquidation of a portion of our investment portfolio to finance the accelerated share repurchase transaction of $750.0 million we entered into on May 14, 2013.

The amortized cost and estimated fair value of cash equivalents and marketable securities which are primarily debt instruments are classified as available-for-sale at July 28, 2013 and January 27, 2013 and are shown below by contractual maturity.  

 
July 28, 2013
 
January 27, 2013
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(In thousands)
Less than one year
$
991,260

 
$
992,324

 
$
1,397,350

 
$
1,399,304

Due in 1 - 5 years
1,430,967

 
1,434,002

 
1,777,785

 
1,783,103

Mortgage-backed securities issued by government-sponsored enterprises not due at a single maturity date
87,157

 
89,131

 
111,301

 
114,856

Total
$
2,509,384

 
$
2,515,457

 
$
3,286,436

 
$
3,297,263


 
Net realized gains for the three and six months ended July 28, 2013 were $1.6 million and $1.7 million, respectively. Net realized gains for the three and six months ended July 29, 2012 were $0.2 million and $0.3 million, respectively.