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Cash and Cash Equivalents, Short-term Investments and Long-term Investments
0203 - Disclosure - Cash and Cash Equivalents, Short-term Investments and Long-term Investments
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<!-- Begin Block Tagged Note 3 - aeo:CashAndCashEquivalentsShortTermInvestmentsAndLongTermInvestmentsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. Cash and Cash Equivalents, Short-term Investments and Long-term Investments</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the fair market values for the Company’s cash and marketable
securities, which are recorded as cash and cash equivalents, short-term investments and long-term
investments on the Consolidated Balance Sheets:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">October 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">January 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">October 31,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: px solid #000000"><i>(In thousands)</i></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Cash
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">157,921</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">144,391</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">82,942</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Commercial paper
</div></td>
<td> </td>
<td> </td>
<td align="right">61,697</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,420</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury bills
</div></td>
<td> </td>
<td> </td>
<td align="right">100,393</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">119,988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Money-market
</div></td>
<td> </td>
<td> </td>
<td align="right">310,764</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">404,161</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">329,661</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total cash and cash equivalents
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">630,775</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">693,960</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">512,603</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Short-term investments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Student-loan backed ARS
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">400</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">State and local government ARS
</div></td>
<td> </td>
<td> </td>
<td align="right">3,700</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,300</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total short-term investments
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,700</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,675</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,300</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Long-term investments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Student-loan backed ARS
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">149,031</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">151,048</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">State and local government ARS
</div></td>
<td> </td>
<td> </td>
<td align="right">5,500</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35,969</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">38,724</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Auction rate preferred securities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,773</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,380</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">ARS call option
</div></td>
<td> </td>
<td> </td>
<td align="right">415</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total long-term investments
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,915</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">197,773</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">203,152</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">640,390</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">896,408</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">719,055</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Proceeds from the sale of available-for-sale securities were $177.5 million and $77.0 million
for the 39 weeks ended October 30, 2010 and October 31, 2009, respectively. There were no
purchases of available-for-sale securities during the 39 weeks ended October 30, 2010 or October
31, 2009.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the unrealized losses and fair value of available-for-sale securities
for which OTTI has not been recognized in earnings and the length of time that the securities were
in a continuous unrealized loss position.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">Greater Than or</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Less Than 12 Months</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Equal to 12 Months</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Gross Unrealized</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Gross Unrealized</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left"><i>(In thousands)</i></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Holding Losses</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: px solid #000000">Fair Value</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Holding Losses</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: px solid #000000">Fair Value</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>October 30, 2010</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">State and local government ARS
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total (1)
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>October 31, 2009</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Student-loan backed ARS
</div></td>
<td> </td>
<td nowrap="nowrap" align="right">$</td>
<td align="right">(4,841</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="right">$</td>
<td align="right">28,275</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">$</td>
<td align="right">(3,711</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="right">$</td>
<td align="right">31,173</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">State and local government ARS
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(220</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,230</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(206</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">11,494</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Auction rate preferred securities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,395</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">13,380</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total (1)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right">$</td>
<td align="right">(5,061</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="right">$</td>
<td align="right">37,505</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">$</td>
<td align="right">(5,312</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="right">$</td>
<td align="right">56,047</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Fair value excludes $9.2 million as of October 30, 2010 and $112.9 million as of October
31, 2009 of securities whose fair value approximates par.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of October 30, 2010, the Company had a total of $640.4 million in cash and cash equivalents,
short-term and long-term investments, including $9.2 million of investments in ARS whose fair value
approximates par.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the 13 weeks ended October 30, 2010, the Company liquidated $176.4 million par value ($163.3
million carrying value) of its available-for-sale securities. The Company received proceeds of
$149.6 million plus accrued interest and
recognized a net loss in its Consolidated Statements of Operations for the 13 weeks ended October
30, 2010 of $24.2 million, of which $10.9 million was previously included in OCI on the Company’s
Consolidated Balance Sheet.
</div>
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</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Relating to $119.7 million of the ARS securities sold during the 13 weeks ended October 30, 2010,
the Company entered into a settlement agreement under which a financial institution (the
“purchaser”) purchased the ARS at a discount to par, plus accrued interest. Additionally, under
this agreement, the Company retained a right (the “ARS Call Option”), for a period ending October
29, 2013 to: (a) repurchase any or all of the ARS securities sold at the agreed upon purchase
prices received from the purchaser plus accrued interest; and/or (b) receive additional proceeds
from the purchaser upon certain redemptions of the ARS securities sold. The ARS Call Option is
cancelable by the purchaser for additional cash consideration.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is required to assess the value of the ARS Call Option at the end of each reporting
period, with any changes in fair value recorded within the Consolidated Statement of Operations.
As of October 30, 2010, the Company determined that the fair value was $0.4 million. The fair
value of the ARS Call Option is included as an offsetting amount within the net loss on liquidation
of $24.2 million referenced above and is classified as a long-term investment on the Consolidated
Balance Sheet as of October 30, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company continues to monitor the market for ARS and consider the impact, if any, on the fair
value of its investments. If current market conditions deteriorate further, or the anticipated
recovery in market values does not occur, the Company may be required to record impairment charges
on its remaining ARS investments.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Refer to Note 4 to the Consolidated Financial Statements for additional information regarding the
fair value measurement of our investment securities.
</div>
</div>
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Cash and Cash Equivalents, Short-term Investments and Long-term Investments.
No authoritative reference available.
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