Lowe's 2013 Annual Report Download - page 53

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45
January 31, 2014
Amortized
Gross Unrealized
Gross Unrealized
Fair
(In millions)
Costs
Gains
Losses
Values
Money market funds
$
128
$
—
$
—
$
128
Certificates of deposit
21
—
—
21
Municipal obligations
18
—
—
18
Municipal floating rate obligations
18
—
—
18
Classified as short-term
185
—
—
185
Municipal floating rate obligations
265
—
—
265
Municipal obligations
14
—
—
14
Classified as long-term
279
—
—
279
Total
$
464
$
—
$
—
$
464
February 1, 2013
Amortized
Gross Unrealized
Gross Unrealized
Fair
(In millions)
Costs
Gains
Losses
Values
Money market funds
$
49
$
—
$
—
$
49
Municipal obligations
56
—
—
56
Municipal floating rate obligations
14
—
—
14
Other
6
—
—
6
Classified as short-term
125
—
—
125
Municipal floating rate obligations
230
—
—
230
Municipal obligations
40
1
—
41
Classified as long-term
270
1
—
271
Total
$
395
$
1
$
—
$
396
The proceeds from sales of available-for-sale securities were $276 million, $1.1 billion and $1.3 billion for 2013, 2012 and
2011, respectively. Gross realized gains and losses on the sale of available-for-sale securities were not significant for any of the
periods presented. The investments classified as long-term at January 31, 2014, will mature in one to 38 years, based on stated
maturity dates.
The Company elected the fair value option for certain investments previously maintained in conjunction with certain employee
benefit plans. These investments were reported as trading securities, which were included in short-term investments. The
Company had no purchases or sales of these investments in 2013, and none outstanding at January 31, 2014. In 2012, the
Company sold its full portfolio of these investments for proceeds of $29 million and recognized gains of $2 million. Net
unrealized gains/losses for 2011 were not significant. Unrealized gains and losses on trading securities were included in SG&A
expense. Cash flows from purchases, sales and maturities of trading securities are included in cash flows from investing
activities in the consolidated statements of cash flows based on the nature and purpose for which the securities were acquired.
Short-term and long-term investments include restricted balances pledged as collateral primarily for the Company’s extended
protection plan program. At February 1, 2013, short-term and long-term investments also included restricted balances pledged
as collateral for a portion of the Company’s casualty insurance liability. Restricted balances included in short-term investments
were $162 million at January 31, 2014 and $123 million at February 1, 2013. Restricted balances included in long-term
investments were $268 million at January 31, 2014 and $263 million at February 1, 2013.