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Fair Value | 6 Months Ended
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Jul. 31, 2013
Fair Value | 4. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows:
| • |  | Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
| • |  | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
| • |  | Level 3: Unobservable inputs that reflect the Company’s own assumptions.
Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below:
|  | Marketable Securities Fair Value as of July 31, 2013 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal and pre-refunded municipal bonds |  | $ | — |  |  | $ | 192,361 |  |  | $ | — |  |  | $ | 192,361 |
Corporate bonds |  |  | 175,229 |  |  |  | — |  |  |  | — |  |  |  | 175,229 |
Certificates of deposit |  |  | — |  |  |  | 33,694 |  |  |  | — |  |  |  | 33,694 |
Treasury bills |  |  | 24,344 |  |  |  | — |  |  |  | — |  |  |  | 24,344 |
Commercial paper |  |  | — |  |  |  | 8,292 |  |  |  | — |  |  |  | 8,292 |
Federal government agencies |  |  | 7,793 |  |  |  | — |  |  |  | — |  |  |  | 7,793 |
Mutual funds, held in rabbi trust |  |  | 852 |  |  |  | — |  |  |  | — |  |  |  | 852 |
|  | $ | 208,218 |  |  | $ | 234,347 |  |  | $ | — |  |  | $ | 442,565 |
|  | Marketable Securities Fair Value as of January 31, 2013 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal and pre-refunded municipal bonds |  | $ | — |  |  | $ | 116,364 |  |  | $ | — |  |  | $ | 116,364 |
Corporate bonds |  |  | 152,775 |  |  |  | — |  |  |  | — |  |  |  | 152,775 |
Certificates of deposit |  |  | — |  |  |  | 43,235 |  |  |  | — |  |  |  | 43,235 |
Treasury bills |  |  | 41,105 |  |  |  | — |  |  |  | — |  |  |  | 41,105 |
Commercial paper |  |  | — |  |  |  | 10,781 |  |  |  | — |  |  |  | 10,781 |
Federal government agencies |  |  | 9,481 |  |  |  | — |  |  |  | — |  |  |  | 9,481 |
Auction rate securities |  |  | — |  |  |  | — |  |  |  | 4,330 |  |  |  | 4,330 |
|  | $ | 203,361 |  |  | $ | 170,380 |  |  | $ | 4,330 |  |  | $ | 378,071 |
|  | Marketable Securities Fair Value as of July 31, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal and pre-refunded municipal bonds |  | $ | — |  |  | $ | 52,808 |  |  | $ | — |  |  | $ | 52,808 |
Corporate bonds |  |  | 101,813 |  |  |  | — |  |  |  | — |  |  |  | 101,813 |
Certificates of deposit |  |  | — |  |  |  | 25,198 |  |  |  | — |  |  |  | 25,198 |
Treasury bills |  |  | 30,295 |  |  |  | — |  |  |  | — |  |  |  | 30,295 |
Commercial paper |  |  | — |  |  |  | 7,287 |  |  |  | — |  |  |  | 7,287 |
Federal government agencies |  |  | 5,823 |  |  |  | — |  |  |  | — |  |  |  | 5,823 |
Auction rate securities |  |  | — |  |  |  | — |  |  |  | 4,330 |  |  |  | 4,330 |
|  | $ | 137,931 |  |  | $ | 85,293 |  |  | $ | 4,330 |  |  | $ | 227,554 |
Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar securities in active markets as well as quoted prices for identical or similar securities in markets that are not active. Level 3 consists of financial instruments where there was no active market as of January 31, 2013 and July 31, 2012. During April 2013, we sold all of our remaining ARS for approximately $4.6 million in cash. As a result, there were no Level 3 investments at July 31, 2013. The Company’s ARS had a par value and a recorded fair value of $4.9 million and $4.3 million, respectively, prior to the sale in April 2013 and as of January 31, 2013 and July 31, 2012. Below is a reconciliation of the beginning and ending ARS balances that the Company valued using a Level 3 valuation for the periods shown.
|  | Three Months Ended July 31, 2013 |  |  | Fiscal Year Ended January 31, 2013 |  |  | Three Months Ended July 31, 2012 |
Balance at beginning of period |  | $ | — |  |  | $ | 20,197 |  |  | $ | 4,330 |
Total gains realized/unrealized: |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  | — |  |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  | 2,183 |  |  |  | — |
Settlements |  |  | — |  |  |  | (18,050 | ) |  |  | — |
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  | $ | — |  |  | $ | 4,330 |  |  | $ | 4,330 |
Unrealized losses included in accumulated other comprehensive loss related to assets still held at reporting date |  | $ | — |  |  | $ | (595 | ) |  | $ | (595 | )
Total gains for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held at reporting date |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Six Months Ended July 31, 2013 |  |  | Six Months Ended July 31, 2012 |
Balance at beginning of period |  | $ | 4,330 |  |  | $ | 20,197 |
Total (losses)/gains realized/unrealized: |  |  |  |  |  |  |  |
Included in earnings |  |  | (345 | ) |  |  | — |
Included in other comprehensive income |  |  | 595 |  |  |  | 2,183 |
Settlements |  |  | (4,580 | ) |  |  | (18,050 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |
Balance at end of period |  | $ | — |  |  | $ | 4,330 |
Unrealized losses included in accumulated other comprehensive loss related to assets still held at reporting date |  | $ | — |  |  | $ | (595 | )
Total gains for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held at reporting date |  | $ | — |  |  | $ | — |
The fair value of cash and cash equivalents (Level 1) approximate carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of three months or less. As of July 31, 2013, cash and cash equivalents included cash on hand, cash in banks and money market accounts.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
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