Marketable Securities

3 Months Ended

Apr. 30, 2016

4. Marketable Securities

During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of April 30, 2016, January 31, 2016 and April 30, 2015 were as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of April 30, 2016
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	40,569	$	27	$	(2	)	$	40,594
Corporate bonds		18,972		5		(7	)		18,970

		59,541		32		(9	)		59,564

Long-term Investments:
Municipal and pre-refunded municipal bonds		9,060		20		(1	)		9,079
Corporate bonds		5,356		2		(10	)		5,348
Mutual funds, held in rabbi trust		3,907		30		(3	)		3,934
Certificates of deposit		349		—		—			349

		18,672		52		(14	)		18,710

	$	78,213	$	84	$	(23	)	$	78,274

As of January 31, 2016
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	26,243	$	33	$	—		$	26,276
Corporate bonds		33,885		10		(25	)		33,870
Certificates of deposit		915		—		—			915

		61,043		43		(25	)		61,061

Long-term Investments:
Municipal and pre-refunded municipal bonds		18,028		58		(2	)		18,084
Corporate bonds		12,227		9		(35	)		12,201
Mutual funds, held in rabbi trust		4,604		6		(247	)		4,363
Certificates of deposit		1,952		—		—			1,952

		36,811		73		(284	)		36,600

	$	97,854	$	116	$	(309	)	$	97,661

As of April 30, 2015
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	40,287	$	42	$	(2	)	$	40,327
Corporate bonds		43,923		12		(28	)		43,907
Certificates of deposit		5,426		1		—			5,427
Treasury bills		3,018		2		—			3,020
Commercial paper		3,942		3		—			3,945

		96,596		60		(30	)		96,626

Long-term Investments:
Municipal and pre-refunded municipal bonds		46,529		78		(10	)		46,597
Corporate bonds		20,652		8		(30	)		20,630
Mutual funds, held in rabbi trust		4,670		40		(24	)		4,686
Certificates of deposit		2,566		—		—			2,566
Treasury bills		8,067		3		(1	)		8,069
Federal government agencies		799		1		—			800

		83,283		130		(65	)		83,348

	$	179,879	$	190	$	(95	)	$	179,974

Proceeds from the sales and maturities of available-for-sale securities were $57,219 and $80,942 for the three months ended April 30, 2016 and 2015, respectively. The Company included in “Other expense, net,” in the Condensed Consolidated Statements of Income, net realized gains of $13 and $3 for the three months ended April 30, 2016 and 2015, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Other expense, net” of $594 and $1,116 for the three months ended April 30, 2016 and 2015, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other expense, net” in the Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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