Marketable Securities

12 Months Ended

Jan. 31, 2017

4. Marketable Securities

During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair values of available-for-sale securities by major security type and class of security as of January 31, 2017 and 2016 are as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of January 31, 2017
Short-term Investments:
Corporate bonds	$	59,403	$	7	$	(90	)	$	59,320
Municipal and pre-refunded municipal bonds		51,731		28		(12	)		51,747

		111,134		35		(102	)		111,067

Long-term Investments:
Corporate bonds		19,102		9		(33	)		19,078
Municipal and pre-refunded municipal bonds		19,488		35		(9	)		19,514
Mutual funds, held in rabbi trust		4,583		91		(1	)		4,673
Certificates of deposit		1,023		—		—			1,023

		44,196		135		(43	)		44,288

	$	155,330	$	170	$	(145	)	$	155,355

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

		61,043		43		(25	)		61,061

Long-term Investments:
Corporate bonds		12,227		9		(35	)		12,201
Municipal and pre-refunded municipal bonds		18,028		58		(2	)		18,084
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

Proceeds from the sales and maturities of available-for-sale securities were $243,159, $374,057 and $830,297 in fiscal 2017, 2016 and 2015, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $83 during fiscal 2017, a net realized gain of $43 during fiscal 2016 and a net realized gain of $237 during fiscal 2015. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $2,200, $3,841 and $6,696 for fiscal years 2017, 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 “Interest income” in the Consolidated Statements of Income.

The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2017 and January 31, 2016, respectively.


	January 31, 2017
	Less Than 12 Months					12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	61,612	$	(123	)	$	—	$	—	$	61,612	$	(123	)
Municipal and pre-refunded municipal bonds		18,713		(21	)		—		—		18,713		(21	)
Mutual funds, held in rabbi trust		316		(1	)		—		—		316		(1	)

Total	$	80,641	$	(145	)	$	—	$	—	$	80,641	$	(145	)


	January 31, 2016
	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	30,745	$	(54	)	$	1,098	$	(6	)	$	31,843	$	(60	)
Municipal and pre-refunded municipal bonds		997		(2	)		434		—			1,431		(2	)
Mutual funds, held in rabbi trust		4,363		(247	)		—		—			4,363		(247	)

Total	$	36,105	$	(303	)	$	1,532	$	(6	)	$	37,637	$	(309	)

As of January 31, 2017 and 2016, there were a total of 206 and 84 securities with unrealized loss positions within the Company’s portfolio, respectively.

- Definition

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

+ References + Details