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Marketable Securities
 12 Months Ended
Jan. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

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, 2019 and 2018 are as follows:

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

As of January 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

227,287

 

 

$

24

 

 

$

(214

)

 

$

227,097

 

Municipal and pre-refunded municipal bonds

 

 

43,677

 

 

 

15

 

 

 

(18

)

 

 

43,674

 

Federal government agencies

 

 

1,458

 

 

 

—

 

 

 

—

 

 

 

1,458

 

Certificate of deposit

 

 

1,050

 

 

 

—

 

 

 

—

 

 

 

1,050

 

Commercial paper

 

 

2,979

 

 

 

—

 

 

 

—

 

 

 

2,979

 

Treasury bills

 

 

2,975

 

 

 

—

 

 

 

(1

)

 

 

2,974

 

 

 

 

279,426

 

 

 

39

 

 

 

(233

)

 

 

279,232

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

34,265

 

 

 

34

 

 

 

(63

)

 

 

34,236

 

Municipal and pre-refunded municipal bonds

 

 

7,554

 

 

 

7

 

 

 

(3

)

 

 

7,558

 

Federal government agencies

 

 

6,603

 

 

 

2

 

 

 

(1

)

 

 

6,604

 

Mutual funds, held in rabbi trust

 

 

6,301

 

 

 

450

 

 

 

—

 

 

 

6,751

 

Certificates of deposit

 

 

2,143

 

 

 

—

 

 

 

—

 

 

 

2,143

 

 

 

 

56,866

 

 

 

493

 

 

 

(67

)

 

 

57,292

 

 

 

$

336,292

 

 

$

532

 

 

$

(300

)

 

$

336,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of January 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

111,612

 

 

$

—

 

 

$

(184

)

 

$

111,428

 

Municipal and pre-refunded municipal bonds

 

 

52,474

 

 

 

11

 

 

 

(39

)

 

 

52,446

 

Certificates of deposit

 

 

1,251

 

 

 

—

 

 

 

—

 

 

 

1,251

 

 

 

 

165,337

 

 

 

11

 

 

 

(223

)

 

 

165,125

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

39,853

 

 

 

—

 

 

 

(228

)

 

 

39,625

 

Municipal and pre-refunded municipal bonds

 

 

9,873

 

 

 

8

 

 

 

(24

)

 

 

9,857

 

Mutual funds, held in rabbi trust

 

 

5,973

 

 

 

274

 

 

 

(10

)

 

 

6,237

 

Certificates of deposit

 

 

2,969

 

 

 

—

 

 

 

—

 

 

 

2,969

 

 

 

 

58,668

 

 

 

282

 

 

 

(262

)

 

 

58,688

 

 

 

$

224,005

 

 

$

293

 

 

$

(485

)

 

$

223,813

 

 

Proceeds from the sales and maturities of available-for-sale securities were $267,072, $243,818 and $243,159 in fiscal 2019, 2018 and 2017, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, net realized losses of $22, $35 and $83 during fiscal 2019, 2018 and 2017, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $1,695, $2,588 and $2,200 for fiscal 2019, 2018 and 2017, 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, 2019 and 2018, respectively.

 

 

January 31, 2019

 

 

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

$

177,932

 

 

$

(160

)

 

$

38,201

 

 

$

(117

)

 

$

216,133

 

 

$

(277

)

Municipal and pre-refunded municipal bonds

 

20,732

 

 

 

(13

)

 

 

4,907

 

 

 

(8

)

 

 

25,639

 

 

 

(21

)

Federal government agencies

 

3,315

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

3,315

 

 

 

(1

)

Treasury bills

 

2,974

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

2,974

 

 

 

(1

)

Total

$

204,953

 

 

$

(175

)

 

$

43,108

 

 

$

(125

)

 

$

248,061

 

 

$

(300

)

 

 

January 31, 2018

 

 

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

$

151,053

 

 

$

(412

)

 

$

—

 

 

$

—

 

 

$

151,053

 

 

$

(412

)

Municipal and pre-refunded municipal bonds

 

39,671

 

 

 

(63

)

 

 

—

 

 

 

—

 

 

 

39,671

 

 

 

(63

)

Mutual funds, held in rabbi trust

 

474

 

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

474

 

 

 

(10

)

Total

$

191,198

 

 

$

(485

)

 

$

—

 

 

$

—

 

 

$

191,198

 

 

$

(485

)

 

As of January 31, 2019 and 2018, there were a total of 362 and 336 securities with unrealized loss positions within the Company’s portfolio, respectively.