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Marketable Securities
 3 Months Ended
Apr. 30, 2020
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 value of available-for-sale securities by major security type and class of security as of April 30, 2020, January 31, 2020 and April 30, 2019 were as follows:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of April 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

50,887

 

 

$

5

 

 

$

(31

)

 

$

50,861

 

Corporate bonds

 

 

14,246

 

 

 

21

 

 

 

(7

)

 

 

14,260

 

 

 

 

65,133

 

 

 

26

 

 

 

(38

)

 

 

65,121

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

2,350

 

 

 

21

 

 

 

(1

)

 

 

2,370

 

Corporate bonds

 

 

2,572

 

 

 

3

 

 

 

(4

)

 

 

2,571

 

Mutual funds, held in rabbi trust

 

 

7,400

 

 

 

682

 

 

 

—

 

 

 

8,082

 

Certificates of deposit

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

 

 

 

12,571

 

 

 

706

 

 

 

(5

)

 

 

13,272

 

 

 

$

77,704

 

 

$

732

 

 

$

(43

)

 

$

78,393

 

As of January 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

38,617

 

 

$

20

 

 

$

(11

)

 

$

38,626

 

Corporate bonds

 

 

166,790

 

 

 

318

 

 

 

(26

)

 

 

167,082

 

Federal government agencies

 

 

1,152

 

 

 

3

 

 

 

—

 

 

 

1,155

 

Certificates of deposit

 

 

2,593

 

 

 

—

 

 

 

—

 

 

 

2,593

 

Commercial paper

 

 

1,997

 

 

 

—

 

 

 

—

 

 

 

1,997

 

 

 

 

211,149

 

 

 

341

 

 

 

(37

)

 

 

211,453

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

30,340

 

 

 

35

 

 

 

(17

)

 

 

30,358

 

Corporate bonds

 

 

47,352

 

 

 

205

 

 

 

(40

)

 

 

47,517

 

Mutual funds, held in rabbi trust

 

 

8,448

 

 

 

36

 

 

 

(55

)

 

 

8,429

 

Federal government agencies

 

 

6,926

 

 

 

1

 

 

 

(2

)

 

 

6,925

 

Certificates of deposit

 

 

3,867

 

 

 

—

 

 

 

—

 

 

 

3,867

 

 

 

 

96,933

 

 

 

277

 

 

 

(114

)

 

 

97,096

 

 

 

$

308,082

 

 

$

618

 

 

$

(151

)

 

$

308,549

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of April 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

52,131

 

 

$

23

 

 

$

(6

)

 

$

52,148

 

Corporate bonds

 

 

169,627

 

 

 

72

 

 

 

(70

)

 

 

169,629

 

Federal government agencies

 

 

2,735

 

 

 

4

 

 

 

—

 

 

 

2,739

 

Certificates of deposit

 

 

1,650

 

 

 

—

 

 

 

—

 

 

 

1,650

 

Commercial paper

 

 

2,997

 

 

 

—

 

 

 

—

 

 

 

2,997

 

 

 

 

229,140

 

 

 

99

 

 

 

(76

)

 

 

229,163

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

11,035

 

 

 

11

 

 

 

(8

)

 

 

11,038

 

Corporate bonds

 

 

71,105

 

 

 

95

 

 

 

(46

)

 

 

71,154

 

Mutual funds, held in rabbi trust

 

 

7,733

 

 

 

208

 

 

 

 

 

 

 

7,941

 

Federal government agencies

 

 

2,351

 

 

 

7

 

 

 

—

 

 

 

2,358

 

Certificates of deposit

 

 

1,403

 

 

 

—

 

 

 

—

 

 

 

1,403

 

 

 

 

93,627

 

 

 

321

 

 

 

(54

)

 

 

93,894

 

 

 

$

322,767

 

 

$

420

 

 

$

(130

)

 

$

323,057

 

 

Proceeds from the sales and maturities of available-for-sale securities were $311,258 and $151,761 for the three months ended April 30, 2020 and 2019, respectively. Net liquidations of the Company’s marketable securities portfolio in the three months ended April 30, 2020 were primarily to preserve financial flexibility and maintain liquidity in response to the coronavirus pandemic. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Operations, a net realized loss of $454 for the three months ended April 30, 2020, and a net realized gain of $7 for the three months ended April 30, 2019. Amortization of discounts and premiums, net, resulted in a reduction of “Other income, net” of $409 and $119 for the three months ended April 30, 2020 and 2019, 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 income, net” in the Condensed Consolidated Statements of Operations.