Marketable Securities

12 Months Ended

Jan. 31, 2021

Investments Debt And Equity Securities [Abstract]

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, 2021 and 2020 are as follows:

	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of January 31, 2021
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	127,097	$	11	$	(53	)	$	127,055
Corporate bonds		38,695		1		(48	)		38,648
Commercial paper		8,992		—		—			8,992
		174,784		12		(101	)		174,695
Long-term Investments:
Municipal and pre-refunded municipal bonds		53,134		17		(46	)		53,105
Corporate bonds		59,890		3		(129	)		59,764
Mutual funds, held in rabbi trust		10,827		20		(54	)		10,793
		123,851		40		(229	)		123,662
	$	298,635	$	52	$	(330	)	$	298,357

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
Commercial paper		1,997		—		—			1,997
Federal government agencies		1,152		3		—			1,155
Certificate of deposit		2,593		—		—			2,593
		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

Proceeds from the sales and maturities of available-for-sale securities were $396,260, $428,508 and $267,072 in fiscal 2021, 2020 and 2019, respectively. The Company initially liquidated its marketable securities portfolio earlier in fiscal 2021 primarily to preserve financial flexibility and maintain liquidity in response to the COVID-19 pandemic, but reinvested in a marketable securities portfolio in the fourth quarter of fiscal 2021. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $419 during fiscal 2021, a net realized gain of $39 during fiscal 2020 and a net realized loss of $22 during 2019. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $1,574, $706 and $1,695 for fiscal 2021, 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 “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 have credit losses, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2021 and 2020, respectively.

	January 31, 2021
	Less Than 12 Months					12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Municipal and pre-refunded municipal bonds	$	90,308	$	(99	)	$	—	$	—	$	90,308	$	(99	)
Corporate bonds		91,432		(177	)		—		—		91,432		(177	)
Mutual funds, held in rabbi trust		10,793		(54	)		—		—		10,793		(54	)
Total	$	192,533	$	(330	)	$	—	$	—	$	192,533	$	(330	)

	January 31, 2020
	Less Than 12 Months					12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Municipal and pre-refunded municipal bonds	$	24,975	$	(28	)	$	—	$	—	$	24,975	$	(28	)
Corporate bonds		60,067		(66	)		—		—		60,067		(66	)
Mutual funds, held in rabbi trust		5,395		(55	)		—		—		5,395		(55	)
Federal government agencies		3,009		(2	)		—		—		3,009		(2	)
Total	$	93,446	$	(151	)	$	—	$	—	$	93,446	$	(151	)

As of January 31, 2021 and 2020, there were a total of 184 and 83 securities with unrealized loss positions within the Company’s portfolio, respectively.