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Marketable Securities
 3 Months Ended
Apr. 30, 2021
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, 2021, January 31, 2021 and April 30, 2020 were as follows:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of April 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

$

106,266

 

 

$

5

 

 

$

(84

)

 

$

106,187

 

Corporate bonds

 

 

48,500

 

 

 

1

 

 

 

(49

)

 

 

48,452

 

Commercial paper

 

 

9,791

 

 

 

—

 

 

 

—

 

 

 

9,791

 

 

 

 

164,557

 

 

 

6

 

 

 

(133

)

 

 

164,430

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal and pre-refunded municipal bonds

 

 

40,085

 

 

 

17

 

 

 

(48

)

 

$

40,054

 

Corporate bonds

 

 

48,850

 

 

 

2

 

 

 

(111

)

 

 

48,741

 

Mutual funds, held in rabbi trust

 

 

11,448

 

 

 

437

 

 

 

—

 

 

 

11,885

 

 

 

 

100,383

 

 

 

456

 

 

 

(159

)

 

 

100,680

 

 

 

$

264,940

 

 

$

462

 

 

$

(292

)

 

$

265,110

 

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

 

 

 

 

 

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

 

 

Proceeds from the sales and maturities of available-for-sale securities were $73,848 and $311,258 for the three months ended April 30, 2021 and 2020, respectively. The Company initially liquidated its marketable securities portfolio in the three months ended April 30, 2020 primarily to preserve financial flexibility and maintain liquidity in response to the COVID-19 pandemic, but reinvested in a marketable securities portfolio by January 31, 2021. The Company included in “Other (loss) income, net,” in the Condensed Consolidated Statements of Operations, a net realized loss of $0 and $454 for the three months ended April 30, 2021 and 2020, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Other (loss) income, net” of $1,338 and $409 for the three months ended April 30, 2021 and 2020, 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 (loss) income, net” in the Condensed Consolidated Statements of Operations.