Marketable Securities

6 Months Ended

Jul. 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 value of available-for-sale securities by major security type and class of security as of July 31, 2021, January 31, 2021 and July 31, 2020 were as follows:

	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of July 31, 2021
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	122,173	$	14	$	(87	)	$	122,100
Corporate bonds		28,808		2		(24	)		28,786
Commercial paper		6,096		—		—			6,096
		157,077		16		(111	)		156,982
Long-term Investments:
Municipal and pre-refunded municipal bonds		40,069		34		(56	)	$	40,047
Corporate bonds		61,646		4		(159	)		61,491
Mutual funds, held in rabbi trust		11,610		143		(42	)		11,711
		113,325		181		(257	)		113,249
	$	270,402	$	197	$	(368	)	$	270,231
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 July 31, 2020
Short-term Investments:
Municipal and pre-refunded municipal bonds	$	210	$	—	$	—	$	210
Corporate bonds		291		—		—		291
		501		—		—		501
Long-term Investments:
Municipal and pre-refunded municipal bonds		53		1		—		54
Corporate bonds		30		—		—		30
Mutual funds, held in rabbi trust		8,767		365		—		9,132
		8,850		366		—		9,216
	$	9,351	$	366	$	—	$	9,717

Proceeds from the sales and maturities of available-for-sale securities were $148,582 and $383,056 for the six months ended July 31, 2021 and 2020, respectively. The Company initially liquidated its marketable securities portfolio in the six months ended July 31, 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, net,” in the Condensed Consolidated Statements of Operations, a net realized gain of $4 for the three and six months ended July 31, 2021, and a net realized gain of $34 and a net realized loss of $420 for the three and six months ended July 31, 2020, respectfully. Amortization of discounts and premiums, net, resulted in a reduction of “Other loss, net” of $1,398 and $2,736 for the three and six months ended July 31, 2021, respectively, and $208 and $617 for the three and six months ended July 31, 2020, respectfully. 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, net” in the Condensed Consolidated Statements of Operations.