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Marketable Securities
 9 Months Ended
Oct. 31, 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 October 31, 2021, January 31, 2021 and October 31, 2020 were as follows:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of October 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

53,744

 

 

$

3

 

 

$

(71

)

 

$

53,676

 

Municipal and pre-refunded municipal bonds

 

 

114,818

 

 

 

9

 

 

 

(73

)

 

 

114,754

 

Treasury bills

 

 

16,849

 

 

 

—

 

 

 

(3

)

 

 

16,846

 

Commercial paper

 

 

3,099

 

 

 

—

 

 

 

—

 

 

 

3,099

 

 

 

 

188,510

 

 

 

12

 

 

 

(147

)

 

 

188,375

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

174,884

 

 

 

1

 

 

 

(1,125

)

 

$

173,760

 

Municipal and pre-refunded municipal bonds

 

 

78,955

 

 

 

8

 

 

 

(362

)

 

 

78,601

 

Treasury bills

 

 

4,748

 

 

 

—

 

 

 

(7

)

 

 

4,741

 

Mutual funds, held in rabbi trust

 

 

11,540

 

 

 

542

 

 

 

(1

)

 

 

12,081

 

Federal government agencies

 

 

350

 

 

 

—

 

 

 

(2

)

 

 

348

 

Certificates of deposit

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

 

 

 

270,726

 

 

 

551

 

 

 

(1,497

)

 

 

269,780

 

 

 

$

459,236

 

 

$

563

 

 

$

(1,644

)

 

$

458,155

 

As of January 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

38,695

 

 

$

1

 

 

$

(48

)

 

$

38,648

 

Municipal and pre-refunded municipal bonds

 

 

127,097

 

 

 

11

 

 

 

(53

)

 

 

127,055

 

Commercial paper

 

 

8,992

 

 

 

—

 

 

 

—

 

 

 

8,992

 

 

 

 

174,784

 

 

 

12

 

 

 

(101

)

 

 

174,695

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

59,890

 

 

 

3

 

 

 

(129

)

 

 

59,764

 

Municipal and pre-refunded municipal bonds

 

 

53,134

 

 

 

17

 

 

 

(46

)

 

 

53,105

 

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 October 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

2

 

 

$

—

 

 

$

—

 

 

$

2

 

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

30

 

 

 

—

 

 

 

—

 

 

 

30

 

Municipal and pre-refunded municipal bonds

 

 

53

 

 

 

1

 

 

 

—

 

 

 

54

 

Mutual funds, held in rabbi trust

 

 

9,393

 

 

 

17

 

 

 

(144

)

 

 

9,266

 

 

 

 

9,476

 

 

 

18

 

 

 

(144

)

 

 

9,350

 

 

 

$

9,478

 

 

$

18

 

 

$

(144

)

 

$

9,352

 

 

Proceeds from the sales and maturities of available-for-sale securities were $237,879 and $384,999 for the nine months ended October 31, 2021 and 2020, respectively. The Company initially liquidated its marketable securities portfolio in the nine months ended October 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 $9 and $13 for the three and nine months ended October 31, 2021, respectively,

and a net realized gain of $1 and a net realized loss of $419 for the three and nine months ended October 31, 2020, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Other loss, net” of $1,804 and $4,540 for the three and nine months ended October 31, 2021, respectively, and $201 and $818 for the three and nine months ended October 31, 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, net” in the Condensed Consolidated Statements of Operations.