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Marketable Securities
 12 Months Ended
Jan. 31, 2022
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 values of available-for-sale securities by major security type and class of security as of January 31, 2022 and 2021 are as follows:

 

 

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

As of January 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

85,062

 

 

$

1

 

 

$

(200

)

 

$

84,863

 

Municipal and pre-refunded municipal bonds

 

 

128,984

 

 

 

1

 

 

 

(273

)

 

 

128,712

 

US Treasury securities

 

 

14,999

 

 

 

—

 

 

 

(38

)

 

 

14,961

 

Commercial paper

 

 

10,884

 

 

 

—

 

 

 

—

 

 

 

10,884

 

 

 

 

239,929

 

 

 

2

 

 

 

(511

)

 

 

239,420

 

Long-term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

148,830

 

 

$

—

 

 

$

(2,478

)

 

$

146,352

 

Municipal and pre-refunded municipal bonds

 

 

60,533

 

 

 

1

 

 

 

(912

)

 

 

59,622

 

US Treasury securities

 

 

5,222

 

 

 

—

 

 

 

(46

)

 

 

5,176

 

Mutual funds, held in rabbi trust

 

 

12,419

 

 

 

—

 

 

 

(606

)

 

 

11,813

 

Federal government agencies

 

 

350

 

 

 

—

 

 

 

(5

)

 

 

345

 

Certificates of deposit

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

 

 

 

227,603

 

 

 

1

 

 

 

(4,047

)

 

 

223,557

 

 

 

$

467,532

 

 

$

3

 

 

$

(4,558

)

 

$

462,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Proceeds from the sales and maturities of available-for-sale securities were $280,701, $396,260 and $428,508 in fiscal 2022, 2021 and 2020, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $11 during fiscal 2022, a net realized loss of $419 during fiscal 2021 and a net realized gain of $39 during 2020. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $6,614, $1,574 and $706 for fiscal 2022, 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 “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, 2022 and 2021, respectively.

 

 

January 31, 2022

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

Description of Securities

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Corporate bonds

$

212,861

 

 

$

(2,661

)

 

$

14,110

 

 

$

(17

)

 

$

226,971

 

 

$

(2,678

)

Municipal and pre-refunded municipal bonds

 

162,081

 

 

 

(1,162

)

 

 

7,118

 

 

 

(23

)

 

 

169,199

 

 

 

(1,185

)

US Treasury securities

 

20,137

 

 

 

(84

)

 

 

—

 

 

 

—

 

 

 

20,137

 

 

 

(84

)

Mutual funds, held in rabbi trust

 

11,813

 

 

 

(606

)

 

 

—

 

 

 

—

 

 

 

11,813

 

 

 

(606

)

Federal government agencies

 

345

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

345

 

 

 

(5

)

Total

$

407,237

 

 

$

(4,518

)

 

$

21,228

 

 

$

(40

)

 

$

428,465

 

 

$

(4,558

)

 

 

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

 

Corporate bonds

$

91,432

 

 

$

(177

)

 

$

—

 

 

$

—

 

 

$

91,432

 

 

$

(177

)

Municipal and pre-refunded municipal bonds

 

90,308

 

 

 

(99

)

 

 

—

 

 

 

—

 

 

 

90,308

 

 

 

(99

)

Mutual funds, held in rabbi trust

 

10,793

 

 

 

(54

)

 

 

—

 

 

 

—

 

 

 

10,793

 

 

 

(54

)

Total

$

192,533

 

 

$

(330

)

 

$

—

 

 

$

—

 

 

$

192,533

 

 

$

(330

)

 

As of January 31, 2022 and 2021, there were a total of 656 and 184 securities with unrealized loss positions within the Company’s portfolio, respectively.