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v3.23.1

Marketable Securities | 12 Months Ended
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Jan. 31, 2023
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, 2023 and 2022 are as follows:
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized (Losses) |  |  | Fair Value |
As of January 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Short-term Investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 83,184 |  |  | $ | — |  |  | $ | (947 | ) |  | $ | 82,237 |
Municipal and pre-refunded municipal bonds |  |  | 48,141 |  |  |  | — |  |  |  | (688 | ) |  |  | 47,453 |
US Treasury securities |  |  | 23,561 |  |  |  | 1 |  |  |  | (10 | ) |  |  | 23,552 |
Commercial paper |  |  | 21,636 |  |  |  | — |  |  |  | — |  |  |  | 21,636 |
Federal government agencies |  |  | 6,501 |  |  |  | — |  |  |  | (1 | ) |  |  | 6,500 |
|  |  | 183,023 |  |  |  | 1 |  |  |  | (1,646 | ) |  |  | 181,378 |
Long-term Investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 62,594 |  |  | $ | 22 |  |  | $ | (3,319 | ) |  | $ | 59,297 |
Municipal and pre-refunded municipal bonds |  |  | 23,437 |  |  |  | 5 |  |  |  | (1,154 | ) |  |  | 22,288 |
Federal government agencies |  |  | 9,021 |  |  |  | 13 |  |  |  | (2 | ) |  |  | 9,032 |
Mutual funds, held in rabbi trust |  |  | 13,402 |  |  |  | — |  |  |  | (1,424 | ) |  |  | 11,978 |
Certificates of deposit |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 249 |
|  |  | 108,703 |  |  |  | 40 |  |  |  | (5,899 | ) |  |  | 102,844 |
|  | $ | 291,726 |  |  | $ | 41 |  |  | $ | (7,545 | ) |  | $ | 284,222 |
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 |
Federal government agencies |  |  | 350 |  |  |  | — |  |  |  | (5 | ) |  |  | 345 |
Mutual funds, held in rabbi trust |  |  | 12,419 |  |  |  | — |  |  |  | (606 | ) |  |  | 11,813 |
Certificates of deposit |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 249 |
|  |  | 227,603 |  |  |  | 1 |  |  |  | (4,047 | ) |  |  | 223,557 |
|  | $ | 467,532 |  |  | $ | 3 |  |  | $ | (4,558 | ) |  | $ | 462,977 |
Proceeds from the sales and maturities of available-for-sale securities were $276,650, $280,701 and $396,260 in fiscal 2023, 2022 and 2021, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $1,465 during fiscal 2023, a net realized gain of $11 during fiscal 2022 and a net realized loss of $419 during fiscal 2021. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $4,512, $6,614 and $1,574 for fiscal 2023, 2022 and 2021, 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, 2023 and 2022, respectively.
|  | January 31, 2023 |
|  | 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 |  | $ | 23,569 |  |  | $ | (51 | ) |  | $ | 116,136 |  |  | $ | (4,215 | ) |  | $ | 139,705 |  |  | $ | (4,266 | )
Municipal and pre-refunded municipal bonds |  |  | 2,849 |  |  |  | (90 | ) |  |  | 64,079 |  |  |  | (1,752 | ) |  |  | 66,928 |  |  |  | (1,842 | )
US Treasury securities |  |  | 14,221 |  |  |  | (3 | ) |  |  | 1,993 |  |  |  | (7 | ) |  |  | 16,214 |  |  |  | (10 | )
Federal government agencies |  |  | 9,517 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 9,517 |  |  |  | (3 | )
Mutual funds, held in rabbi trust |  |  | 11,333 |  |  |  | (1,424 | ) |  |  | — |  |  |  | — |  |  |  | 11,333 |  |  |  | (1,424 | )
Total |  | $ | 61,489 |  |  | $ | (1,571 | ) |  | $ | 182,208 |  |  | $ | (5,974 | ) |  | $ | 243,697 |  |  | $ | (7,545 | )
|  | 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 | )
Federal government agencies |  |  | 345 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 345 |  |  |  | (5 | )
Mutual funds, held in rabbi trust |  |  | 11,813 |  |  |  | (606 | ) |  |  | — |  |  |  | — |  |  |  | 11,813 |  |  |  | (606 | )
Total |  | $ | 407,237 |  |  | $ | (4,518 | ) |  | $ | 21,228 |  |  | $ | (40 | ) |  | $ | 428,465 |  |  | $ | (4,558 | )
As of January 31, 2023 and 2022, there were a total of 262 and 656 securities with unrealized loss positions within the Company’s portfolio, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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