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Marketable Securities
 12 Months Ended
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.