Marketable Securities

9 Months Ended

Oct. 31, 2023

Investments, Debt and Equity Securities [Abstract]

3. 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, 2023, January 31, 2023 and October 31, 2022 were as follows:


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of October 31, 2023
Short-term Investments:
Corporate bonds	$	102,766	$	—	$	(1,336	)	$	101,430
Federal government agencies		66,216		—		(233	)		65,983
Municipal and pre-refunded municipal bonds		48,115		—		(727	)		47,388
Commercial paper		20,976		—		—			20,976
US Treasury securities		13,157		—		(7	)		13,150
Certificates of deposit		249		—		—			249
		251,479		—		(2,303	)		249,176
Long-term Investments:
Corporate bonds		53,555		4		(1,155	)		52,404
Federal government agencies		49,203		—		(388	)		48,815
Municipal and pre-refunded municipal bonds		10,224		3		(136	)		10,091
US Treasury securities		7,398		1		(71	)		7,328
Mutual funds, held in rabbi trust		13,252		147		(348	)		13,051
Certificates of deposit		1,250		—		—			1,250
		134,882		155		(2,098	)		132,939
	$	386,361	$	155	$	(4,401	)	$	382,115
As of January 31, 2023
Short-term Investments:
Corporate bonds	$	83,184	$	—	$	(947	)	$	82,237
Federal government agencies		6,501		—		(1	)		6,500
Municipal and pre-refunded municipal bonds		48,141		—		(688	)		47,453
Commercial paper		21,636		—		—			21,636
US Treasury securities		23,561		1		(10	)		23,552
		183,023		1		(1,646	)		181,378
Long-term Investments:
Corporate bonds		62,594		22		(3,319	)		59,297
Federal government agencies		9,021		13		(2	)		9,032
Municipal and pre-refunded municipal bonds		23,437		5		(1,154	)		22,288
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


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of October 31, 2022
Short-term Investments:
Corporate bonds	$	85,788	$	—	$	(1,626	)	$	84,162
Municipal and pre-refunded municipal bonds		58,417		—		(910	)		57,507
US Treasury securities		4,750		—		(55	)		4,695
		148,955		—		(2,591	)		146,364
Long-term Investments:
Corporate bonds		61,707		—		(4,472	)		57,235
Municipal and pre-refunded municipal bonds		28,803		—		(1,801	)		27,002
Mutual funds, held in rabbi trust		12,546		—		(1,786	)		10,760
Certificates of deposit		249		—		—			249
		103,305		—		(8,059	)		95,246
	$	252,260	$	—	$	(10,650	)	$	241,610

Proceeds from the sales and maturities of available-for-sale securities were $242,847 and $230,745 for the nine months ended October 31, 2023 and 2022, respectively. The Company included in “Other income (loss), net,” in the Condensed Consolidated Statements of Income, a net realized gain of $2 and a net realized loss of $4 for the three and nine months ended October 31, 2023, respectively, and a net realized loss of $1,131 and $1,465 for the three and nine months ended October 31, 2022, respectively. Amortization of discounts and premiums, net, was a benefit of $1,406 and $2,578 for the three and nine months ended October 31, 2023, respectively, and an expense of $1,037 and $3,919 for the three and nine months ended October 31, 2022, respectively. Amortization of discounts and premiums, net, is included in “Other income (loss), net” in the Condensed Consolidated Statements of Income. 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 income (loss), net” in the Condensed Consolidated Statements of Income.