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Marketable Securities | 12 Months Ended
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Jan. 31, 2024
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, 2024 and 2023 are as follows:
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized (Losses) |  |  | Fair Value |
As of January 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Short-term Investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 123,418 |  |  | $ | 27 |  |  | $ | (883 | ) |  | $ | 122,562 |
Federal government agencies |  |  | 68,730 |  |  |  | 35 |  |  |  | (94 | ) |  |  | 68,671 |
Municipal and pre-refunded municipal bonds |  |  | 47,915 |  |  |  | 9 |  |  |  | (414 | ) |  |  | 47,510 |
US Treasury securities |  |  | 27,231 |  |  |  | — |  |  |  | (36 | ) |  |  | 27,195 |
Certificates of deposit |  |  | 10,249 |  |  |  | — |  |  |  | — |  |  |  | 10,249 |
Commercial paper |  |  | 10,557 |  |  |  | — |  |  |  | — |  |  |  | 10,557 |
|  |  | 288,100 |  |  |  | 71 |  |  |  | (1,427 | ) |  |  | 286,744 |
Long-term Investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 147,924 |  |  | $ | 441 |  |  | $ | (388 | ) |  | $ | 147,977 |
Federal government agencies |  |  | 65,698 |  |  |  | 138 |  |  |  | (94 | ) |  |  | 65,742 |
Municipal and pre-refunded municipal bonds |  |  | 39,243 |  |  |  | 160 |  |  |  | (35 | ) |  |  | 39,368 |
US Treasury securities |  |  | 34,604 |  |  |  | 169 |  |  |  | (26 | ) |  |  | 34,747 |
Certificates of deposit |  |  | 11,250 |  |  |  | — |  |  |  | — |  |  |  | 11,250 |
Mutual funds, held in rabbi trust |  |  | 13,817 |  |  |  | 1,344 |  |  |  | (93 | ) |  |  | 15,068 |
|  |  | 312,536 |  |  |  | 2,252 |  |  |  | (636 | ) |  |  | 314,152 |
|  | $ | 600,636 |  |  | $ | 2,323 |  |  | $ | (2,063 | ) |  | $ | 600,896 |
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 |
US Treasury securities |  |  | 23,561 |  |  |  | 1 |  |  |  | (10 | ) |  |  | 23,552 |
Commercial paper |  |  | 21,636 |  |  |  | — |  |  |  | — |  |  |  | 21,636 |
|  |  | 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 |
Certificates of deposit |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 249 |
Mutual funds, held in rabbi trust |  |  | 13,402 |  |  |  | — |  |  |  | (1,424 | ) |  |  | 11,978 |
|  |  | 108,703 |  |  |  | 40 |  |  |  | (5,899 | ) |  |  | 102,844 |
|  | $ | 291,726 |  |  | $ | 41 |  |  | $ | (7,545 | ) |  | $ | 284,222 |
Proceeds from the sales and maturities of available-for-sale securities were $347,366, $276,650 and $280,701 in fiscal 2024, 2023 and 2022, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $4 during fiscal 2024, a net realized loss of $1,465 during fiscal 2023 and a net realized gain of $11 during fiscal 2022. Amortization of discounts and premiums, net, resulted in a benefit included in "Interest income" of $4,338 in fiscal 2024 and a reduction included in “Interest income” of $4,512 and $6,614 for fiscal 2023 and 2022, 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, 2024 and 2023, respectively.
|  | January 31, 2024 |
|  | 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 |  | $ | 104,563 |  |  | $ | (168 | ) |  | $ | 53,680 |  |  | $ | (1,103 | ) |  | $ | 158,243 |  |  | $ | (1,271 | )
Federal government agencies |  |  | 74,516 |  |  |  | (188 | ) |  |  | — |  |  |  | — |  |  |  | 74,516 |  |  |  | (188 | )
Municipal and pre-refunded municipal bonds |  |  | 24,070 |  |  |  | (48 | ) |  |  | 21,613 |  |  |  | (401 | ) |  |  | 45,683 |  |  |  | (449 | )
US Treasury securities |  |  | 35,135 |  |  |  | (62 | ) |  |  | — |  |  |  | — |  |  |  | 35,135 |  |  |  | (62 | )
Mutual funds, held in rabbi trust |  |  | 1,059 |  |  |  | (93 | ) |  |  | — |  |  |  | — |  |  |  | 1,059 |  |  |  | (93 | )
Total |  | $ | 239,343 |  |  | $ | (559 | ) |  | $ | 75,293 |  |  | $ | (1,504 | ) |  | $ | 314,636 |  |  | $ | (2,063 | )
|  | 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 | )
Federal government agencies |  |  | 9,517 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 9,517 |  |  |  | (3 | )
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 | )
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 | )
As of January 31, 2024 and 2023, there were a total of 267 and 262 securities with unrealized loss positions within the Company’s portfolio, respectively.

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