Marketable Securities

12 Months Ended

Jan. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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.