Marketable Securities

6 Months Ended

Jul. 31, 2024

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 July 31, 2024, January 31, 2024 and July 31, 2023 were as follows:


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of July 31, 2024
Short-term Investments:
Corporate bonds	$	179,538	$	26	$	(567	)	$	178,997
Federal government agencies		73,850		7		(115	)		73,742
US Treasury securities		29,150		—		(59	)		29,091
Municipal and pre-refunded municipal bonds		47,174		17		(65	)		47,126
Certificates of deposit		20,499		—		—			20,499
Commercial paper		2,905		—		—			2,905
		353,116		50		(806	)		352,360
Long-term Investments:
Corporate bonds		79,873		147		(87	)		79,933
Federal government agencies		35,635		7		(105	)		35,537
US Treasury securities		49,951		200		(45	)		50,106
Municipal and pre-refunded municipal bonds		25,250		19		(69	)		25,200
Certificates of deposit		1,000		—		—			1,000
Mutual funds, held in rabbi trust		16,011		1,682		—			17,693
		207,720		2,055		(306	)		209,469
	$	560,836	$	2,105	$	(1,112	)	$	561,829
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
US Treasury securities		27,231		—		(36	)		27,195
Municipal and pre-refunded municipal bonds		47,915		9		(414	)		47,510
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
US Treasury securities		34,604		169		(26	)		34,747
Municipal and pre-refunded municipal bonds		39,243		160		(35	)		39,368
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


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of July 31, 2023
Short-term Investments:
Corporate bonds	$	96,902	$	1	$	(1,239	)	$	95,664
Federal government agencies		47,287		—		(163	)		47,124
US Treasury securities		18,661		—		(16	)		18,645
Municipal and pre-refunded municipal bonds		48,350		—		(670	)		47,680
Commercial paper		41,719		—		—			41,719
		252,919		1		(2,088	)		250,832
Long-term Investments:
Corporate bonds		47,835		—		(1,745	)		46,090
Federal government agencies		44,914		—		(464	)		44,450
US Treasury securities		2,969		—		(61	)		2,908
Municipal and pre-refunded municipal bonds		13,980		—		(469	)		13,511
Certificates of deposit		1,499		—		—			1,499
Mutual funds, held in rabbi trust		12,941		1,027		(70	)		13,898
		124,138		1,027		(2,809	)		122,356
	$	377,057	$	1,028	$	(4,897	)	$	373,188

Proceeds from the sales and maturities of available-for-sale securities were $204,145 and $149,921 for the six months ended July 31, 2024 and 2023, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized loss of $56 and $79 for the three and six months ended July 31, 2024, respectively, and a net realized loss of $7 and $6 for the three and six months ended July 31, 2023, respectively. Amortization of discounts and premiums, net, resulted in a benefit of $2,066 and $4,221 for the three and six months ended July 31, 2024, respectively, and a benefit of $894 and $1,172 for the three and six months ended July 31, 2023, respectively. Amortization of discounts and premiums, net, is included in “Other income, 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, net” in the Condensed Consolidated Statements of Income.