Marketable Securities

9 Months Ended

Oct. 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 October 31, 2024, January 31, 2024 and October 31, 2023 were as follows:


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of October 31, 2024
Short-term Investments:
Corporate bonds	$	178,736	$	151	$	(187	)	$	178,700
Federal government agencies		72,598		71		(20	)		72,649
Municipal and pre-refunded municipal bonds		64,129		70		(33	)		64,166
US Treasury securities		1,491		—		(3	)		1,488
Certificates of deposit		20,499		—		—			20,499
Commercial paper		2,943		—		—			2,943
		340,396		292		(243	)		340,445
Long-term Investments:
Corporate bonds		110,302		266		(398	)		110,170
Federal government agencies		35,098		16		(285	)		34,829
Municipal and pre-refunded municipal bonds		16,778		30		(12	)		16,796
US Treasury securities		59,507		197		(51	)		59,653
Certificates of deposit		1,000		—		—			1,000
Mutual funds, held in rabbi trust		15,756		2,035		(2	)		17,789
		238,441		2,544		(748	)		240,237
	$	578,837	$	2,836	$	(991	)	$	580,682


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			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


	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
US Treasury securities		13,157		—		(7	)		13,150
Certificates of deposit		249		—		—			249
Commercial paper		20,976		—		—			20,976
		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
Certificates of deposit		1,250		—		—			1,250
Mutual funds, held in rabbi trust		13,252		147		(348	)		13,051
		134,882		155		(2,098	)		132,939
	$	386,361	$	155	$	(4,401	)	$	382,115

Proceeds from the sales and maturities of available-for-sale securities were $309,178 and $242,847 for the nine months ended October 31, 2024 and 2023, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized loss of $17 and $96 for the three and nine months ended October 31, 2024, respectively, and a net realized gain of $2 and a net realized loss of $4 for the three and nine months ended October 31, 2023, respectively. Amortization of discounts and premiums, net, resulted in a benefit of $1,832 and $6,053 for the three and nine months ended October 31, 2024, respectively, and a benefit of $1,406 and $2,578 for the three and nine months ended October 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.