Marketable Securities

12 Months Ended

Jan. 31, 2025

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, 2025 and 2024 are as follows:


	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Fair Value
As of January 31, 2025
Short-term Investments:
Corporate bonds	$	186,732	$	103	$	(114	)	$	186,721
Federal government agencies		53,663		55		(7	)		53,711
US Treasury securities		5,415		—		(5	)		5,410
Municipal and pre-refunded municipal bonds		53,772		70		(8	)		53,834
Certificates of deposit		10,499		—		—			10,499
Commercial paper		9,774		—		—			9,774
		319,855		228		(134	)		319,949
Long-term Investments:
Corporate bonds	$	233,418	$	298	$	(500	)	$	233,216
Federal government agencies		50,579		16		(292	)		50,303
US Treasury securities		92,852		226		(90	)		92,988
Municipal and pre-refunded municipal bonds		14,770		35		(8	)		14,797
Mutual funds, held in rabbi trust		15,673		2,246		(15	)		17,904
Certificates of deposit		1,000		—		—			1,000
		408,292		2,821		(905	)		410,208
	$	728,147	$	3,049	$	(1,039	)	$	730,157

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
Mutual funds, held in rabbi trust		13,817		1,344		(93	)		15,068
Certificates of deposit		11,250		—		—			11,250
		312,536		2,252		(636	)		314,152
	$	600,636	$	2,323	$	(2,063	)	$	600,896

Proceeds from the sales and maturities of available-for-sale securities were $416,756, $347,366 and $276,650 in fiscal 2025, 2024 and 2023, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, net realized losses of $92, $4 and $1,465 during fiscal 2025, 2024 and 2023, respectively. Amortization of discounts and premiums, net, resulted in a benefit included in "Interest income" of $7,772 and $4,338 for fiscal 2025 and 2024, respectively, and a reduction included in “Interest income” of $4,512 for fiscal 2023. 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, 2025 and 2024, respectively.


	January 31, 2025
	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	$	206,917	$	(587	)	$	8,093	$	(27	)	$	215,010	$	(614	)
Federal government agencies		49,234		(298	)		5,738		(1	)		54,972		(299	)
US Treasury securities		37,007		(94	)		1,495		(1	)		38,502		(95	)
Municipal and pre-refunded municipal bonds		6,917		(13	)		1,502		(3	)		8,419		(16	)
Mutual funds, held in rabbi trust		1,316		(15	)		—		—			1,316		(15	)
Total	$	301,391	$	(1,007	)	$	16,828	$	(32	)	$	318,219	$	(1,039	)


	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	)
US Treasury securities		35,135		(62	)		—		—			35,135		(62	)
Municipal and pre-refunded municipal bonds		24,070		(48	)		21,613		(401	)		45,683		(449	)
Mutual funds, held in rabbi trust		1,059		(93	)		—		—			1,059		(93	)
Total	$	239,343	$	(559	)	$	75,293	$	(1,504	)	$	314,636	$	(2,063	)

As of January 31, 2025 and 2024, there were a total of 262 and 267 securities with unrealized loss positions within the Company’s portfolio, respectively.