Marketable Securities

3 Months Ended

Apr. 30, 2025

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 April 30, 2025, January 31, 2025 and April 30, 2024 were as follows:


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of April 30, 2025
Short-term Investments:
Corporate bonds	$	181,973	$	102	$	(170	)	$	181,905
US Treasury securities		3,952		—		(3	)		3,949
Federal government agencies		38,187		29		(4	)		38,212
Municipal and pre-refunded municipal bonds		43,152		36		(10	)		43,178
Certificates of deposit		10,499		—		—			10,499
Commercial paper		7,842		—		—			7,842
		285,605		167		(187	)		285,585
Long-term Investments:
Corporate bonds		203,858		915		(108	)		204,665
US Treasury securities		87,179		989		—			88,168
Federal government agencies		46,308		44		(90	)		46,262
Municipal and pre-refunded municipal bonds		6,775		37		(2	)		6,810
Mutual funds, held in rabbi trust		19,764		75		(807	)		19,032
Certificates of deposit		1,000		—		—			1,000
		364,884		2,060		(1,007	)		365,937
	$	650,489	$	2,227	$	(1,194	)	$	651,522


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of January 31, 2025
Short-term Investments:
Corporate bonds	$	186,732	$	103	$	(114	)	$	186,721
US Treasury securities		5,415		—		(5	)		5,410
Federal government agencies		53,663		55		(7	)		53,711
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
US Treasury securities		92,852		226		(90	)		92,988
Federal government agencies		50,579		16		(292	)		50,303
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


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of April 30, 2024
Short-term Investments:
Corporate bonds	$	145,891	$	3	$	(1,000	)	$	144,894
US Treasury securities		28,925		—		(127	)		28,798
Federal government agencies		76,515		—		(204	)		76,311
Municipal and pre-refunded municipal bonds		49,515		4		(204	)		49,315
Certificates of deposit		10,249		—		—			10,249
Commercial paper		2,991		—		—			2,991
		314,086		7		(1,535	)		312,558
Long-term Investments:
Corporate bonds		119,907		19		(1,116	)		118,810
US Treasury securities		49,943		—		(677	)		49,266
Federal government agencies		53,486		—		(502	)		52,984
Municipal and pre-refunded municipal bonds		38,785		9		(286	)		38,508
Mutual funds, held in rabbi trust		15,950		443		(33	)		16,360
Certificates of deposit		11,250		—		—			11,250
		289,321		471		(2,614	)		287,178
	$	603,407	$	478	$	(4,149	)	$	599,736

Proceeds from the sales and maturities of available-for-sale securities were $203,416 and $91,081 for the three months ended April 30, 2025, and 2024, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized gain of $266 and a net realized loss of $23 for the three months ended April 30, 2025 and 2024, respectively. Amortization of discounts and premiums, net, included in "Other income, net" in the Condensed Consolidated Statements of Income, resulted in a benefit of $1,543 and $2,155 for the three months ended April 30, 2025 and 2024, 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 “Other income, net” in the Condensed Consolidated Statements of Income.