Marketable Securities

9 Months Ended

Oct. 31, 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 October 31, 2025, January 31, 2025 and October 31, 2024 were as follows:


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
As of October 31, 2025
Short-term Investments:
Corporate bonds	$	233,479	$	386	$	(36	)	$	233,829
US Treasury securities		18,768		81		(0	)		18,849
Federal government agencies		14,735		31		(2	)		14,764
Municipal and pre-refunded municipal bonds		33,658		38		(1	)		33,695
Commercial paper		2,996		—		—			2,996
Certificates of deposit		1,000		—		—			1,000
		304,636		536		(39	)		305,133
Long-term Investments:
Corporate bonds		219,737		980		(172	)		220,545
US Treasury securities		75,430		661		—			76,091
Federal government agencies		29,602		15		(51	)		29,566
Municipal and pre-refunded municipal bonds		3,591		19		(3	)		3,607
Mutual funds, held in rabbi trust		21,752		291		(9	)		22,034
		350,112		1,966		(235	)		351,843
	$	654,748	$	2,502	$	(274	)	$	656,976


	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
Commercial paper		9,774		—		—			9,774
Certificates of deposit		10,499		—		—			10,499
		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 October 31, 2024
Short-term Investments:
Corporate bonds	$	178,736	$	151	$	(187	)	$	178,700
US Treasury securities		1,491		—		(3	)		1,488
Federal government agencies		72,598		71		(20	)		72,649
Municipal and pre-refunded municipal bonds		64,129		70		(33	)		64,166
Commercial paper		2,943		—		—			2,943
Certificates of deposit		20,499		—		—			20,499
		340,396		292		(243	)		340,445
Long-term Investments:
Corporate bonds		110,302		266		(398	)		110,170
US Treasury securities		59,507		197		(51	)		59,653
Federal government agencies		35,098		16		(285	)		34,829
Municipal and pre-refunded municipal bonds		16,778		30		(12	)		16,796
Mutual funds, held in rabbi trust		15,756		2,035		(2	)		17,789
Certificates of deposit		1,000		—		—			1,000
		238,441		2,544		(748	)		240,237
	$	578,837	$	2,836	$	(991	)	$	580,682

Proceeds from the sales and maturities of available-for-sale securities were $382,318 and $309,178 for the nine months ended October 31, 2025, and 2024, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized gain of $6 and $279 for the three and nine months ended October 31, 2025, respectively, and a net realized loss of $17 and $96 for the three and nine months ended October 31, 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 $868 and $3,574 for the three and nine months ended October 31, 2025, respectively, and a benefit of $1,832 and $6,053 for the three and nine months ended October 31, 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.