| Marketable Securities |
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, 2026 and 2025 are as follows:
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|
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|
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|
|
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|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
(Losses) |
|
|
Fair
Value |
|
As of January 31, 2026 |
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|
|
|
|
|
|
|
|
|
|
Short-term Investments: |
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|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
232,594 |
|
|
$ |
403 |
|
|
$ |
(28 |
) |
|
$ |
232,969 |
|
US Treasury securities |
|
|
38,288 |
|
|
|
174 |
|
|
|
(2 |
) |
|
|
38,460 |
|
Federal government agencies |
|
|
17,454 |
|
|
|
32 |
|
|
|
(2 |
) |
|
|
17,484 |
|
Municipal and pre-refunded municipal bonds |
|
|
27,964 |
|
|
|
26 |
|
|
|
(3 |
) |
|
|
27,987 |
|
Commercial paper |
|
|
8,824 |
|
|
|
— |
|
|
|
— |
|
|
|
8,824 |
|
Certificates of deposit |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
|
326,124 |
|
|
|
635 |
|
|
|
(35 |
) |
|
|
326,724 |
|
Long-term Investments: |
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|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
330,319 |
|
|
$ |
921 |
|
|
$ |
(436 |
) |
|
$ |
330,804 |
|
US Treasury securities |
|
|
80,872 |
|
|
|
520 |
|
|
|
(20 |
) |
|
|
81,372 |
|
Federal government agencies |
|
|
23,723 |
|
|
|
10 |
|
|
|
(55 |
) |
|
|
23,678 |
|
Municipal and pre-refunded municipal bonds |
|
|
3,393 |
|
|
|
17 |
|
|
|
(1 |
) |
|
|
3,409 |
|
Mutual funds, held in rabbi trust |
|
|
22,213 |
|
|
|
383 |
|
|
|
(1 |
) |
|
|
22,595 |
|
|
|
|
460,520 |
|
|
|
1,851 |
|
|
|
(513 |
) |
|
|
461,858 |
|
|
|
$ |
786,644 |
|
|
$ |
2,486 |
|
|
$ |
(548 |
) |
|
$ |
788,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2025 |
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|
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|
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|
|
|
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|
Short-term Investments: |
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|
|
|
|
|
|
|
|
|
|
|
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 |
|
Proceeds from the sales and maturities of available-for-sale securities were $513,881, $416,756 and $347,366 in fiscal 2026, 2025 and 2024, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $376 during fiscal 2026 and net realized losses of $92 and $4 during fiscal 2025 and 2024, respectively. Amortization of discounts and premiums, net, resulted in a benefit included in "Interest income" of $4,250, $7,772 and $4,338 for fiscal 2026, 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 “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, 2026 and 2025, respectively.
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|
January 31, 2026 |
|
|
|
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 |
|
$ |
197,823 |
|
|
$ |
(458 |
) |
|
$ |
5,338 |
|
|
$ |
(6 |
) |
|
$ |
203,161 |
|
|
$ |
(464 |
) |
US Treasury securities |
|
|
22,491 |
|
|
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
|
22,491 |
|
|
|
(22 |
) |
Federal government agencies |
|
|
13,499 |
|
|
|
(47 |
) |
|
|
8,809 |
|
|
|
(10 |
) |
|
|
22,308 |
|
|
|
(57 |
) |
Municipal and pre-refunded municipal bonds |
|
|
15,629 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
15,629 |
|
|
|
(4 |
) |
Mutual funds, held in rabbi trust |
|
|
1,020 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,020 |
|
|
|
(1 |
) |
Total |
|
$ |
250,462 |
|
|
$ |
(532 |
) |
|
$ |
14,147 |
|
|
$ |
(16 |
) |
|
$ |
264,609 |
|
|
$ |
(548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
US Treasury securities |
|
|
37,007 |
|
|
|
(94 |
) |
|
|
1,495 |
|
|
|
(1 |
) |
|
|
38,502 |
|
|
|
(95 |
) |
Federal government agencies |
|
|
49,234 |
|
|
|
(298 |
) |
|
|
5,738 |
|
|
|
(1 |
) |
|
|
54,972 |
|
|
|
(299 |
) |
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 |
) |
As of January 31, 2026 and 2025, there were a total of 192 and 262 securities with unrealized loss positions within the Company’s portfolio, respectively.
|