| Marketable Securities |
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, 2026, January 31, 2026 and April 30, 2025 were as follows:
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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(Losses) |
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Value |
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As of April 30, 2026 |
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Short-term Investments: |
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Corporate bonds |
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$ |
66,736 |
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$ |
95 |
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|
$ |
(68 |
) |
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$ |
66,763 |
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US Treasury securities |
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13,465 |
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74 |
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— |
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13,539 |
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Municipal and pre-refunded municipal bonds |
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21,647 |
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10 |
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(2 |
) |
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21,655 |
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Federal government agencies |
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2,213 |
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1 |
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(3 |
) |
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2,211 |
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Commercial paper |
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7,810 |
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— |
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— |
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7,810 |
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111,871 |
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180 |
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(73 |
) |
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111,978 |
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Long-term Investments: |
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Corporate bonds |
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141,847 |
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116 |
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(926 |
) |
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|
141,037 |
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US Treasury securities |
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53,050 |
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148 |
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(183 |
) |
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53,015 |
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Mutual funds, held in rabbi trust |
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23,246 |
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1,691 |
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(1 |
) |
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24,936 |
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Municipal and pre-refunded municipal bonds |
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1,761 |
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3 |
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(4 |
) |
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1,760 |
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Federal government agencies |
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16,608 |
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— |
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(134 |
) |
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16,474 |
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Certificates of deposit |
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249 |
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— |
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— |
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|
249 |
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236,761 |
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|
1,958 |
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(1,248 |
) |
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237,471 |
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$ |
348,632 |
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$ |
2,138 |
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$ |
(1,321 |
) |
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$ |
349,449 |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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(Losses) |
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Value |
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As of January 31, 2026 |
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Short-term Investments: |
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Corporate bonds |
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$ |
232,594 |
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$ |
403 |
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$ |
(28 |
) |
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$ |
232,969 |
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US Treasury securities |
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38,288 |
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174 |
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(2 |
) |
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38,460 |
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Municipal and pre-refunded municipal bonds |
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27,964 |
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26 |
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(3 |
) |
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27,987 |
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Federal government agencies |
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17,454 |
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32 |
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(2 |
) |
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17,484 |
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Commercial paper |
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8,824 |
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— |
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— |
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8,824 |
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Certificates of deposit |
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1,000 |
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— |
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— |
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1,000 |
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326,124 |
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|
635 |
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(35 |
) |
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326,724 |
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Long-term Investments: |
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Corporate bonds |
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330,319 |
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921 |
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(436 |
) |
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$ |
330,804 |
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US Treasury securities |
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80,872 |
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|
520 |
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(20 |
) |
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81,372 |
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Mutual funds, held in rabbi trust |
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22,213 |
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383 |
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(1 |
) |
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22,595 |
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Municipal and pre-refunded municipal bonds |
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3,393 |
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17 |
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(1 |
) |
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3,409 |
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Federal government agencies |
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23,723 |
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10 |
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(55 |
) |
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23,678 |
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460,520 |
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1,851 |
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(513 |
) |
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461,858 |
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$ |
786,644 |
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$ |
2,486 |
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$ |
(548 |
) |
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$ |
788,582 |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gains |
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(Losses) |
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Value |
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As of April 30, 2025 |
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Short-term Investments: |
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Corporate bonds |
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$ |
181,973 |
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$ |
102 |
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|
$ |
(170 |
) |
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$ |
181,905 |
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US Treasury securities |
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3,952 |
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— |
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(3 |
) |
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3,949 |
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Municipal and pre-refunded municipal bonds |
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43,152 |
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36 |
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(10 |
) |
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43,178 |
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Federal government agencies |
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38,187 |
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29 |
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(4 |
) |
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38,212 |
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Commercial paper |
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7,842 |
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— |
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— |
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7,842 |
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Certificates of deposit |
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10,499 |
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— |
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— |
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10,499 |
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285,605 |
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167 |
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(187 |
) |
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285,585 |
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Long-term Investments: |
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Corporate bonds |
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203,858 |
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|
915 |
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(108 |
) |
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204,665 |
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US Treasury securities |
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87,179 |
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|
989 |
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— |
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|
88,168 |
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Mutual funds, held in rabbi trust |
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19,764 |
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|
75 |
|
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(807 |
) |
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|
19,032 |
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Municipal and pre-refunded municipal bonds |
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6,775 |
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37 |
|
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(2 |
) |
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6,810 |
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Federal government agencies |
|
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46,308 |
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44 |
|
|
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(90 |
) |
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|
46,262 |
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Certificates of deposit |
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|
1,000 |
|
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|
— |
|
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— |
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|
1,000 |
|
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364,884 |
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|
2,060 |
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(1,007 |
) |
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365,937 |
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$ |
650,489 |
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$ |
2,227 |
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$ |
(1,194 |
) |
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$ |
651,522 |
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Proceeds from the sales and maturities of available-for-sale securities were $514,251 and $203,416 for the three months ended April 30, 2026, and 2025, respectively. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Income, a net realized gain of $17 and $266 for the three months ended April 30, 2026 and 2025, respectively. Amortization of discounts and premiums, net, included in "Other income, net" in the Condensed Consolidated Statements of Income, resulted in a benefit of $260 and $1,543 for the three months ended April 30, 2026 and 2025, 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.
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