| 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 October 31, 2015,
January 31, 2015 and October 31, 2014 were as
follows:
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
(Losses) |
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Fair Value |
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As of October 31, 2015
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Short-term Investments:
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|
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|
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Municipal and pre-refunded municipal bonds
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$ |
31,100 |
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|
$ |
46 |
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|
$ |
(1 |
) |
|
$ |
31,145 |
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Corporate bonds
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37,260 |
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4 |
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(45 |
) |
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37,219 |
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Certificates of deposit
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1,181 |
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— |
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— |
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1,181 |
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69,541 |
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50 |
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(46 |
) |
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69,545 |
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Long-term Investments:
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|
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Municipal and pre-refunded municipal bonds
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30,265 |
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115 |
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(2 |
) |
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30,378 |
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Corporate bonds
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15,210 |
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7 |
|
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(28 |
) |
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15,189 |
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Certificates of deposit
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3,460 |
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|
— |
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— |
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|
3,460 |
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Mutual funds, held in rabbi trust
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4,840 |
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|
272 |
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(1 |
) |
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5,111 |
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53,775 |
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|
394 |
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(31 |
) |
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54,138 |
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$ |
123,316 |
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$ |
444 |
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|
$ |
(77 |
) |
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$ |
123,683 |
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As of January 31, 2015
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Short-term Investments:
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Municipal and pre-refunded municipal bonds
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$ |
30,509 |
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$ |
41 |
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|
$ |
(2 |
) |
|
$ |
30,548 |
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Corporate bonds
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56,594 |
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20 |
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(24 |
) |
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56,590 |
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Certificates of deposit
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11,127 |
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5 |
|
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— |
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11,132 |
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Treasury bills
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2,033 |
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3 |
|
|
|
— |
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2,036 |
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Commercial paper
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3,938 |
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2 |
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— |
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3,940 |
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104,201 |
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71 |
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(26 |
) |
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104,246 |
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Long-term Investments:
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Municipal and pre-refunded municipal bonds
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42,840 |
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113 |
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(6 |
) |
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42,947 |
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Corporate bonds
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46,754 |
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22 |
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(40 |
) |
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46,736 |
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Certificates of deposit
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3,066 |
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— |
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— |
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3,066 |
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Mutual funds, held in rabbi trust
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3,816 |
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16 |
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(54 |
) |
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3,778 |
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Treasury bills
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7,111 |
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9 |
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— |
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7,120 |
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Federal government agencies
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|
799 |
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2 |
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— |
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|
801 |
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104,386 |
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|
162 |
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(100 |
) |
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104,448 |
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$ |
208,587 |
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$ |
233 |
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|
$ |
(126 |
) |
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$ |
208,694 |
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As of October 31, 2014
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Short-term Investments:
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|
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Municipal and pre-refunded municipal bonds
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|
$ |
26,746 |
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$ |
34 |
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|
$ |
— |
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|
$ |
26,780 |
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Corporate bonds
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70,859 |
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47 |
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(30 |
) |
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70,876 |
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Certificates of deposit
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11,978 |
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4 |
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— |
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11,982 |
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Commercial paper
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3,592 |
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1 |
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— |
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3,593 |
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Federal government agencies
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1,771 |
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3 |
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— |
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1,774 |
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114,946 |
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89 |
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(30 |
) |
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115,005 |
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Long-term Investments:
|
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Municipal and pre-refunded municipal bonds
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38,292 |
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|
90 |
|
|
|
(7 |
) |
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38,375 |
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Corporate bonds
|
|
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59,504 |
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|
65 |
|
|
|
(83 |
) |
|
|
59,486 |
|
|
Certificates of deposit
|
|
|
3,686 |
|
|
|
— |
|
|
|
— |
|
|
|
3,686 |
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Mutual funds, held in rabbi trust
|
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3,399 |
|
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|
134 |
|
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(4 |
) |
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|
3,529 |
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|
Treasury bills
|
|
|
8,717 |
|
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|
9 |
|
|
|
— |
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8,726 |
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Federal government agencies
|
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|
798 |
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|
— |
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|
— |
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|
798 |
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114,396 |
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|
298 |
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(94 |
) |
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114,600 |
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$ |
229,342 |
|
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$ |
387 |
|
|
$ |
(124 |
) |
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$ |
229,605 |
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Proceeds from the sales and maturities of available-for-sale
securities were $296,172 and $720,668 for the nine months ended
October 31, 2015 and 2014, respectively. The Company included
in “Other income (expense), net,” realized gains of $11
and $53 for the three and nine months ended October 31, 2015,
respectively, and of $30 and $202 for the three and nine months
ended October 31, 2014, respectively. Amortization of
discounts and premiums, net, resulted in charges of $997 and $3,155
for the three and nine months ended October 31, 2015,
respectively, and $1,309 and $5,416 for the three and nine months
ended October 31, 2014, 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 (expense), net” in the Condensed
Consolidated Statements of Income and not as a component of
accumulated other comprehensive loss.
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