Fair Value Measurements (Tables)
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6 Months Ended |
Jul. 31, 2013
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Fair Value Disclosures [Abstract] |
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Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
Our financial assets and
liabilities that are measured at fair value on a recurring basis as
of July 31, 2013 and January 31, 2013 are as
follows:
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Fair Value at
July 31, 2013 Using |
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July 31,
2013 |
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Quoted
Prices
in
Active
Markets for
Identical Assets
(Level 1)
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level
3)
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(Amounts in
thousands) |
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Financial
assets:
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Cash
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$ |
109,721 |
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$ |
109,721 |
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$ |
— |
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$ |
— |
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Money market accounts
(a)
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3,684 |
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3,684 |
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— |
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— |
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Available for sale
marketable securities:
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Current marketable
securities:
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U.S. government agency
issues
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5,022 |
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5,022 |
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— |
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— |
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Non-current marketable
securities:
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U.S. government agency
issues
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7,126 |
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7,126 |
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— |
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— |
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Total
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$ |
125,553 |
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$ |
125,553 |
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$ |
— |
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$ |
— |
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Other
liabilities:
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Acquisition-related
consideration (b)
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$ |
2,435 |
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$ |
— |
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$ |
— |
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$ |
2,435 |
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Fair Value at
January 31, 2013 Using |
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January 31,
2013 |
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Quoted
Prices
in
Active
Markets for
Identical Assets
(Level
1)
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level
3)
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(Amounts in
thousands) |
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Financial
assets:
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Cash
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$ |
104,109 |
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$ |
104,109 |
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$ |
— |
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$ |
— |
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Money market accounts
(a)
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2,612 |
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2,612 |
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— |
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— |
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Available for sale
marketable securities:
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Current marketable
securities:
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U.S. government agency
issues
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6,104 |
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6,104 |
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— |
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— |
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Non-current marketable
securities:
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U.S. government agency
issues
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7,169 |
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7,169 |
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— |
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— |
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Total
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$ |
119,994 |
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$ |
119,994 |
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$ |
— |
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$ |
— |
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Other
liabilities:
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Acquisition-related
consideration (b)
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$ |
5,656 |
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$ |
— |
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$ |
— |
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$ |
5,656 |
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(a) |
Money market funds and U.S.
government agency securities, included in cash and cash equivalents
on the accompanying consolidated balance sheets, are valued at
quoted market prices for identical instruments in active
markets. |
(b) |
The fair value of our
contingent consideration arrangement is determined based on our
evaluation as to the probability and amount of any earn-out that
will be achieved based on expected future performance by the
acquired entity, as well as the fair value of fixed purchase
price. |
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Reconciliation of Liabilities Measured at Fair Value on Recurring Basis |
The following table sets
forth a reconciliation of liabilities measured at fair value on a
recurring basis with the use of significant unobservable inputs
(Level 3) for the six months ended July 31, 2013:
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Level 3
Accrued Contingent
Consideration |
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(Amounts in thousands) |
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Ending balance
January 31, 2013
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$ |
5,656 |
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Change in fair value of
contingent consideration
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34 |
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Contingency
payment
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(3,206 |
) |
Translation
adjustment
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(49 |
) |
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Ending balance
July 31, 2013
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$ |
2,435 |
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Summary of Available-for-Sale Securities |
The following is a summary
of available-for-sale securities, including the cost basis,
aggregate fair value and gross unrealized gains and losses, for
cash equivalents, short- and long-term marketable securities
portfolio as of July 31, 2013 and January 31,
2013:
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair Value |
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(Amounts in
thousands) |
|
July 31,
2013:
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Cash
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$ |
109,721 |
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$ |
— |
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$ |
— |
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$ |
109,721 |
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Cash equivalents
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3,684 |
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— |
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— |
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3,684 |
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Cash and cash
equivalents
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113,405 |
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— |
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— |
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113,405 |
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U.S. government agency
issues—short-term
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5,018 |
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4 |
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— |
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5,022 |
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U.S. government agency
issues—long-term
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7,108 |
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18 |
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— |
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7,126 |
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Total cash equivalents and
marketable securities
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$ |
125,531 |
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$ |
22 |
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$ |
— |
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$ |
125,553 |
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January 31,
2013:
|
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Cash
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$ |
104,109 |
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$ |
— |
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$ |
— |
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$ |
104,109 |
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Cash equivalents
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2,612 |
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— |
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— |
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2,612 |
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Cash and cash
equivalents
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106,721 |
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— |
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— |
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106,721 |
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U.S. government agency
issues—short-term
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6,043 |
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61 |
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— |
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6,104 |
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U.S. government agency
issues—long-term
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7,147 |
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22 |
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— |
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7,169 |
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Total cash equivalents and
marketable securities
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$ |
119,911 |
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$ |
83 |
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$ |
— |
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$ |
119,994 |
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Schedule of Contractual Maturities Available-for-Sale Investments |
The following is a schedule
of the contractual maturities of available-for-sale
investments:
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Estimated
Fair Value |
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Maturity of one year or
less
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$ |
5,022 |
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Maturity between one and
five years
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7,126 |
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Total
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$ |
12,148 |
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