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Employee Benefit Plan
12 Months Ended
Jan. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plan EMPLOYEE BENEFIT PLAN
Our U.S. employees participate in a 401(k) defined contribution plan sponsored by us. Contributions to the plan are discretionary. There was $2.8 million matching contributions by us for fiscal 2023. There were no matching contributions by us for fiscal 2022 and 2021.
Israeli Severance Pay
Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to Section 14 of the Severance Compensation Act, 1963 (Section 14), all of our employees in Israel are entitled to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary.
These payments release us from any future severance payment obligation with respect to these employees; as such, any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset on our consolidated balance sheets. For fiscal 2023, 2022, and 2021, we recorded $3.9 million, $3.7 million, and $2.7 million, respectively, in severance expenses related to these employees.