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Investments (Tables)

9 Months Ended

Oct. 31, 2020

Investments, Debt and Equity Securities [Abstract]

At October 31, 2020, marketable securities consisted of the following (in millions):


Investments classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	3,236	$	19	$	(2)	$	3,253
U.S. treasury securities	162		2		0		164
Mortgage backed obligations	404		4		(1)		407
Asset backed securities	1,137		7		(1)		1,143
Municipal securities	312		1		0		313
Foreign government obligations	88		1		0		89
U.S. agency obligations	101		0		0		101


Covered bonds	297		1		0		298
Total marketable securities	$	5,737	$	35	$	(4)	$	5,768

At January 31, 2020, marketable securities consisted of the following (in millions):


Investments classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,199	$	9	$	(1)	$	2,207
U.S. treasury securities	182		1		0		183
Mortgage backed obligations	225		1		0		226
Asset backed securities	779		2		0		781
Municipal securities	157		1		0		158
Foreign government obligations	69		0		0		69
U.S. agency obligations	12		0		0		12
Time deposits	1		0		0		1
Covered bonds	165		0		0		165
Total marketable securities	$	3,789	$	14	$	(1)	$	3,802

Schedule of Short-Term and Long-Term Marketable Securities

The contractual maturities of the investments classified as marketable securities are as follows (in millions):


	As of
	October 31, 2020		January 31, 2020
Due within 1 year	$	2,187	$	1,332
Due in 1 year through 5 years	3,575		2,466
Due in 5 years through 10 years	6		4
	$	5,768	$	3,802

Schedule of Marketable Securities in a Unrealized Loss Position

As of October 31, 2020, the following marketable securities were in a continuous unrealized loss position (in millions):


	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate notes and obligations	$	647	$	(2)	$	0	$	0	$	647	$	(2)

Mortgage backed obligations	151		(1)		0		0		151		(1)
Asset backed securities	168		(1)		0		0		168		(1)





	$	966	$	(4)	$	0	$	0	$	966	$	(4)

Schedule of Components of Investment Income

The components of investment income are presented below (in millions):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
Interest income	$	17	$	32	$	63	$	89
Realized gains	4		0		6		1
Realized losses	(2)		0		(3)		(1)
Investment income	$	19	$	32	$	66	$	89

Schedules of Strategic Investments

Strategic investments by form and measurement category as of October 31, 2020 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	2,261	$	1,507	$	111	$	3,879
Debt securities	0		0		48		48
Total strategic investments	$	2,261	$	1,507	$	159	$	3,927

Strategic investments by form and measurement category as of January 31, 2020 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	370	$	1,502	$	40	$	1,912
Debt securities	0		0		51		51
Total strategic investments	$	370	$	1,502	$	91	$	1,963

Measurement Alternative Adjustments

The components of privately held equity securities accounted for under the measurement alternative included in the table above are presented below (in millions):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
Carrying amount, beginning of period	$	1,537	$	917	$	1,502	$	785
Adjustments related to privately held equity securities:
Net additions (1)	(55)		322		1		333
Upward adjustments	31		81		86		253
Impairments and downward adjustments	(6)		(3)		(82)		(54)
Carrying amount, end of period	$	1,507	$	1,317	$	1,507	$	1,317

(1) Net additions include additions from purchases and reductions due to exits of securities and reclassifications due to changes to capital structure.

The components of gains and losses on strategic investments are presented below (in millions):


3	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	997	$	(84)	$	1,620	$	132
Unrealized gains recognized on privately held equity securities, net	25		77		1		199
Realized gains on sales of equity securities, net	11		14		299		76
Gains (losses) on debt securities, net	3		(1)		(10)		(11)
Gains on strategic investments, net	$	1,036	$	6	$	1,910	$	396