Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2020

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2020 (in thousands):



	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	307,042	$	—	$	307,042
Certificates of deposits	—		150,000		150,000
Commercial paper	—		7,496		7,496
Corporate notes and bonds	—		2,229		2,229
Short-term investments:
Certificates of deposits	—		11,583		11,583
Asset-backed securities	—		104,720		104,720
Commercial paper	—		37,051		37,051
Corporate notes and bonds	—		272,761		272,761
Foreign government bonds	—		4,800		4,800
U.S. agency obligations	—		5,002		5,002
U.S. treasury securities	—		224,281		224,281
Foreign currency derivative contracts	—		13		13
Total	$	307,042	$	819,936	$	1,126,978
Liabilities
Foreign currency derivative contracts	—		74		74
Total	$	—	$	74	$	74

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2020 (in thousands):



	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	24,107	$	—	$	24,107
Commercial paper	—		1,616		1,616
Corporate notes and bonds	—		2,245		2,245
Short-term investments:
Certificates of deposits	—		3,503		3,503
Asset-backed securities	—		100,815		100,815
Commercial paper	—		19,969		19,969
Corporate notes and bonds	—		236,214		236,214
Foreign government bonds	—		3,407		3,407
U.S. treasury securities	—		246,107		246,107
Foreign currency derivative contracts	—		75		75
Total	$	24,107	$	613,951	$	638,058
Liabilities
Foreign currency derivative contracts	—		42		42
Total	$	—	$	42	$	42

Summary of Outstanding Balance Sheet Hedges

The fair value of our outstanding derivative instruments is summarized below (in thousands):



	April 30, 2020		January 31, 2020
Notional amount of foreign currency derivative contracts	$	10,005	$	7,304
Fair value of foreign currency derivative contracts	10,065		7,271

Summary Fair Value of Outstanding Derivative Instruments

Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands):



Derivatives not designated as hedging instruments	Balance sheet location	April 30, 2020		January 31, 2020
Derivative Assets
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	13	$	75
Derivative Liabilities
Foreign currency derivative contracts	Accrued expenses	$	74	$	42