Investments

6 Months Ended

Jul. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of July 31, 2021 and January 31, 2021, our marketable securities consisted of the following:


	As of July 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	33,729	$	—	$	—	$	33,729
Agency bonds	491,968		82		(53)		491,997
Corporate and other debt securities	380,373		314		(89)		380,598
U.S. government agency securities	2,213,814		157		(259)		2,213,712
Treasury bills	53,996		1		(4)		53,993
Marketable securities	$	3,173,880	$	554	$	(405)	$	3,174,029


	As of January 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


Commercial paper	$	26,222	$	—	$	—	$	26,222
Agency bonds	461,335		79		(49)		461,365
Corporate and other debt securities	465,207		1,113		(64)		466,256
U.S. government agency securities	834,894		28		(257)		834,665
Treasury bills	215,902		6		(6)		215,902
Marketable securities	$	2,003,560	$	1,226	$	(376)	$	2,004,410

We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three and six months ended July 31, 2021 and 2020.

The following table presents the contractual maturities of our marketable securities as of July 31, 2021 and January 31, 2021:


	As of
	July 31, 2021		January 31, 2021

	(in thousands)
Less than one year	$	1,660,900	$	1,017,048
Due in one to five years	1,513,129		987,362
Total	$	3,174,029	$	2,004,410

Strategic Investments

Strategic investments by form and measurement category as of July 31, 2021 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Total

	(in thousands)
Equity securities	$	107,076	$	15,288	$	122,364
Debt securities	15,431		—		15,431
Strategic investments	$	122,507	$	15,288	$	137,795

Strategic investments by form and measurement category as of January 31, 2021 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Total

	(in thousands)
Equity securities	$	—	$	13,538	$	13,538
Debt securities	5,130		—		5,130
Strategic investments	$	5,130	$	13,538	$	18,668

On June 10, 2021, we made a strategic investment of $75.0 million for common shares of a technology company in a private placement concurrent with the investee company’s initial public offering. The investee’s shares are subject to a 180-day lock-up agreement. We recorded a gain of $32.1 million related to this investment in the second quarter of fiscal year 2022. As of July 31, 2021, the fair value of the investment was $107.1 million and our ownership interest represents approximately one percent of the economic interest of the investee’s outstanding capital stock.