Fair Value Measurements

3 Months Ended

Apr. 30, 2024

The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:


	As of April 30, 2024
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	1,347,656	$	1,347,656	$	—	$	—
Treasury bills	40,325		—		40,325		—
Commercial paper	9,466		—		9,466		—
U.S. government agency securities	3,504		—		3,504		—
Cash equivalents	1,400,951		1,347,656		53,295		—
Commercial paper	19,737		—		19,737		—
Agency bonds	1,746,249		—		1,746,249		—
Corporate and other debt securities	649,789		—		649,789		—
U.S. government agency securities	3,018,280		—		3,018,280		—
Treasury bills	54,682		—		54,682		—
Marketable securities	5,488,737		—		5,488,737		—


Certificates of deposit included in other assets, noncurrent	253		—		253		—
Publicly held equity securities included in strategic investments	24,200		24,200		—		—
Privately held debt securities included in strategic investments	3,864		—		—		3,864
Total financial assets	$	6,918,005	$	1,371,856	$	5,542,285	$	3,864


	As of January 31, 2024
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	851,100	$	851,100	$	—	$	—
Treasury bills	100,629		—		100,629		—
Corporate debt securities	2,715		—		2,715		—
Agency bonds	20,155		—		20,155		—
Cash equivalents	974,599		851,100		123,499		—
Commercial paper	41,564		—		41,564		—
Agency bonds	1,666,683		—		1,666,683		—
Corporate and other debt securities	663,159		—		663,159		—
U.S. government agency securities	3,004,842		—		3,004,842		—
Treasury bills	27,985		—		27,985		—
Marketable securities	5,404,233		—		5,404,233		—


Certificates of deposit included in other assets, noncurrent	254		—		254		—
Publicly held equity securities included in strategic investments	23,160		23,160		—		—
Privately held debt securities included in strategic investments	3,828		—		—		3,828
Total financial assets	$	6,406,074	$	874,260	$	5,527,986	$	3,828

We classify our highly liquid money market funds and publicly held equity securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, treasury bills, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded. We classify

our privately held debt securities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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