Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of July 31, 2022 (in thousands):

	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	590,661	$	—	$	590,661
Commercial paper	—		71,821		71,821
Corporate notes and bonds	—		15,696		15,696
Short-term investments:
Corporate notes and bonds	—		1,729,751		1,729,751
Commercial paper	—		889,803		889,803
Certificates of deposit	—		289,481		289,481
U.S. government and agency securities	—		137,442		137,442
Long-term investments:
Corporate notes and bonds	—		704,521		704,521
U.S. government and agency securities	—		382,163		382,163
Total	$	590,661	$	4,220,678	$	4,811,339

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of January 31, 2022 (in thousands):

	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	722,492	$	—	$	722,492
Commercial paper	—		77,794		77,794
U.S. government securities	—		36,995		36,995
Corporate notes and bonds	—		7,949		7,949
Short-term investments:
Corporate notes and bonds	—		1,662,436		1,662,436
Commercial paper	—		883,636		883,636
U.S. government and agency securities	—		116,712		116,712
Certificates of deposit	—		103,580		103,580
Long-term investments:
Corporate notes and bonds	—		935,603		935,603
U.S. government and agency securities	—		320,207		320,207
Certificates of deposit	—		397		397
Total	$	722,492	$	4,145,309	$	4,867,801

The following table presents the Company’s strategic investments by type (in thousands):

	July 31, 2022		January 31, 2022
Equity securities:
Non-marketable equity securities under Measurement Alternative	$	176,805	$	170,860
Marketable equity securities	29,168		34,646
Debt securities:
Non-marketable debt securities	1,500		2,250
Total strategic investments—included in other assets	$	207,473	$	207,756

Unrealized Gain (Loss) on Investments

The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s strategic investments in equity securities held as of July 31, 2022 (in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2022		2021		2022		2021
Non-marketable equity securities under Measurement Alternative:
Upward adjustments	$	—	$	8,060	$	—	$	8,060
Impairments	(26,555)		—		(26,555)		—
Marketable equity securities:
Net unrealized gains (losses)(1)	3,382		—		(5,477)		—
Total—included in other income (expense), net	$	(23,173)	$	8,060	$	(32,032)	$	8,060

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(1)The Company did not have any strategic investments in marketable equity securities during the three and six months ended July 31, 2021.