Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2024

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of April 30, 2024 (in thousands):


	Level 1		Level 2		Total

Assets:
Cash equivalents:
Money market funds	$	492,568	$	—	$	492,568
U.S. government securities	—		367,493		367,493
Time deposits	—		58,145		58,145
Commercial paper	—		53,735		53,735

Corporate notes and bonds	—		34,411		34,411
Short-term investments:
Corporate notes and bonds	—		834,770		834,770
Commercial paper	—		528,048		528,048
U.S. government and agency securities	—		518,716		518,716
Certificates of deposit	—		319,401		319,401


Long-term investments:
Corporate notes and bonds	—		655,893		655,893
U.S. government and agency securities	—		260,402		260,402
Certificates of deposit	—		11,686		11,686


Derivative assets:
Foreign currency forward contracts	—		1,041		1,041
Total assets	$	492,568	$	3,643,741	$	4,136,309
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(1,512)	$	(1,512)
Total liabilities	$	—	$	(1,512)	$	(1,512)

The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):


	Level 1		Level 2		Total

Assets:
Cash equivalents:
U.S. government securities	$	—	$	742,234	$	742,234
Money market funds	533,211		—		533,211
Time deposits	—		56,263		56,263

Short-term investments:
Corporate notes and bonds	—		939,727		939,727
U.S. government and agency securities	—		573,780		573,780
Commercial paper	—		353,548		353,548
Certificates of deposit	—		216,444		216,444
Long-term investments:
Corporate notes and bonds	—		607,989		607,989
U.S. government and agency securities	—		299,637		299,637
Certificates of deposit	—		8,681		8,681
Derivative assets:
Foreign currency forward contracts	—		60		60
Total assets	$	533,211	$	3,798,363	$	4,331,574
Liabilities:
Derivative liabilities:
Foreign currency forward contracts	$	—	$	(745)	$	(745)
Total liabilities	$	—	$	(745)	$	(745)

Schedule of Fair Value Measurements

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


	April 30, 2024		January 31, 2024

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	198,579	$	190,238
Non-marketable equity securities under equity method	5,388		5,307
Marketable equity securities	12,606		37,320
Debt securities:
Non-marketable debt securities	1,985		1,500
Total strategic investments—included in other assets	$	218,558	$	234,365

Unrealized Gain (Loss) on Investments

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):


	Three Months Ended April 30,
	2024		2023

Unrealized losses on non-marketable equity securities under Measurement Alternative:

Impairments	$	(18,753)	$	—
Net unrealized losses on marketable equity securities	(3,655)		(2,414)
Net unrealized losses on strategic investments in equity securities	(22,408)		(2,414)
Net realized gains on marketable equity securities sold(1)	1,713		—
Total—included in other expense, net	$	(20,695)	$	(2,414)

________________

(1)Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.

Realized Gain (Loss) on Investments

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):


	Three Months Ended April 30,
	2024		2023

Unrealized losses on non-marketable equity securities under Measurement Alternative:

Impairments	$	(18,753)	$	—
Net unrealized losses on marketable equity securities	(3,655)		(2,414)
Net unrealized losses on strategic investments in equity securities	(22,408)		(2,414)
Net realized gains on marketable equity securities sold(1)	1,713		—
Total—included in other expense, net	$	(20,695)	$	(2,414)

________________

(1)Represents the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.