Cash Equivalents and Investments

12 Months Ended

Jan. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

Cash Equivalents and Investments

Cash Equivalents and Short-term Investments

The following tables present the amortized cost, unrealized gain (loss) and estimated fair value of cash equivalents and short-term investments:

	As of January 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
	(dollars in millions)
Cash equivalents:
Money market funds	$	133	$	—	$	—	$	133
Total cash equivalents	133		—		—		133
Short-term investments:
U.S. treasury securities	2,207		—		(22)		2,185
Corporate debt securities	133		—		(2)		131
Total short-term investments	2,340		—		(24)		2,316
Total	$	2,473	$	—	$	(24)	$	2,449

	As of January 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
	(dollars in millions)
Cash equivalents:
Money market funds	$	152	$	—	$	—	$	152
Total cash equivalents	152		—		—		152
Short-term investments:
U.S. treasury securities	1,922		—		(9)		1,913
Corporate debt securities	331		—		(2)		329
Total short-term investments	2,253		—		(11)		2,242
Total	$	2,405	$	—	$	(11)	$	2,394

All short-term investments were designated as available-for-sale securities as of January 31, 2023 and 2022.

The following table presents the contractual maturities of the Company's short-term investments:

	As of January 31, 2023
	Amortized Cost		Estimated Fair Value
	(dollars in millions)
Due within one year	$	2,097	$	2,076
Due between one to five years	243		240
Total	$	2,340	$	2,316

Interest receivable of $10 million and $6 million is included in Prepaid expenses and other current assets on the consolidated balance sheets as of January 31, 2023 and 2022, respectively.

The following table presents the fair values and unrealized losses related to the Company's investments in available-for-sale debt securities classified by length of time that the securities have been in a continuous unrealized loss position as of January 31, 2023:

	Less Than 12 Months				More Than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(dollars in millions)
U.S. treasury securities	$	1,204	$	(9)	$	846	$	(13)	$	2,050	$	(22)
Corporate debt securities	13		—		114		(2)		127		(2)
Total	$	1,217	$	(9)	$	960	$	(15)	$	2,177	$	(24)

The Company had 159 and 193 short-term investments in unrealized loss positions as of January 31, 2023 and 2022, respectively.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. There were no material credit or non-credit related impairments for short-term investments as of January 31, 2023 and 2022.

Strategic Investments

Strategic investments primarily include equity investments in privately held companies, which do not have a readily determinable fair value. As of January 31, 2023 and 2022, the balance of strategic investments was $25 million and $15 million, respectively.