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Financial Instruments (Tables) | 6 Months Ended
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Jul. 31, 2020
Investments, All Other Investments [Abstract] |
Summary of financial instruments' amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category | The following tables summarize the Company's financial instruments' amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category as of July 31, 2020, and January 31, 2020:
|  |  | July 31, 2020
|  | (in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial paper | $ | 36.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 36.0 |  |  | $ | — |  |  | $ | 36.0 |  |  | $ | — |
| Money market funds | 712.3 |  |  | — |  |  | — |  |  | 712.3 |  |  | 712.3 |  |  | — |  |  | — |
| Other (2) | 2.5 |  |  | — |  |  | — |  |  | 2.5 |  |  | 2.0 |  |  | 0.5 |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Other (3) | 6.0 |  |  | — |  |  | — |  |  | 6.0 |  |  | — |  |  | 6.0 |  |  | — |
| Short-term trading securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mutual funds (4) | 63.4 |  |  | 10.8 |  |  | (0.5 | ) |  | 73.7 |  |  | 73.7 |  |  | — |  |  | — |
Non-marketable securities derivative assets (5) | 1.8 |  |  | 0.4 |  |  | (0.2 | ) |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Derivative contract assets (5) | 0.3 |  |  | 14.1 |  |  | (0.2 | ) |  | 14.2 |  |  | — |  |  | 14.2 |  |  | — |
Derivative contract liabilities (6) | — |  |  | — |  |  | (30.7 | ) |  | (30.7 | ) |  | — |  |  | (30.7 | ) |  | — |
|  | Total | $ | 822.3 |  |  | $ | 25.3 |  |  | $ | (31.6 | ) |  | $ | 816.0 |  |  | $ | 788.0 |  |  | $ | 26.0 |  |  | $ | 2.0 |
____________________
(1) | Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities with stated contractual maturities due within one year.
(2) | Consists of custody cash deposits and certificates of deposit.
(3) | Consists of commercial paper and municipal bonds.
(4) | See Note 11, "Deferred Compensation " for more information.
(5) | Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Condensed Consolidated Balance Sheets.
(6) | Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.
|  |  | January 31, 2020
|  | (in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |
| Agency bonds | $ | 6.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | 6.0 |  |  | $ | — |
| Commercial paper | 36.8 |  |  | — |  |  | — |  |  | 36.8 |  |  | — |  |  | 36.8 |  |  | — |
| Money market funds | 1,135.5 |  |  | — |  |  | — |  |  | 1,135.5 |  |  | 1,135.5 |  |  | — |  |  | — |
| Other (2) | 2.3 |  |  | — |  |  | — |  |  | 2.3 |  |  | 1.3 |  |  | 1.0 |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term trading securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mutual funds (3) | 59.9 |  |  | 9.2 |  |  | (0.1 | ) |  | 69.0 |  |  | 69.0 |  |  | — |  |  | — |
Non-marketable equity security derivative asset (4) | 0.1 |  |  | 0.5 |  |  | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Derivative contract assets (4) | 1.0 |  |  | 9.2 |  |  | (1.3 | ) |  | 8.9 |  |  | — |  |  | 8.9 |  |  | — |
Derivative contract liabilities (5) | — |  |  | — |  |  | (4.7 | ) |  | (4.7 | ) |  | — |  |  | (4.7 | ) |  | — |
|  | Total | $ | 1,241.6 |  |  | $ | 18.9 |  |  | $ | (6.1 | ) |  | $ | 1,254.4 |  |  | $ | 1,205.8 |  |  | $ | 48.0 |  |  | $ | 0.6 |
____________________
(1) | Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities with stated contractual maturities due in one year.
(2) | Consists of custody cash deposits and certificates of deposit.
(3) | See Note 11, "Deferred Compensation " for more information.
(4) | Included in “Prepaid expenses and other current assets,” or "Long-term other assets," in the accompanying Condensed Consolidated Balance Sheets.
(5) Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.
Equity securities without readily determinable fair value | Adjustments to the carrying value of our non-marketable equity securities with no readily determined fair values measured using the measurement alternative were as follows:
| Six Months Ended July 31, |  | Cumulative Amount as of
(in millions) | 2020 |  | 2019 |  | July 31, 2020
Upward adjustments (1) | $ | 3.0 |  |  | $ | 1.7 |  |  | $ | 12.4 |
Negative adjustments, including impairments (1) | (34.8 | ) |  | (3.4 | ) |  | (43.8 | )
Net adjustments | $ | (31.8 | ) |  | $ | (1.7 | ) |  | $ | (31.4 | )
____________________ (1) Included in "Interest and other expense, net" on the Company's Condensed Consolidated Statements of Operations.
Location and amount of gain or (loss) recognized | The location and amount of gain or loss recognized in income on cash flow hedges together with the total amount of income or expense presented in the Company's Condensed Consolidated Statements of Operations where the effects of the hedge are recorded were as follows for the three and six months ended July 31, 2020 and 2019:
|  | Three Months Ended July 31, 2020
|  | Net revenue |  | Cost of revenue |  | Operating expenses
(in millions) |  | Subscription revenue |  | Maintenance revenue |  | Cost of subscription and maintenance revenue |  | Marketing and sales |  | Research and development |  | General and administrative
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | 841.2 |  |  | $ | 51.2 |  |  | $ | 58.5 |  |  | $ | 350.9 |  |  | $ | 232.5 |  |  | $ | 93.2 |
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20 |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | $ | 1.6 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | (0.5 | ) |  | $ | — |  |  | $ | (0.2 | )
|  | Six Months Ended July 31, 2020
|  | Net revenue |  | Cost of revenue |  | Operating expenses
|  | Subscription revenue |  | Maintenance Revenue |  | Cost of subscription and maintenance revenue |  | Marketing and sales |  | Research and development |  | General and administrative
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | 1,644.2 |  |  | $ | 113.3 |  |  | $ | 115.9 |  |  | $ | 692.2 |  |  | $ | 449.9 |  |  | $ | 198.0 |
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20 |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | $ | 3.7 |  |  | $ | 0.6 |  |  | $ | (0.3 | ) |  | $ | (1.3 | ) |  | $ | (0.1 | ) |  | $ | (0.6 | )
|  | Three Months Ended July 31, 2019
|  | Net Revenue |  | Cost of revenue |  | Operating expenses
(in millions) |  | Subscription Revenue |  | Maintenance Revenue |  | Cost of subscription and maintenance revenue |  | Marketing and sales |  | Research and development |  | General and administrative
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | 663.7 |  |  | $ | 103.5 |  |  | $ | 53.0 |  |  | $ | 316.8 |  |  | $ | 215.4 |  |  | $ | 101.4 |
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20 |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | $ | 3.2 |  |  | $ | 1.8 |  |  | $ | (0.2 | ) |  | $ | (0.8 | ) |  | $ | (0.2 | ) |  | $ | (0.4 | )
|  | Six Months Ended July 31, 2019
|  | Net revenue |  | Cost of revenue |  | Operating expenses
|  | Subscription revenue |  | Maintenance Revenue |  | Cost of subscription and maintenance revenue |  | Marketing and sales |  | Research and development |  | General and administrative
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded |  | $ | 1,259.5 |  |  | $ | 215.5 |  |  | $ | 112.7 |  |  | $ | 630.1 |  |  | $ | 421.0 |  |  | $ | 200.5 |
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20 |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | $ | 5.4 |  |  | $ | 3.1 |  |  | $ | (0.3 | ) |  | $ | (2.4 | ) |  | $ | (0.5 | ) |  | $ | (1.2 | )
Schedule of fair values of derivative instruments | The fair values of derivative instruments in Autodesk’s Condensed Consolidated Balance Sheets were as follows as of July 31, 2020, and January 31, 2020:
| Balance Sheet Location |  | Fair Value at
(in millions) | July 31, 2020 |  | January 31, 2020
Derivative Assets |  |  |  |  |
Foreign currency contracts designated as cash flow hedges | Prepaid expenses and other current assets |  | $ | 7.3 |  |  | $ | 1.0 |
Derivatives not designated as hedging instruments | Prepaid expenses and other current assets and long-term other assets |  | 7.2 |  |  | 8.4 |
Total derivative assets |  |  | $ | 14.5 |  |  | $ | 9.4 |
Derivative Liabilities |  |  |  |  |
Foreign currency contracts designated as cash flow hedges | Other accrued liabilities |  | $ | 21.6 |  |  | $ | 2.8 |
Derivatives not designated as hedging instruments | Other accrued liabilities |  | 9.1 |  |  | 1.9 |
Total derivative liabilities |  |  | $ | 30.7 |  |  | $ | 4.7 |
The effects of derivatives designated as hedging instruments | The effects of derivatives designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and six months ended July 31, 2020 and 2019, (amounts presented include any income tax effects):
| Foreign Currency Contracts
| Three Months Ended July 31, |  | Six Months Ended July 31,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Am ount of (loss) gain recognized in accumulated other comprehensive loss on derivatives (effective portion) | $ | (18.6 | ) |  | $ | (0.9 | ) |  | $ | (13.5 | ) |  | $ | 3.1 |
Amount and location of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion) |  |  |  |  |  |  |
Net revenue | $ | 1.6 |  |  | $ | 5.0 |  |  | $ | 4.3 |  |  | $ | 8.5 |
Cost of revenue | (0.1 | ) |  | (0.2 | ) |  | (0.3 | ) |  | (0.3 | )
Operating expenses | (0.7 | ) |  | (1.4 | ) |  | (2.0 | ) |  | (4.1 | )
Total | $ | 0.8 |  |  | $ | 3.4 |  |  | $ | 2.0 |  |  | $ | 4.1 |
The effects of derivatives not designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and six months ended July 31, 2020 and 2019, (amounts presented include any income tax effects):
| Three Months Ended July 31, |  | Six Months Ended July 31,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Amount and location of (loss) gain recognized on derivatives in net income |  |  |  |  |  |  |
Interest and other expense, net | $ | (4.4 | ) |  | $ | (2.4 | ) |  | $ | (5.4 | ) |  | $ | 1.7 |

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