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Financial Instruments | 12 Months Ended
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Jan. 31, 2023
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments The following tables summarize the Company’s financial instruments by significant investment category as of January 31, 2023 and 2022.
|  |  | January 31, 2023 |
|  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |  |  |  |
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Money market funds | $ | 737 |  |  | $ | — |  |  | $ | — |  |  | $ | 737 |  |  |  |  |  |  |  |
| Commercial paper | 169 |  |  | — |  |  | — |  |  | 169 |  |  |  |  |  |  |  |
| Certificates of deposit | 35 |  |  | — |  |  | — |  |  | 35 |  |  |  |  |  |  |  |
| U.S. government securities | 13 |  |  | — |  |  | — |  |  | 13 |  |  |  |  |  |  |  |
| Other (2) | 12 |  |  | — |  |  | — |  |  | 12 |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities | 44 |  |  | — |  |  |  |  | 44 |  |  |  |  |  |  |  |
|  | Commercial paper | 42 |  |  | — |  |  | — |  |  | 42 |  |  |  |  |  |  |  |
|  | Asset backed securities | 19 |  |  | — |  |  | — |  |  | 19 |  |  |  |  |  |  |  |
|  | U.S. government securities | 17 |  |  | — |  |  | — |  |  | 17 |  |  |  |  |  |  |  |
|  | Other (3) | 3 |  |  |  |  | — |  |  | 3 |  |  |  |  |  |  |  |
| Long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities | 45 |  |  | — |  |  | — |  |  | 45 |  |  |  |  |  |  |  |
|  | U.S. government securities | 35 |  |  | — |  |  | — |  |  | 35 |  |  |  |  |  |  |  |
|  | Asset backed securities | 13 |  |  | — |  |  | — |  |  | 13 |  |  |  |  |  |  |  |
|  | Other (4) | 9 |  |  | — |  |  | — |  |  | 9 |  |  |  |  |  |  |  |
Mutual funds (5) (6) | 81 |  |  | 6 |  |  | (1) |  |  | 86 |  |  |  |  |  |  |  |
Convertible debt securities (6) | 3 |  |  | 1 |  |  | (2) |  |  | 2 |  |  |  |  |  |  |  |
Strategic investments derivative asset (6) | 2 |  |  | — |  |  | (2) |  |  | — |  |  |  |  |  |  |  |
|  | Total | $ | 1,279 |  |  | $ | 7 |  |  | $ | (5) |  |  | $ | 1,281 |  |  |  |  |  |  |  |
____________________ (1)Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets. These investments are classified as debt securities. (2)Consists of custody cash deposits, agency discount notes, municipal bonds, corporate debt securities, asset-backed securities, and mortgage-backed securities. (3)Consists of mortgage-backed securities, agency mortgage-backed securities, common stock, and agency collateralized mortgage obligations. (4)Consists of agency mortgage-backed securities, agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations. (5)See Note 7, "Deferred Compensation" for more information. (6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Consolidated Balance Sheets.
|  |  | January 31, 2022 |
|  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |  |  |  |
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Money market funds | $ | 302 |  |  | $ | — |  |  | $ | — |  |  | $ | 302 |  |  |  |  |  |  |  |
| Commercial paper | 55 |  |  | — |  |  | — |  |  | 55 |  |  |  |  |  |  |  |
| U.S. government securities | 25 |  |  | — |  |  | — |  |  | 25 |  |  |  |  |  |  |  |
| Custody cash deposit | 18 |  |  | — |  |  | — |  |  | 18 |  |  |  |  |  |  |  |
| Corporate debt securities | 18 |  |  | — |  |  | — |  |  | 18 |  |  |  |  |  |  |  |
| Certificates of deposit | 6 |  |  | — |  |  | — |  |  | 6 |  |  |  |  |  |  |  |
| Other (2) | 4 |  |  | — |  |  | — |  |  | 4 |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Commercial paper | 103 |  |  | — |  |  | — |  |  | 103 |  |  |  |  |  |  |  |
|  | Corporate debt securities | 61 |  |  | — |  |  |  |  | 61 |  |  |  |  |  |  |  |
|  | Asset backed securities | 26 |  |  | — |  |  | — |  |  | 26 |  |  |  |  |  |  |  |
|  | Certificates of deposit | 14 |  |  | — |  |  | — |  |  | 14 |  |  |  |  |  |  |  |
|  | U.S. government securities | 13 |  |  | — |  |  | — |  |  | 13 |  |  |  |  |  |  |  |
|  | Municipal bonds | 11 |  |  | — |  |  | — |  |  | 11 |  |  |  |  |  |  |  |
|  | Common Stock | — |  |  | 4 |  |  | — |  |  | 4 |  |  |  |  |  |  |  |
|  | Other (3) | 4 |  |  |  |  | — |  |  | 4 |  |  |  |  |  |  |  |
| Long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities | 44 |  |  | — |  |  | — |  |  | 44 |  |  |  |  |  |  |  |
|  | Other (4) | 1 |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |
Mutual Funds (5) (6) | 74 |  |  | 16 |  |  | (1) |  |  | 89 |  |  |  |  |  |  |  |
|  | Total | $ | 779 |  |  | $ | 20 |  |  | $ | (1) |  |  | $ | 798 |  |  |  |  |  |  |  |
____________________ (1)Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets. These investments are classified as debt securities. (2)Consists of sovereign bonds and municipal bonds. (3)Consists of sovereign bonds and supranational bonds. (4)Consists of asset-backed securities. (5)See Note 7, "Deferred Compensation" for more information. (6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Consolidated Balance Sheets. The following table summarizes the fair values of investments classified as marketable debt securities by contractual maturity date as of January 31, 2023:
| Fair Value
Due within 1 year | $ | 90 |
Due in 1 year through 5 years | 124
Due in 5 years through 10 years | 6
Due after 10 years | 7
Total | $ | 227 |
As of both January 31, 2023 and 2022, Autodesk had no material unrealized losses, individually and in the aggregate, for marketable debt securities that are in a continuous unrealized loss position for greater than 12 months. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for fiscal 2023. Autodesk monitors all marketable debt securities for potential credit losses by reviewing indicators such as, but not limited to, current credit rating, change in credit rating, credit outlook, and default risk. There were no allowances for credit losses as of both January 31, 2023 and 2022. There were no write offs of accrued interest receivables for both fiscal 2023 and 2022. There were no material realized gain or loss for the sales or redemptions of debt securities during fiscal 2023, 2022, and 2021. Realized gains and losses from the sale or redemption of marketable securities are recorded in “Interest and other expense, net” on the Company’s Consolidated Statements of Operations. Proceeds from the sale and maturity of marketable debt securities for fiscal 2023, 2022, and 2021 were $450 million, $38 million, and $17 million, respectively. Strategic investments in equity securities As of January 31, 2023 and 2022, Autodesk had $177 million and $134 million, respectively, in direct investments in privately held companies. These strategic investments in equity securities do not have readily determined fair values and Autodesk uses the measurement alternative to account for the adjustment to these investments in a given quarter. If Autodesk determines that an impairment has occurred, Autodesk writes down the investment to its fair value. These strategic investments in equity securities are generally subject to a security-specific restriction which limits the sale or transfer of the respective equity security during the holding period. Adjustments to the carrying value of our strategic investments in equity securities with no readily determined fair values measured using the measurement alternative are included in Interest and Other Expense, net on the Company’s Consolidated Statements of Operations. These adjustments were as follows:
| Fiscal Year Ended |  | Cumulative Amount as of
| 2023 |  | 2022 |  | 2021 |  | January 31, 2023
Upward adjustments | $ | 6 |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | 29 |
Negative adjustments, including impairments | (9) |  |  | (17) |  |  | (52) |  |  | (86) |
Net adjustments | $ | (3) |  |  | $ | (10) |  |  | $ | (45) |  |  | $ | (57) |
Autodesk does not consider the remaining investments to be impaired as of January 31, 2023. During the fiscal years ended January 31, 2023 and 2022, Autodesk recognized gains of $2 million and $8 million, respectively, on the disposition of strategic investments in equity securities. During the fiscal year ended January 31, 2021, Autodesk recognized no gain on the disposition of strategic investments in equity securities. Fair Value Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities, and other financial instruments, on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by significant investment category as of January 31, 2023 and 2022:
|  |  |  |  |  |  |  |  |  | January 31, 2023
|  |  |  |  |  |  |  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Money market funds |  |  |  |  |  |  |  |  | $ | 737 |  |  | $ | — |  |  | $ | — |  |  | $ | 737 |
| Commercial paper |  |  |  |  |  |  |  |  | — |  |  | 169 |  |  | — |  |  | 169 |
| Certificates of deposit |  |  |  |  |  |  |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
| U.S. government securities |  |  |  |  |  |  |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
| Other (2) |  |  |  |  |  |  |  |  | 4 |  |  | 8 |  |  | — |  |  | 12 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities |  |  |  |  |  |  |  |  | — |  |  | 44 |  |  | — |  |  | 44 |
|  | Commercial paper |  |  |  |  |  |  |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
|  | Asset backed securities |  |  |  |  |  |  |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
|  | U.S. government securities |  |  |  |  |  |  |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
|  | Other (3) |  |  |  |  |  |  |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
| Long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities |  |  |  |  |  |  |  |  | — |  |  | 45 |  |  | — |  |  | 45 |
|  | U.S. government securities |  |  |  |  |  |  |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
|  | Asset backed securities |  |  |  |  |  |  |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
|  | Other (4) |  |  |  |  |  |  |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Long-term other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mutual funds (5) (6) |  |  |  |  |  |  |  |  | 86 |  |  | — |  | — |  | 86 |
|  | Convertible debt securities (6) |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative contract assets (6) |  |  |  |  |  |  |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative contract liabilities (7) |  |  |  |  |  |  |  |  | — |  |  | (31) |  |  | — |  |  | (31) |
Total |  |  |  |  |  |  |  |  | $ | 827 |  |  | $ | 435 |  |  | $ | 2 |  |  | $ | 1,264 |
____________________ (1)Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets. These investments are classified as debt securities. (2)Consists of custody cash deposits, agency discount notes, municipal bonds, corporate debt securities, asset-backed securities, and mortgage-backed securities. (3)Consists of mortgage-backed securities, agency mortgage-backed securities, common stock, and agency collateralized mortgage obligations. (4)Consists of agency mortgage-backed securities, agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations. (5)See Note 7, "Deferred Compensation" for more information. (6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Consolidated Balance Sheets. (7)Included in “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|  |  |  |  |  |  |  |  |  | January 31, 2022
|  |  |  |  |  |  |  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Money market funds |  |  |  |  |  |  |  |  | $ | 302 |  |  | $ | — |  |  | $ | — |  |  | $ | 302 |
| Commercial paper |  |  |  |  |  |  |  |  | — |  |  | 55 |  |  | — |  |  | 55
| U.S. government securities |  |  |  |  |  |  |  |  | — |  |  | 25 |  |  | — |  |  | 25
| Custody cash deposit |  |  |  |  |  |  |  |  | 18 |  |  | — |  |  | — |  |  | 18
| Corporate debt securities |  |  |  |  |  |  |  |  | — |  |  | 18 |  |  | — |  |  | 18
| Certificates of deposit |  |  |  |  |  |  |  |  | — |  |  | 6 |  |  | — |  |  | 6
| Other (2) |  |  |  |  |  |  |  |  | — |  |  | 4 |  |  | — |  |  | 4
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Commercial paper |  |  |  |  |  |  |  |  | — |  |  | 103 |  |  | — |  |  | 103
|  | Corporate debt securities |  |  |  |  |  |  |  |  | — |  |  | 61 |  |  | — |  |  | 61
|  | Asset backed securities |  |  |  |  |  |  |  |  | — |  |  | 26 |  |  | — |  |  | 26
|  | Certificates of deposit |  |  |  |  |  |  |  |  | — |  |  | 14 |  |  | — |  |  | 14
|  | U.S. government securities |  |  |  |  |  |  |  |  | — |  |  | 13 |  |  | — |  |  | 13
|  | Municipal bonds |  |  |  |  |  |  |  |  | — |  |  | 11 |  |  | — |  |  | 11
|  | Common Stock |  |  |  |  |  |  |  |  | 4 |  |  | — |  |  | — |  |  | 4
|  | Other (3) |  |  |  |  |  |  |  |  |  |  | 4 |  |  | — |  |  | 4
| Long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Corporate debt securities |  |  |  |  |  |  |  |  | — |  |  | 44 |  |  | — |  |  | 44
|  | Other (4) |  |  |  |  |  |  |  |  | — |  |  | 1 |  |  | — |  |  | 1
Long-term other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mutual Funds (5) (6) |  |  |  |  |  |  |  |  | 89 |  |  | — |  |  | — |  |  | 89
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative contract assets (6) |  |  |  |  |  |  |  |  | — |  |  | 18 |  |  | — |  |  | 18
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Derivative contract liabilities (7) |  |  |  |  |  |  |  |  | — |  |  | (11) |  |  | — |  |  | (11) |
Total |  |  |  |  |  |  |  |  | $ | 413 |  |  | $ | 392 |  |  | $ | — |  |  | $ | 805 |
____________________ (1)Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets. These investments are classified as debt securities. (2)Consists of sovereign bonds and municipal bonds. (3)Consists of sovereign bonds and supranational bonds. (4)Consists of asset backed securities. (5)See Note 7, "Deferred Compensation" for more information. (6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Consolidated Balance Sheets. (7)Included in “Other accrued liabilities” in the accompanying Consolidated Balance Sheets. A reconciliation of the change in Autodesk’s Level 3 items for the fiscal year ended January 31, 2023, is as follows:
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Derivative Contract |  | Convertible Debt Securities |  | Total
Balances, January 31, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases |  | 2 |  |  | 3 |  |  | 5 |
Impairments |  | — |  |  | (2) |  |  | (2) |
Loss included in earnings |  | (2) |  |  | — |  |  | (2) |
Gain in other comprehensive (loss) income |  | — |  |  | 1 |  |  | 1 |
Balances, January 31, 2023 |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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