Investments

Debt Securities

As of April 30, 2019, debt securities consisted of the following (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
U.S. treasury securities	$	484,846	$	214	$	(79	)	$	484,981
U.S. agency obligations	188,057		117		(61		)	188,113
Corporate bonds	373,946		637		(121		)	374,462
Commercial paper	282,527		2		—			282,529
	$	1,329,376	$	970	$	(261	)	$	1,330,085
Included in cash and cash equivalents	$	219,944	$	—	$	—		$	219,944
Included in marketable securities	$	1,109,432	$	970	$	(261	)	$	1,110,141

As of January 31, 2019, debt securities consisted of the following (in thousands):



	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
U.S. treasury securities	$	396,347	$	61	$	(178	)	$	396,230
U.S. agency obligations	241,914		73		(151		)	241,836
Corporate bonds	419,784		336		(352		)	419,768
Commercial paper	254,175		—		(2		)	254,173
	$	1,312,220	$	470	$	(683	)	$	1,312,007
Included in cash and cash equivalents	$	216,270	$	—	$	—		$	216,270
Included in marketable securities	$	1,095,950	$	470	$	(683	)	$	1,095,737

We do not believe the unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of April 30, 2019, which includes an assessment of whether it is more likely than not that we will be required to sell the investment before recovery of the investment's amortized cost basis. The unrealized losses on debt securities that have been in a net loss position for 12 months or more were not material as of April 30, 2019. We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets in the accompanying condensed consolidated balance sheets. Debt securities included in Marketable securities on the condensed consolidated balance sheets consist of securities with original maturities at the time of purchase greater than three months, and the remainder of the securities is included in Cash and cash equivalents. There were no sales of debt securities during the three months ended April 30, 2019. We sold $27 million of our debt securities during the three months ended April 30, 2018. The realized gains and losses from the sales were immaterial.

Equity Investments

Money market funds and marketable equity investments are investments with readily determinable fair values. Non-marketable equity investments consist of investments in privately held companies without readily determinable fair values.

Equity investments consisted of the following (in thousands):



	Condensed Consolidated Balance Sheets Location	April 30, 2019		January 31, 2019
Money market funds	Cash and cash equivalents	$	396,940	$	237,071
Marketable equity investments	Marketable securities	—		44,127
Non-marketable equity investments	Other assets	39,125		36,925
		$	436,065	$	318,123

We sold $51 million of our marketable equity investments during the three months ended April 30, 2019, with a corresponding gain recognized of $7 million. There were no sales of marketable equity investments during the three months ended April 30, 2018. No material adjustments were made to the carrying value of the non-marketable equity investments as measured under the measurement alternative during the three months ended April 30, 2019 and 2018.