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Investments
 6 Months Ended
Jul. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities
As of July 31, 2019, debt securities consisted of the following (in thousands):
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Aggregate Fair Value
U.S. treasury securities
$
524,462

 
$
554

 
$
(31
)
 
$
524,985

U.S. agency obligations
240,029

 
229

 
(40
)
 
240,218

Corporate bonds
438,825

 
1,232

 
(134
)
 
439,923

Commercial paper
182,886

 
—

 
—

 
182,886

 
$
1,386,202

 
$
2,015

 
$
(205
)
 
$
1,388,012

Included in cash and cash equivalents
$
81,003

 
$
3

 
$
—

 
$
81,006

Included in marketable securities
$
1,305,199

 
$
2,012

 
$
(205
)
 
$
1,307,006

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 July 31, 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 July 31, 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. We sold $5 million and $915 million of our debt securities during the three months ended July 31, 2019, and 2018, respectively, and $5 million and $942 million of our debt securities during the six months ended July 31, 2019, and 2018, respectively. The realized gains and losses from the sales were immaterial.
Equity Investments
Equity investments consisted of the following (in thousands):
 
Condensed Consolidated Balance Sheets Location
 
July 31, 2019
 
January 31, 2019
Money market funds (1)
Cash and cash equivalents
 
$
348,109

 
$
237,071

Marketable equity investments (1)
Marketable securities
 
—

 
44,127

Non-marketable equity investments (2)
Other assets
 
47,060

 
36,925

 
 
 
$
395,169

 
$
318,123


(1) 
Investments with readily determinable fair values.
(2) 
Investments in privately held companies without readily determinable fair values.
There were no sales of marketable equity investments during the three months ended July 31, 2019. We sold $51 million of marketable equity investments during the six months ended July 31, 2019, with a corresponding gain recognized of $7 million. There were no sales of marketable equity investments during the three and six months ended July 31, 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 and six months ended July 31, 2019, and 2018.