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Derivative Instruments (Tables)

6 Months Ended

Jul. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of outstanding derivative instruments were as follows (in thousands):

		Condensed Consolidated Balance Sheets Location		July 31, 2019				January 31, 2019
Derivative assets:
Foreign currency forward contracts designated as cash flow hedges		Prepaid expenses and other current assets		$	28,469			$	12,076
Foreign currency forward contracts designated as cash flow hedges		Other assets		21,656				10,015
Foreign currency forward contracts not designated as hedges		Prepaid expenses and other current assets		2,823				459
Foreign currency forward contracts not designated as hedges		Other assets		187				20
Total derivative assets				$	53,135			$	22,570
Derivative liabilities:
Foreign currency forward contracts designated as cash flow hedges		Accrued expenses and other current liabilities		$	85			$	983
Foreign currency forward contracts designated as cash flow hedges		Other liabilities		80				706
Foreign currency forward contracts not designated as hedges		Accrued expenses and other current liabilities		276				1,446
Foreign currency forward contracts not designated as hedges		Other liabilities		77				—
Total derivative liabilities				$	518			$	3,135

Schedule of Cash Flow Hedges On The Condensed Consolidated Statements of Operations

The effect of foreign currency forward contracts designated as cash flow hedges on the condensed consolidated statements of operations was as follows (in thousands):

		Condensed Consolidated Statements of Operations Location		Three Months Ended July 31, 2019				Six Months Ended July 31, 2019
Total revenues		Revenues		$	887,752			$	1,712,807
Amount of gains (losses) related to foreign currency forward contracts designated as cash flow hedges		Revenues		896				912

Derivative Instruments, Gain (Loss)

Pre-tax gains (losses) associated with foreign currency forward contracts designated as cash flow hedges were as follows (in thousands):

		Condensed Consolidated Statements of Operations and Statements of Comprehensive Loss Locations		Three Months Ended July 31,								Six Months Ended July 31,
				2019				2018				2019				2018
Gains (losses) recognized in OCI (1)		Net change in market value of effective foreign currency forward exchange contracts		$	21,928			$	17,891			$	37,790			$	36,165
Gains (losses) reclassified from AOCI into income		Revenues		896				(1,960		)		912				(3,077		)
Gains (losses) recognized in income (amount excluded from effectiveness testing and ineffective portion)		Other income (expense), net		—				4,027				—				6,258

⁽¹⁾ 

Of the total value accumulated in OCI from foreign currency forward contracts designated as cash flow hedges as of July 31, 2019, net gains of $14 million are expected to be reclassified out of AOCI within the next 12 months.

Derivatives Not Designated as Hedging Instruments

Gains (losses) associated with foreign currency forward contracts not designated as cash flow hedges were as follows (in thousands):

		Condensed Consolidated Statements of Operations Location		Three Months Ended July 31,								Six Months Ended July 31,
Derivative Type				2019				2018				2019				2018
Foreign currency forward contracts not designated as hedges		Other income (expense), net		$	2,229			$	1,884			$	4,627			$	3,678

Offsetting Assets

As of July 31, 2019, information related to these offsetting arrangements was as follows (in thousands):

		Gross Amounts of Recognized Assets				Gross Amounts Offset on the Condensed Consolidated Balance Sheets				Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets				Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets								Net Assets Exposed
														Financial Instruments				Cash Collateral Received
Derivative assets:
Counterparty A		$	4,101			$	—			$	4,101			$	—			$	—			$	4,101
Counterparty B		44,336				—				44,336				(102		)		—				44,234
Counterparty C		4,698				—				4,698				(416		)		—				4,282
Total		$	53,135			$	—			$	53,135			$	(518	)		$	—			$	52,617

Offsetting Liabilities

		Gross Amounts of Recognized Liabilities				Gross Amounts Offset on the Condensed Consolidated Balance Sheets				Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets				Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets								Net Liabilities Exposed
														Financial Instruments				Cash Collateral Pledged
Derivative liabilities:
Counterparty A		$	—			$	—			$	—			$	—			$	—			$	—
Counterparty B		102				—				102				(102		)		—				—
Counterparty C		416				—				416				(416		)		—				—
Total		$	518			$	—			$	518			$	(518	)		$	—			$	—

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