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Derivative Instruments (Tables)

6 Months Ended

Jul. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Outstanding Derivative Instruments

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

						Condensed Consolidated Balance Sheets Location						July 31, 2021						January 31, 2021
Derivative assets:
Foreign currency forward contracts designated as cash flow hedges						Prepaid expenses and other current assets						$	5,194					$	2,073
Foreign currency forward contracts designated as cash flow hedges						Other assets						5,378						173
Foreign currency forward contracts not designated as hedges						Prepaid expenses and other current assets						390						975
Foreign currency forward contracts not designated as hedges						Other assets						11						—
Total derivative assets												$	10,973					$	3,221
Derivative liabilities:
Foreign currency forward contracts designated as cash flow hedges						Accrued expenses and other current liabilities						$	18,156					$	23,647
Foreign currency forward contracts designated as cash flow hedges						Other liabilities						15,501						24,586
Foreign currency forward contracts not designated as hedges						Accrued expenses and other current liabilities						1,178						1,162
Foreign currency forward contracts not designated as hedges						Other liabilities						42						61
Total derivative liabilities												$	34,877					$	49,456

Derivative Instruments, Gain (Loss)

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,												Six Months Ended July 31,
												2021						2020						2021						2020
Total revenues						Revenues						$	1,260,361					$	1,061,967					$	2,435,394					$	2,080,352
Amount of gains (losses) related to foreign currency forward contracts designated as cash flow hedges						Revenues						(1,667)						5,278						(1,149)						9,764

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 Income (Loss) Locations						Three Months Ended July 31,												Six Months Ended July 31,
												2021						2020						2021						2020
Gains (losses) recognized in OCI						Net change in market value of effective foreign currency forward exchange contracts						$	16,031					$	(52,558)					$	11,778					$	(15,765)
Gains (losses) reclassified from AOCI into income (effective portion)						Revenues						(1,667)						5,278						(1,149)						9,764

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

						Condensed Consolidated Statements of Operations Location						Three Months Ended July 31,												Six Months Ended July 31,
												2021						2020						2021						2020
Foreign currency forward contracts not designated as hedges						Other income (expense), net						$	2,011					$	(4,040)					$	1,819					$	1,373

Offsetting Assets

As of July 31, 2021, 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						$	724					$	—					$	724					$	(724)					$	—					$	—
Counterparty B						3,887						—						3,887						(3,887)						—						—
Counterparty C						2,029						—						2,029						(2,029)						—						—
Counterparty D						3,771						—						3,771						(3,771)						—						—
Counterparty E						562						—						562						(562)						—						—
Total						$	10,973					$	—					$	10,973					$	(10,973)					$	—					$	—

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						$	6,445					$	—					$	6,445					$	(724)					$	—					$	5,721
Counterparty B						15,043						—						15,043						(3,887)						—						11,156
Counterparty C						12,211						—						12,211						(2,029)						—						10,182
Counterparty D						1,114						—						1,114						(3,771)						—						(2,657)
Counterparty E						64						—						64						(562)						—						(498)
Total						$	34,877					$	—					$	34,877					$	(10,973)					$	—					$	23,904

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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