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Fair Value Measurements | 9 Months Ended
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Oct. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We measure our cash equivalents, marketable securities, and foreign currency derivative contracts at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs that are supported by little or no market activity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of October 31, 2021 (in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. treasury securities | $ | 1,246,537 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,246,537 |
U.S. agency obligations | — |  |  | 231,828 |  |  | — |  |  | 231,828 |
Corporate bonds | — |  |  | 425,665 |  |  | — |  |  | 425,665 |
Commercial paper | — |  |  | 934,715 |  |  | — |  |  | 934,715 |
Money market funds | 280,481 |  |  | — |  |  | — |  |  | 280,481 |
Marketable equity investments | 134,462 |  |  | — |  |  | — |  |  | 134,462 |
Foreign currency derivative assets | — |  |  | 24,166 |  |  | — |  |  | 24,166 |
Total assets | $ | 1,661,480 |  |  | $ | 1,616,374 |  |  | $ | — |  |  | $ | 3,277,854 |
Foreign currency derivative liabilities | $ | — |  |  | $ | 24,197 |  |  | $ | — |  |  | $ | 24,197 |
Total liabilities | $ | — |  |  | $ | 24,197 |  |  | $ | — |  |  | $ | 24,197 |
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of January 31, 2021 (in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
U.S. treasury securities | $ | 1,054,341 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,054,341 |
U.S. agency obligations | — |  |  | 504,445 |  |  | — |  |  | 504,445 |
Corporate bonds | — |  |  | 347,802 |  |  | — |  |  | 347,802 |
Commercial paper | — |  |  | 664,262 |  |  | — |  |  | 664,262 |
Money market funds | 659,964 |  |  | — |  |  | — |  |  | 659,964 |
Marketable equity investments | 21,300 |  |  | — |  |  | — |  |  | 21,300 |
Foreign currency derivative assets | — |  |  | 3,221 |  |  | — |  |  | 3,221 |
Total assets | $ | 1,735,605 |  |  | $ | 1,519,730 |  |  | $ | — |  |  | $ | 3,255,335 |
Foreign currency derivative liabilities | $ | — |  |  | $ | 49,456 |  |  | $ | — |  |  | $ | 49,456 |
Total liabilities | $ | — |  |  | $ | 49,456 |  |  | $ | — |  |  | $ | 49,456 |
Non-Marketable Equity Investments Measured at Fair Value on a Non-Recurring Basis Non-marketable equity investments that have been remeasured during the period due to an observable event or impairment are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the investments we hold. For further information, see Note 3, Investments. Fair Value Measurements of Other Financial Instruments In April 2020, we entered into a credit agreement (“Credit Agreement”) pursuant to which the lenders extended to Workday a senior unsecured term loan facility in an aggregate principal amount of $750 million (“Term Loan”) and an unsecured revolving credit facility in an aggregate principal amount of $750 million (“Revolving Credit Facility”). The carrying value of the Term Loan was $702 million and $729 million as of October 31, 2021, and January 31, 2021, respectively. The estimated fair value of the Term Loan, which we have classified as a Level 2 financial instrument, approximates its carrying value because it is a floating rate facility. There were no outstanding borrowings under the Revolving Credit Facility during the periods presented. For further information, see Note 11, Debt. In September 2017, we completed an offering of $1.15 billion of 0.25% convertible senior notes due October 1, 2022. The carrying value of the 2022 Notes was $1.1 billion as of October 31, 2021, and January 31, 2021, and the estimated fair value of the 2022 Notes was $2.2 billion and $1.8 billion as of October 31, 2021, and January 31, 2021, respectively. The estimated fair value of the 2022 Notes, which we have classified as a Level 2 financial instrument, was determined based on the quoted bid price in an over-the-counter market on the last trading day of each reporting period. For further information, see Note 11, Debt.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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