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Investments | 9 Months Ended
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Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities As of October 31, 2023, debt securities consisted of the following (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 2,307,535 |  |  | $ | 51 |  |  | $ | (9,121) |  |  | $ | 2,298,465 |
U.S. agency obligations | 787,767 |  |  | 254 |  |  | (2,376) |  |  | 785,645 |
Corporate bonds | 1,771,472 |  |  | 355 |  |  | (21,031) |  |  | 1,750,796 |
Commercial paper | 1,111,886 |  |  | — |  |  | (1) |  |  | 1,111,885 |
Total debt securities | $ | 5,978,660 |  |  | $ | 660 |  |  | $ | (32,529) |  |  | $ | 5,946,791 |
Included in Cash and cash equivalents | $ | 659,919 |  |  | $ | — |  |  | $ | — |  |  | $ | 659,919 |
Included in Marketable securities | $ | 5,318,741 |  |  | $ | 660 |  |  | $ | (32,529) |  |  | $ | 5,286,872 |
As of January 31, 2023, debt securities consisted of the following (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 2,455,739 |  |  | $ | 77 |  |  | $ | (6,765) |  |  | $ | 2,449,051 |
U.S. agency obligations | 325,664 |  |  | — |  |  | (3,874) |  |  | 321,790 |
Corporate bonds | 966,801 |  |  | 1,617 |  |  | (6,715) |  |  | 961,703 |
Commercial paper | 1,016,641 |  |  | — |  |  | (5) |  |  | 1,016,636 |
Total debt securities | $ | 4,764,845 |  |  | $ | 1,694 |  |  | $ | (17,359) |  |  | $ | 4,749,180 |
Included in Cash and cash equivalents | $ | 594,864 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 594,863 |
Included in Marketable securities | $ | 4,169,980 |  |  | $ | 1,694 |  |  | $ | (17,357) |  |  | $ | 4,154,317 |
The contractual maturities of debt securities were as follows (in thousands):
| October 31, 2023
Due within 1 year | $ | 3,885,682 |
Due in 1 year through 5 years | 2,061,109 |
Total debt securities | $ | 5,946,791 |
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 funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the 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 remaining securities are included in Cash and cash equivalents. As of October 31, 2023, and January 31, 2023, the fair values of debt securities in an unrealized loss position were $4.3 billion and $3.1 billion, respectively, the majority of which had been in a continuous unrealized loss position for less than 12 months. We did not recognize any credit or non-credit related losses related to our debt securities during the periods presented. We sold $24 million and $20 million of debt securities during the three months ended October 31, 2023, and 2022, respectively. We sold $42 million and $48 million of debt securities during the nine months ended October 31, 2023, and 2022, 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 |  | October 31, 2023 |  | January 31, 2023
Money market funds | Cash and cash equivalents |  | $ | 675,910 |  |  | $ | 902,226 |
Non-marketable equity investments measured using the measurement alternative | Other assets |  | 250,311 |  |  | 261,922 |
Marketable equity investments | Marketable securities |  | 29,173 |  |  | 80,766 |
Total equity investments |  |  | $ | 955,394 |  |  | $ | 1,244,914 |
Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in thousands):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
2023 |  | 2022 |  | 2023 |  | 2022
Net realized gains (losses) recognized on equity investments sold (1) | $ | (807) |  |  | $ | 4,514 |  |  | $ | 1,984 |  |  | $ | (365) |
Net unrealized gains (losses) recognized on equity investments held as of the end of the period | (13,562) |  |  | (155) |  |  | (23,529) |  |  | (19,121) |
Total net gains (losses) recognized in Other income (expense), net | $ | (14,369) |  |  | $ | 4,359 |  |  | $ | (21,545) |  |  | $ | (19,486) |
(1)Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period. Non-Marketable Equity Investments Measured Using the Measurement Alternative Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in thousands):
| October 31, 2023 |  | January 31, 2023 |  |
Total initial cost | $ | 207,485 |  |  | $ | 206,833 |  |  |  |  |
Cumulative net unrealized gains (losses) | 42,826 |  |  | 55,089 |  |  |  |  |
Carrying value | $ | 250,311 |  |  | $ | 261,922 |  |  |  |  |
During the three months ended October 31, 2023, we recorded impairment losses of $9 million to the carrying value of non-marketable equity investments. During the three months ended October 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $2 million, impairment losses of $2 million, and a gain of $4 million upon exiting a non-marketable equity investment. During the nine months ended October 31, 2023, we recorded impairment losses of $22 million to the carrying value of non-marketable equity investments. During the nine months ended October 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $8 million, impairment losses of $10 million, and a net loss of $2 million upon exiting a non-marketable equity investment. Marketable Equity Investments We hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. The carrying values for our marketable equity investments are summarized below (in thousands):
| October 31, 2023 |  | January 31, 2023 |  |
Total initial cost | $ | 14,817 |  |  | $ | 38,449 |  |  |  |  |
Cumulative net unrealized gains (losses) | 14,356 |  |  | 42,317 |  |  |  |  |
Carrying value | $ | 29,173 |  |  | $ | 80,766 |  |  |  |  |
During the three months ended October 31, 2023, we sold marketable equity investments for proceeds of $22 million. We did not sell any marketable equity investments during the three months ended October 31, 2022. During the nine months ended October 31, 2023, and 2022, we sold marketable equity investments for proceeds of $52 million and $5 million, respectively. The realized gains and losses from the sales were immaterial. For the marketable equity investments held as of the end of each period, we recorded unrealized net losses of $4 million during the three months ended October 31, 2023, no material unrealized net gains or losses during the three months ended October 31, 2022, and unrealized net losses of $2 million and $17 million during the nine months ended October 31, 2023, and 2022, respectively.

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