XML 24 R12.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurements
 9 Months Ended
Oct. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We use a fair value hierarchy that requires that we 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, 2023 (in thousands):
Level 1Level 2Level 3Total
U.S. treasury securities$2,298,465 $— $— $2,298,465 
U.S. agency obligations— 785,645 — 785,645 
Corporate bonds— 1,750,796 — 1,750,796 
Commercial paper— 1,111,885 — 1,111,885 
Money market funds675,910 — — 675,910 
Marketable equity investments29,173 — — 29,173 
Foreign currency derivative assets— 90,536 — 90,536 
Total assets$3,003,548 $3,738,862 $— $6,742,410 
Foreign currency derivative liabilities$— $20,268 $— $20,268 
Total liabilities$— $20,268 $— $20,268 
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, 2023 (in thousands):
Level 1Level 2Level 3Total
U.S. treasury securities$2,449,051 $— $— $2,449,051 
U.S. agency obligations— 321,790 — 321,790 
Corporate bonds— 961,703 — 961,703 
Commercial paper— 1,016,636 — 1,016,636 
Money market funds902,226 — — 902,226 
Marketable equity investments80,766 — — 80,766 
Foreign currency derivative assets— 64,824 — 64,824 
Total assets$3,432,043 $2,364,953 $— $5,796,996 
Foreign currency derivative liabilities$— $33,972 $— $33,972 
Total liabilities$— $33,972 $— $33,972 
Non-Marketable Equity Investments Measured at Fair Value on a Non-Recurring Basis
Non-marketable equity investments that have been remeasured 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
We carry our debt at face value less unamortized debt discount and issuance costs on our Condensed Consolidated Balance Sheets and present the fair value for disclosure purposes only. All of our debt obligations are categorized as Level 2 financial instruments. For further information on the fair values of our debt and the inputs used in the calculations, see Note 10, Debt.