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Derivative Instruments (Tables)

9 Months Ended

Oct. 31, 2023

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						October 31, 2023						January 31, 2023
Derivative assets:
Cash flow hedges						Prepaid expenses and other current assets						$	52,123					$	42,968
Cash flow hedges						Other assets						37,725						21,757
Non-designated hedges						Prepaid expenses and other current assets						688						99
Total derivative assets												$	90,536					$	64,824
Derivative liabilities:
Cash flow hedges						Accrued expenses and other current liabilities						$	16,644					$	13,231
Cash flow hedges						Other liabilities						3,425						15,496
Non-designated hedges						Accrued expenses and other current liabilities						199						5,244
Non-designated hedges						Other liabilities						—						1
Total derivative liabilities												$	20,268					$	33,972

Derivative Instruments Gain (Loss)

The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in thousands):

						Three Months Ended October 31,
Condensed Consolidated Statements of Operations Location						2023												2022
						Total						Gains (losses) related to cash flow hedges						Total						Gains (losses) related to cash flow hedges
Revenues						$	1,865,675					$	15,625					$	1,599,103					$	5,647
Costs and expenses						1,777,820						839						1,625,424						(11,852)
Provision for (benefit from) income taxes						15,534						—						52,563						(3,220)

						Nine Months Ended October 31,
Condensed Consolidated Statements of Operations Location						2023												2022
						Total						Gains (losses) related to cash flow hedges						Total						Gains (losses) related to cash flow hedges
Revenues						$	5,336,753					$	49,217					$	4,569,558					$	5,985
Costs and expenses						5,232,441						1,781						4,702,800						(18,636)
Provision for (benefit from) income taxes						25,459						—						59,021						(3,220)

Pre-tax gains (losses) associated with cash flow hedges were as follows (in thousands):

			Condensed Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations						Three Months Ended October 31,												Nine Months Ended October 31,
									2023						2022						2023						2022
Gains (losses) recognized in OCI			Net change in unrealized gains (losses) on cash flow hedges						$	67,324					$	48,058					$	54,617					$	110,052
Gains (losses) reclassified from AOCI into income (effective portion)			Revenues						15,625						5,647						49,217						5,985
Gains (losses) reclassified from AOCI into income (effective portion)			Costs and expenses						839						(11,852)						1,781						(18,636)
Gains (losses) reclassified from AOCI into income (effective portion)			Provision for (benefit from) income taxes						—						(3,220)						—						(3,220)

Gains (losses) associated with non-designated hedges were as follows (in thousands):

			Condensed Consolidated Statements of Operations Location						Three Months Ended October 31,												Nine Months Ended October 31,
									2023						2022						2023						2022
Gains (losses) related to non-designated hedges			Other income (expense), net						$	6,425					$	7,187					$	7,857					$	13,288

Offsetting Assets

As of October 31, 2023, 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						$	25,461					$	—					$	25,461					$	(1,856)					$	—					$	23,605
Counterparty B						20,486						—						20,486						(9,009)						—						11,477
Counterparty C						2,015						—						2,015						(228)						—						1,787
Counterparty D						37,367						—						37,367						(8,323)						—						29,044
Counterparty E						5,207						—						5,207						(852)						—						4,355
Total						$	90,536					$	—					$	90,536					$	(20,268)					$	—					$	70,268

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						$	1,856					$	—					$	1,856					$	(1,856)					$	—					$	—
Counterparty B						9,009						—						9,009						(9,009)						—						—
Counterparty C						228						—						228						(228)						—						—
Counterparty D						8,323						—						8,323						(8,323)						—						—
Counterparty E						852						—						852						(852)						—						—
Total						$	20,268					$	—					$	20,268					$	(20,268)					$	—					$	—

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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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