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Investments | 9 Months Ended
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Oct. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities As of October 31, 2024, debt securities consisted of the following (in millions):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 1,660 |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 1,664 |
U.S. agency obligations | 694 |  |  | 2 |  |  | 0 |  |  | 696 |
Corporate bonds | 3,058 |  |  | 12 |  |  | (2) |  |  | 3,068 |
Commercial paper | 566 |  |  | 0 |  |  | 0 |  |  | 566 |
Total debt securities | $ | 5,978 |  |  | $ | 19 |  |  | $ | (3) |  |  | $ | 5,994 |
Included in Cash and cash equivalents | $ | 148 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 148 |
Included in Marketable securities | $ | 5,830 |  |  | $ | 19 |  |  | $ | (3) |  |  | $ | 5,846 |
As of January 31, 2024, debt securities consisted of the following (in millions):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
U.S. treasury securities | $ | 2,072 |  |  | $ | 4 |  |  | $ | (2) |  |  | $ | 2,074 |
U.S. agency obligations | 753 |  |  | 2 |  |  | (1) |  |  | 754 |
Corporate bonds | 2,496 |  |  | 9 |  |  | (5) |  |  | 2,500 |
Commercial paper | 1,232 |  |  | 0 |  |  | 0 |  |  | 1,232 |
Total debt securities | $ | 6,553 |  |  | $ | 15 |  |  | $ | (8) |  |  | $ | 6,560 |
Included in Cash and cash equivalents | $ | 759 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 759 |
Included in Marketable securities | $ | 5,794 |  |  | $ | 15 |  |  | $ | (8) |  |  | $ | 5,801 |
The fair values of debt securities, by remaining contractual maturity, were as follows (in millions):
| October 31, 2024
Due within 1 year | $ | 2,983 |
Due in 1 year through 5 years | 3,011 |
Total debt securities | $ | 5,994 |
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. Interest receivable of $48 million and $35 million is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of October 31, 2024, and January 31, 2024, respectively. The unrealized losses on our debt securities primarily resulted from changes in market interest rates. We do not intend to sell these debt securities and it is not more likely than not that we will be required to sell the debt securities before recovery of their amortized cost bases, which may be at maturity. We did not recognize any credit-related losses on our debt securities during the periods presented. The following tables summarize the aggregate fair value and gross unrealized losses for all debt securities in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
| As of October 31, 2024
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. treasury securities | $ | 266 |  |  | $ | (1) |  |  | $ | 120 |  |  | $ | 0 |  |  | $ | 386 |  |  | $ | (1) |
U.S. agency obligations | 142 |  |  | 0 |  |  | 15 |  |  | 0 |  |  | 157 |  |  | 0 |
Corporate bonds | 640 |  |  | (2) |  |  | 184 |  |  | 0 |  |  | 824 |  |  | (2) |
Total | $ | 1,048 |  |  | $ | (3) |  |  | $ | 319 |  |  | $ | 0 |  |  | $ | 1,367 |  |  | $ | (3) |
| As of January 31, 2024
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. treasury securities | $ | 921 |  |  | $ | (2) |  |  | $ | 78 |  |  | $ | (1) |  |  | $ | 999 |  |  | $ | (3) |
U.S. agency obligations | 234 |  |  | 0 |  |  | 100 |  |  | (1) |  |  | 334 |  |  | (1) |
Corporate bonds | 921 |  |  | (3) |  |  | 171 |  |  | (1) |  |  | 1,092 |  |  | (4) |
Commercial paper | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5 |  |  | 0 |
Total | $ | 2,081 |  |  | $ | (5) |  |  | $ | 349 |  |  | $ | (3) |  |  | $ | 2,430 |  |  | $ | (8) |
We sold $48 million and $24 million of debt securities during the three months ended October 31, 2024, and 2023, respectively. We sold $115 million and $42 million of debt securities during the nine months ended October 31, 2024, and 2023, respectively. The realized gains and losses from the sales were immaterial. Equity Investments Equity investments consisted of the following (in millions):
| Condensed Consolidated Balance Sheets Location |  | October 31, 2024 |  | January 31, 2024
Money market funds | Cash and cash equivalents |  | $ | 849 |  |  | $ | 1,017 |
Non-marketable equity investments measured using the measurement alternative | Other assets |  | 242 |  |  | 248 |
Total equity investments |  |  | $ | 1,091 |  |  | $ | 1,265 |
Total realized and unrealized gains and losses associated with our equity investments were as follows (in millions):
| Three Months Ended October 31, |  | Nine Months Ended October 31,
2024 |  | 2023 |  | 2024 |  | 2023
Net realized gains (losses) recognized on equity investments sold (1) | $ | 0 |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | 2 |
Net unrealized gains (losses) recognized on equity investments held as of the end of the period | 3 |  |  | (13) |  |  | (4) |  |  | (24) |
Total net gains (losses) recognized in Other income (expense), net | $ | 3 |  |  | $ | (14) |  |  | $ | (7) |  |  | $ | (22) |
(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 millions):
| October 31, 2024 |  | January 31, 2024
Total initial cost | $ | 210 |  |  | $ | 213 |
Cumulative net unrealized gains (losses) | 32 |  |  | 35 |
Carrying value | $ | 242 |  |  | $ | 248 |
During the three months ended October 31, 2024, we recorded upward adjustments of $5 million to the carrying value of non-marketable equity investments and impairment losses of $2 million. During the three months ended October 31, 2023, we recorded impairment losses of $9 million. During the nine months ended October 31, 2024, we recorded losses related to impairments and exits of $13 million and upward adjustments of $6 million to the carrying value of non-marketable equity investments. During the nine months ended October 31, 2023, we recorded impairment losses of $22 million. Marketable Equity Investments We may hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. As of October 31, 2024, and January 31, 2024, we did not hold any such investments. During the three and nine months ended October 31, 2023, we recorded unrealized net losses of $4 million and $2 million, respectively, on our marketable equity investment balance held as of the end of the period of $29 million. Additionally, during the three and nine months ended October 31, 2023, we sold marketable equity investments for proceeds of $22 million and $52 million, respectively.

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