Leases

9 Months Ended

Oct. 31, 2024

We have entered into operating lease agreements for our office space, data centers, and other property and equipment. Operating lease right-of-use assets were $335 million and $289 million as of October 31, 2024, and January 31, 2024, respectively, and operating lease liabilities were $380 million and $316 million as of October 31, 2024, and January 31, 2024, respectively.

The components of operating lease expense were as follows (in millions):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Operating lease cost	$	30	$	27	$	88	$	82
Short-term lease cost	0		1		1		2
Variable lease cost	15		12		39		34
Total operating lease cost	$	45	$	40	$	128	$	118

Supplemental cash flow information related to our operating leases was as follows (in millions):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Cash paid for operating lease liabilities	$	29	$	25	$	80	$	79
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	22		30		123		94

Other information related to our operating leases was as follows:


	October 31, 2024		January 31, 2024
Weighted average remaining lease term (in years)	5		5
Weighted average discount rate	4.07	%	3.95	%

As of October 31, 2024, maturities of operating lease liabilities were as follows (in millions):


Fiscal Period:
Remainder of 2025	$	30
2026	108
2027	88
2028	77
2029	49
Thereafter	78
Total lease payments	430
Less imputed interest	(50)
Total operating lease liabilities	$	380

As of October 31, 2024, we have additional operating leases for data centers and office space that had not yet commenced with total undiscounted lease payments of $90 million. These operating leases will commence in fiscal 2025 and fiscal 2026, with lease terms ranging from approximately five to ten years.