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Fair Value Measurements
 6 Months Ended
Jul. 31, 2025
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 July 31, 2025 (in millions):
Level 1Level 2Level 3Total
U.S. treasury securities$2,056 $0 $0 $2,056 
U.S. agency obligations0 538 0 538 
Corporate bonds0 3,967 0 3,967 
Commercial paper0 215 0 215 
Asset-backed securities0 306 0 306 
Other debt securities
0 42 0 42 
Money market funds802 0 0 802 
Foreign currency derivative assets0 30 0 30 
Total assets$2,858 $5,098 $0 $7,956 
Foreign currency derivative liabilities$0 $121 $0 $121 
Total liabilities$0 $121 $0 $121 
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, 2025 (in millions):
Level 1Level 2Level 3Total
U.S. treasury securities$2,072 $0 $0 $2,072 
U.S. agency obligations0 636 0 636 
Corporate bonds0 3,540 0 3,540 
Commercial paper0 294 0 294 
Asset-backed securities0 104 0 104 
Other debt securities
0 5 0 5 
Money market funds988 0 0 988 
Foreign currency derivative assets0 112 0 112 
Total assets$3,060 $4,691 $0 $7,751 
Foreign currency derivative liabilities$0 $26 $0 $26 
Total liabilities$0 $26 $0 $26 
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. The fair values of 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.