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Short-Term Investments
 3 Months Ended
Apr. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments Short-Term Investments
As of April 30, 2024, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$98,650 $23 $(55)$98,618 
Asset-backed securities659,618 571 (3,834)656,355 
Commercial paper284,131 6 (119)284,018 
Corporate notes and bonds1,719,063 673 (12,669)1,707,067 
Foreign government bonds54,834 — (456)54,378 
Municipal securities
76,780 41 (473)76,348 
U.S. agency obligations55,920 — (211)55,709 
U.S. treasury securities642,726 — (7,378)635,348 
Total available-for-sale securities$3,591,722 $1,314 $(25,195)$3,567,841 
As of January 31, 2024, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$94,210 $87 $(14)$94,283 
Asset-backed securities605,852 2,916 (1,787)606,981 
Commercial paper144,218 47 (20)144,245 
Corporate notes and bonds1,581,382 8,835 (5,188)1,585,029 
Foreign government bonds50,180 206 (180)50,206 
Municipal securities
79,404 301 (231)79,474 
U.S. agency obligations49,372 232 (12)49,592 
U.S. treasury securities717,015 1,268 (3,824)714,459 
Total available-for-sale securities$3,321,633 $13,892 $(11,256)$3,324,269 
The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands):
April 30,
2024		January 31,
2024
Due in one year or less$1,164,946 $919,871 
Due in greater than one year2,402,895 2,404,398 
Total$3,567,841 $3,324,269 
We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. It is more likely than not we will hold the securities until maturity or a recovery of the cost basis.
The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of April 30, 2024 (in thousands):
12 months or less
Greater than 12 months
Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses
Certificates of deposits$66,055 $(55)$— $— 
Asset-backed securities415,388 (2,530)91,285 (1,304)
Commercial paper257,932 (119)— — 
Corporate notes and bonds1,191,177 (9,496)235,212 (3,173)
Foreign government bonds41,939 (336)12,439 (120)
Municipal securities44,941 (392)16,998 (81)
U.S. agency obligations55,709 (211)— — 
U.S. treasury securities498,599 (5,163)136,749 (2,215)
The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2024 (in thousands):
12 months or less
Greater than 12 months
Fair
value
Gross
unrealized
losses
Fair ValueGross unrealized losses
Certificates of deposits$22,465 $(14)$— $— 
Asset-backed securities120,543 (343)105,419 (1,444)
Commercial paper70,037 (20)— — 
Corporate notes and bonds394,823 (1,560)280,092 (3,628)
Foreign government bonds8,915 (19)9,784 (161)
Municipal securities
31,418 (122)13,686 (109)
U.S. agency obligations1,795 (3)4,991 (9)
U.S. treasury securities280,946 (1,227)204,274 (2,597)