XML 34 R12.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Fair Value Measurements | 12 Months Ended
--- | ---
Jan. 31, 2020
Fair Value Disclosures [Abstract] |
Fairv value measurements | Fair Value Measurements The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes 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 as follows: Level 1-Valuations based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2-Valuations based on other inputs that are directly or indirectly observable in the marketplace. Level 3-Valuations based on 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 the Company’s financial assets that were measured at fair value on a recurring basis using the above input categories (in thousands):
| As of January 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 416,584 |  |  | $ | — |  |  | $ | — |  |  | $ | 416,584 |
U.S. treasury securities | $ | — |  |  | $ | 19,996 |  |  | $ | — |  |  | 19,996 |
Total cash equivalents | 416,584 |  |  | 19,996 |  |  | — |  |  | 436,580 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | — |  |  | 576,598 |  |  | — |  |  | 576,598 |
Corporate debt securities | — |  |  | 306,378 |  |  | — |  |  | 306,378 |
Total short-term investments | — |  |  | 882,976 |  |  | — |  |  | 882,976 |
Total cash equivalents and short-term investments | $ | 416,584 |  |  | $ | 902,972 |  |  | $ | — |  |  | $ | 1,319,556 |
| As of January 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 247,426 |  |  | $ | — |  |  | $ | — |  |  | $ | 247,426 |
Corporate debt securities | — |  |  | 3,408 |  |  | — |  |  | 3,408 |
Total cash equivalents | 247,426 |  |  | 3,408 |  |  | — |  |  | 250,834 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities | — |  |  | 195,897 |  |  | — |  |  | $ | 195,897 |
Corporate debt securities | — |  |  | 69,477 |  |  | — |  |  | 69,477 |
Total short-term investments | — |  |  | 265,374 |  |  | — |  |  | 265,374 |
Total cash equivalents and short-term investments | $ | 247,426 |  |  | $ | 268,782 |  |  | $ | — |  |  | $ | 516,208 |
The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above. Fair Value Measurements of Other Financial Instruments The following table presents the carrying amounts and estimated fair values of our financial instruments that are not recorded at fair value on the consolidated balance sheets (in thousands):
| As of January 31, 2020
| Net Carrying Amount(1) |  | Estimated Fair Value
2023 Convertible senior notes | $ | 102,543 |  |  | $ | 331,014 |
2025 Convertible senior notes | $ | 851,535 |  |  | $ | 1,074,840 |
(1) Before unamortized debt issuance costs. The difference between the principal amount of the 2023 Notes and the 2025 Notes, $120.6 million and $1,060.0 million, respectively, and the net carrying amounts before unamortized debt issuance costs represents the unamortized debt discount (See Note 9 for additional details). The estimated fair values of the Notes, which are Level 2 financial instruments, were determined based on the quoted bid prices of the Notes in an over-the-counter market on the last trading day of the reporting period. As of January 31, 2020, the difference between the net carrying amount of the Notes and their estimated fair values represented the equity conversion value premium the market assigned to the Notes. Based on the closing price of our common stock of $128.05 on January 31, 2020, the if-converted value of the 2023 Notes exceeded the principal amount of $120.6 million, while the if-converted value of the 2025 Notes was less than the principal amount of $1,060.0 million.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration