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Fair Value Measurements | 3 Months Ended
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Apr. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We carry certain assets and liabilities at fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs based on the observability as of the measurement date, is as follows:
Level 1 | Quoted prices in active markets for identical assets or liabilities;
Level 2 | Observable inputs other than the quoted prices in active markets for identical assets and liabilities; and
Level 3 | Unobservable inputs for which there is little or no market data, which require us to develop assumptions of what market participants would use in pricing the asset or liability.
The following table summarizes our financial assets that are measured at fair value on a recurring basis during the period:
| April 30, 2019
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Level 1: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 91,330 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,330 |
Level 2: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Commercial paper | 4,998 |  |  | — |  |  | — |  |  | 4,998 |
Available-for-sale securities |  |  |  |  |  |  |
Commercial paper | 62,695 |  |  | 31 |  |  | (8 | ) |  | 62,718 |
Corporate notes and bonds | 334,912 |  |  | 582 |  |  | (34 | ) |  | 335,460 |
U.S. Treasury securities | 232,152 |  |  | 32 |  |  | (15 | ) |  | 232,169 |
U.S. government agency securities | 69,977 |  |  | 12 |  |  | (5 | ) |  | 69,984 |
Level 2 total | 704,734 |  |  | 657 |  |  | (62 | ) |  | 705,329 |
Total | $ | 796,064 |  |  | $ | 657 |  |  | $ | (62 | ) |  | $ | 796,659 |
| January 31, 2019
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Level 1: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 350,063 |  |  | $ | — |  |  | $ | — |  |  | $ | 350,063 |
Level 2: |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Commercial paper | 76,828 |  |  | — |  |  | (11 | ) |  | 76,817 |
Corporate notes and bonds | 2,998 |  |  | — |  |  | — |  |  | 2,998 |
U.S. government agency securities | 6,491 |  |  | — |  |  | — |  |  | 6,491 |
Available-for-sale securities |  |  |  |  |  |  |
Commercial paper | 86,655 |  |  | 4 |  |  | (21 | ) |  | 86,638 |
Corporate notes and bonds | 287,496 |  |  | 389 |  |  | (105 | ) |  | 287,780 |
U.S. Treasury securities | 4,982 |  |  | — |  |  | (1 | ) |  | 4,981 |
U.S. government agency securities | 36,021 |  |  | 7 |  |  | (4 | ) |  | 36,024 |
Level 2 total | 501,471 |  |  | 400 |  |  | (142 | ) |  | 501,729 |
Total | $ | 851,534 |  |  | $ | 400 |  |  | $ | (142 | ) |  | $ | 851,792 |
Money market funds consist of cash equivalents with original maturities of three months or less at the date of purchase. We use quoted prices in active markets for identical assets or liabilities to determine the fair value of our Level 1 investments in money market funds. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs. The fair value of our available-for-sale marketable securities as of April 30, 2019, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less | $ | 515,648 |
Due in one to two years | 184,683 |
| $ | 700,331 |
As of April 30, 2019, we had a total of 155 available-for-sale securities, none of which were considered to be other-than-temporarily impaired. Convertible Senior Notes As of April 30, 2019, the estimated fair value of our 0.5% Convertible Senior Notes with aggregate principal amount of $575.0 million was $615.4 million. We estimated the fair value based on the quoted market prices in an inactive market on the last trading day of the reporting period (Level 2). These Convertible Senior Notes are recorded at face value less unamortized debt discount and transaction costs as "Convertible senior notes, net" on our consolidated balance sheets. Refer to Note 9 for further information.

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- 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
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