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Debt (Tables) | 12 Months Ended
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Jan. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Convertible Debt |
| January 31,
(in thousands) | 2021 |  | 2020
0.5% Convertible Senior Notes due in 2023 |  |  |
Aggregate principal amount | $ | 115,000 |  |  | $ | 575,000 |
Fair value amount | 373,928 |  |  | 743,504 |
0.0% Convertible Senior Notes due in 2024 |  |  |
Aggregate principal amount | $ | 690,000 |  |  | $ | — |
Fair value amount | 725,100 |  |  | — |
| January 31,
(in thousands) | 2021 |  | 2020
2023 Notes (effective interest rate of 5.9%): |  |  |
Principal | $ | 575,000 |  |  | $ | 575,000 |
Less: extinguishment or conversion | (460,000) |  |  | — |
Unpaid principal | 115,000 |  |  | 575,000 |
Less: unamortized debt discount | (15,116) |  |  | (101,461) |
Less: unamortized transaction costs | (1,224) |  |  | (8,218) |
Net carrying value of current and noncurrent liability component | $ | 98,660 |  |  | $ | 465,321 |
Proceeds allocated to the conversion option (debt discount) | $ | 134,667 |  |  | $ | 134,667 |
Less: extinguishment or conversion | (31,933) |  |  | — |
Less: transaction costs | (3,336) |  |  | (3,336) |
Net carrying value of mezzanine and permanent equity component | $ | 99,398 |  |  | $ | 131,331 |
Excess of if-converted value over principal | $ | 259,578 |  |  |
2024 Notes (effective interest rate of 3.8%): |  |  |
Principal | $ | 690,000 |  |  |
Less: unamortized debt discount | (63,619) |  |  |
Less: unamortized transaction costs | (11,353) |  |  |
Net carrying value of noncurrent liability component | $ | 615,028 |  |  |
Proceeds allocated to the conversion option (debt discount) | $ | 64,453 |  |  |
Less: transaction costs | (1,185) |  |  |
Net carrying value of permanent equity component | $ | 63,268 |  |  |
Excess of if-converted value over principal | $ | — |  |  |
Interest expense recognized related to the Notes was as follows:
| Year Ended January 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Contractual interest expense | $ | 2,773 |  |  | $ | 2,865 |  |  | $ | 1,071 |
Amortization of debt discount | 25,828 |  |  | 24,411 |  |  | 8,795 |
Amortization of transaction costs | 2,173 |  |  | 1,978 |  |  | 712 |
Total | $ | 30,774 |  |  | $ | 29,254 |  |  | $ | 10,578 |
The capped call transactions were as follows:
(in thousands, except per share amounts) | 2023 Notes |  | 2024 Notes
Aggregate cost of capped calls | $ | 67,563 |  |  | $ | 31,395 |
Initial strike price per share (1) | $ | 71.50 |  |  | $ | 420.24 |
Initial cap price per share (1) | $ | 110.00 |  |  | $ | 525.30 |
Shares of our common stock covered by the capped calls (1) | 8,042 |  |  | 1,642 |
(1) Subject to adjustments for certain events, such as merger events and tender offers, and anti-dilution adjustments

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- References No definition available. + Details
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