XML 46 R26.htm IDEA: XBRL DOCUMENT
v3.21.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Jan. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Measured on Recurring Basis | The following table summarizes our financial assets that are measured at fair value on a recurring basis:
| January 31, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Level 1: |  |  |  |  |  |  |
Cash equivalents(1) |  |  |  |  |  |  |
Money market funds | $ | 284,312 |  |  | $ | — |  |  | $ | — |  |  | $ | 284,312 |
Level 2: |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |
Commercial paper | 42,048 |  |  | 1 |  |  | (23) |  |  | 42,026 |
Corporate notes and bonds | 199,277 |  |  | 375 |  |  | (67) |  |  | 199,585 |
U.S. Treasury securities | 4,998 |  |  | — |  |  | — |  |  | 4,998 |
U.S. government agency securities | 53,052 |  |  | 12 |  |  | (6) |  |  | 53,058 |
Level 2 total | 299,375 |  |  | 388 |  |  | (96) |  |  | 299,667 |
Level 3: |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |
Corporate notes and bonds | 500 |  |  | — |  |  | — |  |  | 500 |
Total | $ | 584,187 |  |  | $ | 388 |  |  | $ | (96) |  |  | $ | 584,479 |
| January 31, 2020
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Level 1: |  |  |  |  |  |  |
Cash equivalents(1) |  |  |  |  |  |  |
Money market funds | $ | 165,424 |  |  | $ | — |  |  | $ | — |  |  | $ | 165,424 |
Level 2: |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |
Commercial paper | 14,919 |  |  | 7 |  |  | (1) |  |  | 14,925 |
Corporate notes and bonds | 372,844 |  |  | 891 |  |  | (31) |  |  | 373,704 |
U.S. Treasury securities | 90,697 |  |  | 153 |  |  | (1) |  |  | 90,849 |
U.S. government agency securities | 175,086 |  |  | 153 |  |  | (49) |  |  | 175,190 |
Level 2 total | 653,546 |  |  | 1,204 |  |  | (82) |  |  | 654,668 |
Total | $ | 818,970 |  |  | $ | 1,204 |  |  | $ | (82) |  |  | $ | 820,092 |
(1)Included in "cash and cash equivalents" in our consolidated balance sheets as of January 31, 2021 and 2020, in addition to cash of $281.7 million and $75.8 million
Available-for-Sale Marketable Securities | The fair value of our available-for-sale securities as of January 31, 2021, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less | $ | 207,450 |
Due in one to two years | 92,717 |
| $ | 300,167 |
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

X
- 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
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration