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Fair Value Measurements
 6 Months Ended
Jul. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes our financial assets that are measured at fair value on a recurring basis:
July 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$119,053 $— $— $119,053 
Level 2:
Cash equivalents(1)
Commercial paper17,933 — (4)17,929 
Available-for-sale securities
Commercial paper87,595 3 (68)87,530 
Corporate notes and bonds306,644 168 (436)306,376 
U.S. governmental securities27,959 — (39)27,920 
Level 2 total440,131 171 (547)439,755 
Total$559,184 $171 $(547)$558,808 
January 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$298,517 $— $— $298,517 
Level 2:
Cash equivalents(1)
Commercial paper43,845 — (9)43,836 
U.S. government agency securities9,968 — (1)9,967 
Available-for-sale securities
Commercial paper42,958 2 (25)42,935 
Corporate notes and bonds299,166 262 (670)298,758 
U.S. governmental securities28,752 — (66)28,686 
Level 2 total424,689 264 (771)424,182 
Total$723,206 $264 $(771)$722,699 

(1) Included in “cash and cash equivalents” in our consolidated balance sheets as of July 31, 2024 and January 31, 2024, in addition to cash of $482.1 million and $444.8 million.
We use quoted prices in active markets for identical assets to determine the fair value of our Level 1 investments. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair values of our available-for-sale securities as of July 31, 2024, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$319,289 
Due in one to two years102,537 
$421,826 

As of July 31, 2024 and January 31, 2024, securities in an unrealized loss position were, individually and in aggregate, not material. An allowance for credit losses was deemed unnecessary for these securities, given the extent of the unrealized loss positions as well as the issuers' high credit ratings and consistent payment history.

We had no liabilities measured at fair value on a recurring basis as of July 31, 2024 and January 31, 2024.