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Fair Value Measurements
 9 Months Ended
Oct. 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:
October 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$131,736 $— $— $131,736 
Level 2:
Cash equivalents(1)
Commercial paper1,982 — (1)1,981 
Available-for-sale securities
Commercial paper66,970 28 (16)66,982 
Corporate notes and bonds363,651 625 (416)363,860 
U.S. governmental securities13,485 2 (18)13,469 
Level 2 total446,088 655 (451)446,292 
Total$577,824 $655 $(451)$578,028 
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 October 31, 2024 and January 31, 2024, in addition to cash of $477.2 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 October 31, 2024, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$331,506 
Due in one to two years112,805 
$444,311 
As of October 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 October 31, 2024 and January 31, 2024.