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Fair Value Measurements
 12 Months Ended
Jan. 31, 2025
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:
January 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds$183,885 $— $— $183,885 
Level 2:
Available-for-sale securities
Commercial paper31,367 12 (8)31,371 
Corporate notes and bonds399,034 522 (378)399,178 
U.S. governmental securities18,500 1 (21)18,480 
Level 2 total448,901 535 (407)449,029 
Total$632,786 $535 $(407)$632,914 


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 January 31, 2025 and 2024, in addition to cash of $464.7 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 value of our available-for-sale securities as of January 31, 2025, by remaining contractual maturities, were as follows (in thousands):
Due in one year or less$314,924 
Due in one to two years134,105 
$449,029 
As of January 31, 2025 and 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 January 31, 2025 and 2024.

Strategic Investments

As of January 31, 2025 and 2024, we held equity investments in privately-held companies totaling $14.7 million and $13.2 million. The carrying value of strategic investments is adjusted to fair value on a non-recurring basis for observable transactions of identical or similar investments of the same issuer or for impairment. Strategic investments measured at fair value on a non-recurring basis are classified as Level 3 in the fair value hierarchy because nonrecurring fair value measurements may include observable and unobservable inputs. During the year ended January 31, 2023, the value of these investments decreased $3.7 million, net.