Debt (Tables)

6 Months Ended

Jul. 31, 2017

Debt Disclosure [Abstract]

Summary of Convertible Senior Notes

Convertible Senior Notes

	Par Value Outstanding		Equity Component Recorded at Issuance			Liability Component of Par Value as of
(in thousands)						July 31, 2017		January 31, 2017
0.25% Convertible Senior Notes due April 1, 2018	$	1,150,000	$	122,421	(1)	$	1,130,729	$	1,116,360

___________ 

(1)This amount represents the equity component recorded at the initial issuance of the 0.25% convertible senior notes. As of July 31, 2017, $17.2 million was reclassified to temporary equity on the accompanying consolidated balance sheet as these notes are convertible for the three months ending October 31, 2017 based on the conversion criteria below.

Certain terms of the conversion features of the 0.25% Senior Notes are as follows:

	Conversion Rate per $1,000 Par Value	Initial Conversion Price per Share		Convertible Date
0.25% Senior Notes	15.0512	$	66.44	January 1, 2018

Schedule of Convertible Senior Notes

The 0.25% Senior Notes consisted of the following (in thousands):

	As of
	July 31, 2017			January 31, 2017
Liability component:
Principal (1)	$	1,150,000		$	1,150,000
Less: debt discount, net (2)	(17,223		)	(29,954		)
Less: debt issuance cost	(2,048		)	(3,686		)
Net carrying amount	$	1,130,729		$	1,116,360

(1)The effective interest rate of the 0.25% Senior Notes is 2.53%. The interest rate is based on the interest rates of similar liabilities at the time of issuance that did not have an associated convertible feature.

(2)Included in the consolidated balance sheets within Convertible 0.25% Senior Notes (which is classified as a current liability as of July 31, 2017 and a noncurrent liability as of January 31, 2017) and is amortized over the life of the 0.25% Senior Notes using the effective interest rate method.

Summary of Hedge Notes

To minimize the impact of potential economic dilution upon conversion of the Notes, the Company entered into convertible note hedge transactions with respect to its common stock (“0.25% Note Hedges”).

(in thousands, except for shares)	Date	Purchase		Shares
0.25% Note Hedges	March 2013	$	153,800	17,308,880

Components of Warrants

Warrants

	Date	Proceeds (in thousands)		Shares	Strike Price
0.25% Warrants	March 2013	$	84,800	17,308,880	$	90.40

Schedule of Interest Expense

The following table sets forth total interest expense recognized related to the 0.25% Senior Notes, the Term Loan, the Credit Facility and the Loan prior to capitalization of interest (in thousands):

	Three Months Ended July 31,				Six Months Ended July 31,
	2017		2016		2017		2016
Contractual interest expense	$	5,596	$	3,377	$	11,278	$	6,191
Amortization of debt issuance costs	1,332		1,701		2,664		2,729
Amortization of debt discount	6,423		6,264		12,806		12,490
	$	13,351	$	11,342	$	26,748	$	21,410