
Investments classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,555	$	5	$	(1)	$	1,559
U.S. treasury securities	302		1		0		303
Mortgage backed obligations	91		0		0		91
Asset backed securities	455		1		0		456
Municipal securities	111		1		0		112
Foreign government obligations	52		0		0		52
U.S. agency obligations	12		0		0		12

Time deposits	3		0		0		3
Covered bonds	73		0		0		73
Total marketable securities	$	2,654	$	8	$	(1)	$	2,661


Investments classified as Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,027	$	0	$	(8)	$	1,019
U.S. treasury securities	89		0		(1)		88
Mortgage backed obligations	79		0		(1)		78
Asset backed securities	245		0		(1)		244
Municipal securities	104		0		0		104
Foreign government obligations	58		0		(1)		57
U.S. agency obligations	4		0		0		4
Time deposits	4		0		0		4
Covered bonds	75		0		0		75
Total marketable securities	$	1,685	$	0	$	(12)	$	1,673


	As of
	October 31, 2019		January 31, 2019
Due within 1 year	$	1,196	$	482
Due in 1 year through 5 years	1,463		1,189
Due in 5 years through 10 years	2		2
	$	2,661	$	1,673


	Less than 12 Months						12 Months or Greater						Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate notes and obligations	$	0	$	0	$	98	$	(1)	$	98	$	(1)

The unrealized losses for each of the fixed rate marketable securities were less than $1 million. The Company does not believe any of the unrealized losses represent an other-than-temporary impairment based on its evaluation of available evidence as of October 31, 2019, such as the Company's intent to hold the investment and whether it is more likely than not that the Company will be required to sell the investment before recovery of the investment's amortized basis. The Company expects to receive the full principal and interest on all of these marketable securities.

Investment income consists of interest income, realized gains and realized losses on the Company’s cash, cash equivalents and marketable securities. The components of investment income are presented below (in millions):


	Three Months Ended October 31,						Nine Months Ended October 31,
	2019		2018		2019		2018
Interest income	$	32	$	13	$	89	$	45
Realized gains	0		0		1		1
Realized losses	0		0		(1)		(5)
Investment income	$	32	$	13	$	89	$	41


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	365	$	1,317	$	41	$	1,723
Debt securities	0		0		37		37
Balance as of October 31, 2019	$	365	$	1,317	$	78	$	1,760


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	436	$	785	$	50	$	1,271
Debt securities	0		0		31		31
Balance as of January 31, 2019	$	436	$	785	$	81	$	1,302

The components of privately held equity securities accounted for under the measurement alternative included in the table above are presented below (in millions):


	Three Months Ended October 31,						Nine Months Ended October 31,
	2019		2018		2019		2018
Carrying amount, beginning of period	$	917	$	667	$	785	$	548
Adjustments related to privately held equity securities:
Net additions (1)	322		25		333		55
Upward adjustments	81		20		253		132
Impairments and downward adjustments	(3)		(1)		(54)		(24)
Carrying amount, end of period	$	1,317	$	711	$	1,317	$	711

(1) Net additions includes additions from purchases and reductions due to exits of securities and reclassifications due to changes to capital structure.

Since the adoption of ASU 2016-01 on February 1, 2018, cumulative impairments and downward adjustments were $86 million and cumulative upward adjustments were $427 million through October 31, 2019.


3	Three Months Ended October 31,						Nine Months Ended October 31,
	2019		2018		2019		2018
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	(84)	$	(14)	$	132	$	262
Unrealized gains recognized on privately held equity securities, net	77		18		199		99
Realized gains on sales of equity securities, net	14		59		76		68
Losses on debt securities, net	(1)		0		(11)		(12)
Gains on strategic investments, net	$	6	$	63	$	396	$	417

Realized gains on sales of equity securities, net reflects the difference between the sale proceeds and the carrying value of the equity security at the beginning of the period or the purchase date, if later. The cumulative net gain, measured as the sale price less the initial purchase price, for equity securities exited during the three and nine months ended October 31, 2019 was $152 million and $336 million, respectively. During the three months ended October 31, 2019, the Company sold its investments in three publicly traded companies resulting in a realized loss of $32 million, and a cumulative net gain of $110 million.

Net gains (losses) recognized in the three and nine months ended October 31, 2019 for investments still held as of October 31, 2019 were a loss of $9 million and a gain of $283 million, respectively.

In September 2019, the Company made a strategic investment of $300 million in cash for preferred shares of a technology company in a private placement. The investment was made as part of the Company's overall strategy of investing in complementary companies to facilitate potential alignment and integration into the Company’s offerings or product features. The investment is accounted for using the measurement alternative.