Summary of debt securities |
As of January 31, 2022, debt securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Aggregate Fair Value | U.S. treasury securities | $ | 843,627 | | | $ | 5 | | | $ | (1,720) | | | $ | 841,912 | | U.S. agency obligations | 232,093 | | | — | | | (1,168) | | | 230,925 | | Corporate bonds | 490,867 | | | — | | | (1,815) | | | 489,052 | | Commercial paper | 969,204 | | | — | | | — | | | 969,204 | | Total debt securities | $ | 2,535,791 | | | $ | 5 | | | $ | (4,703) | | | $ | 2,531,093 | | Included in Cash and cash equivalents | $ | 525,524 | | | $ | — | | | $ | (1) | | | $ | 525,523 | | Included in Marketable securities | $ | 2,010,267 | | | $ | 5 | | | $ | (4,702) | | | $ | 2,005,570 | |
As of January 31, 2021, debt securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Aggregate Fair Value | U.S. treasury securities | $ | 1,054,146 | | | $ | 205 | | | $ | (10) | | | $ | 1,054,341 | | U.S. agency obligations | 504,298 | | | 196 | | | (49) | | | 504,445 | | Corporate bonds | 346,563 | | | 1,253 | | | (14) | | | 347,802 | | Commercial paper | 664,262 | | | — | | | — | | | 664,262 | | Total debt securities | $ | 2,569,269 | | | $ | 1,654 | | | $ | (73) | | | $ | 2,570,850 | | Included in Cash and cash equivalents | $ | 440,678 | | | $ | — | | | $ | — | | | $ | 440,678 | | Included in Marketable securities | $ | 2,128,591 | | | $ | 1,654 | | | $ | (73) | | | $ | 2,130,172 | |
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Equity investments |
Equity investments consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | As of January 31, | | Consolidated Balance Sheets Location | | 2022 | | 2021 | Money market funds | Cash and cash equivalents | | $ | 607,640 | | | $ | 659,964 | | Equity investments accounted for under the equity method | Other assets | | — | | | 48,222 | | Non-marketable equity investments measured using the measurement alternative | Other assets | | 256,643 | | | 73,142 | | Marketable equity investments | Marketable securities | | 104,318 | | | 21,300 | | Total equity investments | | | $ | 968,601 | | | $ | 802,628 | |
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Total realized and unrealized gains and losses on equity investments |
Total realized and unrealized gains and losses associated with our equity investments consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended January 31, | | 2022 | | 2021 | | 2020 | Net realized gains (losses) recognized on equity investments sold (1) | $ | 22,273 | | | $ | 1,667 | | | $ | 26,837 | | Net unrealized gains (losses) recognized on equity investments held as of the end of the period | 121,474 | | | 18,425 | | | 6,057 | | Total net gains (losses) recognized in Other income (expense), net | $ | 143,747 | | | $ | 20,092 | | | $ | 32,894 | |
(1)Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the fiscal year.
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Carrying values of non-marketable equity investments |
The carrying values for our non-marketable equity investments are summarized below (in thousands): | | | | | | | | | | | | | As of January 31, | | 2022 | | 2021 | Total initial cost | $ | 192,694 | | | $ | 65,377 | | Cumulative net unrealized gains (losses) | 63,949 | | | 7,765 | | Carrying value | $ | 256,643 | | | $ | 73,142 | |
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Carrying value of marketable equity investments |
The carrying values for our marketable equity investments are summarized below (in thousands): | | | | | | | | | | | | | As of January 31, | | 2022 | | 2021 | Total initial cost | $ | 40,739 | | | $ | 5,000 | | Cumulative net unrealized gains (losses) | 63,579 | | | 16,300 | | Carrying value | $ | 104,318 | | | $ | 21,300 | |
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