Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2021

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2021 (in thousands):


	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	259,937	$	—	$	259,937
U.S. Treasury securities	—		15,520		15,520


Short-term investments:
Certificates of deposits	—		17,364		17,364
Asset-backed securities	—		126,576		126,576
Commercial paper	—		57,396		57,396
Corporate notes and bonds	—		431,047		431,047
Foreign government bonds	—		31,898		31,898
U.S. agency obligations	—		52,875		52,875
U.S. Treasury securities	—		215,966		215,966
Foreign currency derivative contracts	—		440		440
Total financial assets	$	259,937	$	949,082	$	1,209,019
Liabilities
Foreign currency derivative contracts	$	—	$	72	$	72
Total financial liabilities	$	—	$	72	$	72

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2020 (in thousands):


	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	24,107	$	—	$	24,107
Commercial paper	—		1,616		1,616
Corporate notes and bonds	—		2,245		2,245
Short-term investments:
Certificates of deposits	—		3,503		3,503
Asset-backed securities	—		100,815		100,815
Commercial paper	—		19,969		19,969
Corporate notes and bonds	—		236,214		236,214
Foreign government bonds	—		3,407		3,407

U.S. Treasury securities	—		246,107		246,107
Foreign currency derivative contracts	—		75		75
Total financial assets	$	24,107	$	613,951	$	638,058
Liabilities
Foreign currency derivative contracts	$	—	$	42	$	42
Total financial liabilities	$	—	$	42	$	42

Summary Fair Value of Outstanding Derivative Instruments

The fair value of our outstanding derivative instruments is summarized below (in thousands):


	January 31,
	2021		2020
Notional amount of foreign currency derivative contracts	$	52,516	$	7,304
Fair value of foreign currency derivative contracts	52,148		7,271

Summary of Outstanding Balance Sheet Hedges

Derivatives not designated as hedging instruments are presented as components of the following balance sheet items for the periods shown as follows (in thousands):


		January 31,
	Balance sheet presentation	2021		2020
Foreign currency derivative contracts - assets	Prepaid expenses and other current assets	$	440	$	75
Foreign currency derivative contracts - liabilities	Accrued expenses	72		42