Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2021

Fair Value Disclosures [Abstract]

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 April 30, 2021 (in thousands):

	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	626,523	$	—	$	626,523
Commercial paper	—		22,949		22,949
Corporate notes and bonds	—		2,630		2,630
Short-term investments:
Certificates of deposits	—		22,368		22,368
Asset-backed securities	—		144,833		144,833
Commercial paper	—		59,424		59,424
Corporate notes and bonds	—		537,143		537,143
Foreign government bonds	—		32,124		32,124
U.S. agency obligations	—		52,839		52,839
U.S. treasury securities	—		116,722		116,722
Foreign currency derivative contracts	—		9		9
Total financial assets	$	626,523	$	991,041	$	1,617,564

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	$	259,937	$	949,082	$	1,209,019
Liabilities
Foreign currency derivative contracts	$	—	$	72	$	72
Total	$	—	$	72	$	72

Summary Fair Value of Outstanding Derivative Instruments

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

	April 30, 2021		January 31, 2021
Notional amount of foreign currency derivative contracts	$	28,317	$	52,516
Fair value of foreign currency derivative contracts	28,309		52,148

Summary of Outstanding Balance Sheet Hedges

Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): 

Derivatives not designated as hedging instruments	Balance sheet location	April 30, 2021		January 31, 2021
Derivative Assets
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	9	$	440
Derivative Liabilities
Foreign currency derivative contracts	Accrued expenses	$	—	$	72