Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2022

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 October 31, 2022 (in thousands):


	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	117,017	$	—	$	117,017


Commercial paper	—		43,866		43,866
Corporate notes and bonds	—		6,673		6,673

Short-term investments:
Certificates of deposit	—		68,718		68,718
Asset-backed securities	—		416,601		416,601
Commercial paper	—		146,615		146,615
Corporate notes and bonds	—		1,095,400		1,095,400
Foreign government bonds	—		25,024		25,024
U.S. agency obligations	—		32,160		32,160
U.S. treasury securities	—		372,878		372,878
Foreign currency derivative contracts	—		29		29
Total financial assets	$	117,017	$	2,207,964	$	2,324,981

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2022 (in thousands):


	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	428,411	$	—	$	428,411
Corporate notes and bonds	—		5,853		5,853
Asset-backed securities	—		2,568		2,568
Short-term investments:
Certificates of deposit	—		13,485		13,485
Asset-backed securities	—		190,289		190,289
Commercial paper	—		29,430		29,430
Corporate notes and bonds	—		663,909		663,909
Foreign government bonds	—		24,411		24,411
U.S. agency obligations	—		27,736		27,736
U.S. treasury securities	—		288,804		288,804
Foreign currency derivative contracts	—		1,222		1,222
Total financial assets	$	428,411	$	1,247,707	$	1,676,118

Summary Fair Value of Outstanding Derivative Instruments

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


	October 31, 2022		January 31, 2022
Notional amount of foreign currency derivative contracts	$	50,039	$	87,097
Fair value of foreign currency derivative contracts	50,685		85,876

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	October 31, 2022		January 31, 2022
Derivative Assets
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	29	$	1,222
Derivative Liabilities
Foreign currency derivative contracts	Accrued expenses	$	(675)	$	—