Short-Term Investments

12 Months Ended

Jan. 31, 2023

Investments, Debt and Equity Securities [Abstract]

As of January 31, 2023, short-term investments consisted of the following (in thousands):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:
Certificates of deposits	$	37,998	$	31	$	(66)	$	37,963
Asset-backed securities	448,081		585		(5,708)		442,958
Commercial paper	155,097		8		(580)		154,525
Corporate notes and bonds	1,224,195		1,649		(17,880)		1,207,964
Foreign government bonds	24,654		13		(516)		24,151
U.S. agency obligations	32,995		4		(594)		32,405
U.S. treasury securities	321,946		265		(6,014)		316,197
Total available-for-sale securities	$	2,244,966	$	2,555	$	(31,358)	$	2,216,163

As of January 31, 2022, short-term investments consisted of the following (in thousands):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:
Certificates of deposits	$	13,500	$	—	$	(15)	$	13,485
Asset-backed securities	191,676		45		(1,432)		190,289
Commercial paper	29,432		—		(2)		29,430
Corporate notes and bonds	669,489		276		(5,856)		663,909
Foreign government bonds	24,577		13		(179)		24,411
U.S. agency obligations	27,978		12		(254)		27,736
U.S. treasury securities	290,513		46		(1,755)		288,804
Total available-for-sale securities	$	1,247,165	$	392	$	(9,493)	$	1,238,064

The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands):


	January 31,
	2023		2022
Due in one year or less	$	849,673	$	457,948
Due in greater than one year	1,366,490		780,116
Total	$	2,216,163	$	1,238,064

We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments, and it is more likely than not that we will hold these securities until recovery of the cost basis.

The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2023 (in thousands):


	12 months or less				Greater than 12 months
	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses
Certificates of deposits	$	15,934	$	(66)	$	—	$	—
Asset-backed securities	293,854		(3,219)		78,279		(2,489)
Commercial paper	144,741		(580)		—		—
Corporate notes and bonds	604,264		(6,801)		370,969		(11,079)
Foreign government bonds	11,284		(126)		11,827		(390)
U.S. agency obligations	4,941		(61)		24,461		(533)
U.S. treasury securities	210,246		(3,661)		63,422		(2,353)

The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2022 (in thousands):


	Less than 12 months
	Fair value		Gross unrealized losses
Certificates of deposits	$	5,985	$	(15)
Asset-backed securities	177,056		(1,432)
Commercial paper	17,190		(2)
Corporate notes and bonds	571,099		(5,856)
Foreign government bonds	19,594		(179)
U.S. agency obligations	24,725		(254)
U.S. treasury securities	247,509		(1,756)

Unrealized losses of available-for-sale securities held for more than 12 months as of January 31, 2022 were immaterial. There were no impairments considered other-than-temporary as of January 31, 2023 and 2022 as it is more likely than not we will hold these securities until recovery of the cost basis.