Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2017

Fair Value Hierarchy for Financial Assets 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, 2017 (in thousands):

	Level 1		Level 2			Level 3		Total
Cash equivalents:
Money market funds	$	20,211	$	—		$	—	$	20,211
Commercial paper		—		6,294			—		6,294
Corporate notes and bonds		—		—			—		—
U.S. agency obligations		—		2,503			—		2,503
Short-term investments:
Asset-backed securities		—		18,861			—		18,861
Commercial paper		—		13,459			—		13,459
Corporate notes and bonds		—		98,693			—		98,693
U.S. agency obligations		—		86,212			—		86,212
U.S. treasury securities		—		81,032			—		81,032
Foreign currency derivative contracts		—		(49	)		—		(49	)
Total	$	20,211	$	307,005		$	—	$	327,216

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2017 (in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	20,174	$	—	$	—	$	20,174
Corporate notes and bonds		—		—		—		—
U.S. agency obligations		—		5,450		—		5,450
Short-term investments:
Asset-backed securities		—		20,718		—		20,718
Commercial paper		—		20,570		—		20,570
Corporate notes and bonds		—		92,756		—		92,756
U.S. agency obligations		—		87,052		—		87,052
U.S. treasury securities		—		80,170		—		80,170
Total	$	20,174	$	306,716	$	—	$	326,890

Summary of Outstanding Balance Sheet Hedges

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

	April 30,
	2017
Notional amount of foreign currency derivative contracts	$	25,556
Fair value of foreign currency derivative contracts	$	25,606

Summary Fair Value of Outstanding Derivative Instruments

The fair value of the Company’s outstanding derivative instruments is summarized below (in thousands):

		April 30,
		2017
Derivative Assets	Balance Sheet Location
Derivatives not designated as hedging instruments:
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	(49	)