Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 2017

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 and liabilities measured at fair value on a recurring basis as of July 31, 2017 (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	9,116	$	—	$	—	$	9,116
Commercial paper		—		3,747		—		3,747
Corporate notes and bonds		—		—		—		—
U.S. agency obligations		—		—		—		—
Short-term investments:
Asset-backed securities		—		24,088		—		24,088
Commercial paper		—		17,425		—		17,425
Corporate notes and bonds		—		107,614		—		107,614
U.S. agency obligations		—		83,840		—		83,840
U.S. treasury securities		—		82,458		—		82,458
Foreign currency derivative contracts		—		46		—		46
Total	$	9,116	$	319,218	$	—	$	328,334
Liabilities
Foreign currency derivative contracts		—		253		—		253
Total	$	—	$	253	$	—	$	253

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):

	July 31,
	2017
Notional amount of foreign currency derivative contracts	$	41,400
Fair value of foreign currency derivative contracts		41,653

Summary Fair Value of Outstanding Derivative Instruments

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

		July 31,
		2017
Derivative Assets	Balance Sheet Location
Derivatives not designated as hedging instruments:
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	46

Derivative Liabilities	Balance Sheet Location
Derivatives not designated as hedging instruments:
Foreign currency derivative contracts	Accrued expenses	$	253