Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2018

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, 2018 (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	6,868	$	—	$	—	$	6,868
Commercial paper		—		1,846		—		1,846
Corporate notes and bonds		—		1,045		—		1,045
U.S. treasury securities		—		22,271		—		22,271
Short-term investments:
Certificates of deposits		—		9,547		—		9,547
Asset-backed securities		—		80,164		—		80,164
Commercial paper		—		4,968		—		4,968
Corporate notes and bonds		—		172,087		—		172,087
Foreign government bonds		—		2,981		—		2,981
Mortgage backed securities		—		6,119		—		6,119
U.S. agency obligations		—		35,723		—		35,723
U.S. treasury securities		—		272,694		—		272,694
Foreign currency derivative contracts		—		35		—		35
Total	$	6,868	$	609,480	$	—	$	616,348
Liabilities
Foreign currency derivative contracts		—		117		—		117
Total	$	—	$	117	$	—	$	117

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2018 (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	25,820	$	—	$	—	$	25,820
Commercial paper		—		1,999		—		1,999
Corporate notes and bonds		—		2,080		—		2,080
U.S. treasury securities		—		8,000		—		8,000
Short-term investments:
Asset-backed securities		—		67,451		—		67,451
Commercial paper		—		19,914		—		19,914
Corporate notes and bonds		—		159,741		—		159,741
Foreign government bonds		—		1,486		—		1,486
Mortgage backed securities		—		11,480		—		11,480
U.S. agency obligations		—		71,131		—		71,131
U.S. treasury securities		—		110,576		—		110,576
Foreign currency derivative contracts		—		127		—		127
Total	$	25,820	$	453,985	$	—	$	479,805
Liabilities
Foreign currency derivative contracts		—		391		—		391
Total	$	—	$	391	$	—	$	391

Summary Fair Value of Outstanding Derivative Instruments

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

	October 31,			January 31,
	2018			2018
Notional amount of foreign currency derivative contracts	$	(9,931	)	$	36,266
Fair value of foreign currency derivative contracts		(9,849	)		36,531

Summary of Outstanding Balance Sheet Hedges

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

		October 31,		January 31,
		2018		2018
Derivative Assets	Balance Sheet Location
Derivatives not designated as hedging instruments:
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	35	$	127
Derivative Liabilities
Derivatives not designated as hedging instruments:
Foreign currency derivative contracts	Accrued expenses	$	117	$	391