Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2019

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, 2019 (in thousands):



	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	30,707	$	—	$	30,707
Corporate notes and bonds	—		1,544		1,544
Short-term investments:
Certificates of deposits	—		3,505		3,505
Asset-backed securities	—		84,348		84,348
Commercial paper	—		24,606		24,606
Corporate notes and bonds	—		219,725		219,725
Foreign government bonds	—		1,500		1,500
U.S. agency obligations	—		3,000		3,000
U.S. treasury securities	—		265,723		265,723
Foreign currency derivative contracts	—		59		59
Total	$	30,707	$	604,010	$	634,717
Liabilities
Foreign currency derivative contracts	—		35		35
Total	$	—	$	35	$	35

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2019 (in thousands):



	Level 1		Level 2		Total
Assets
Cash equivalents:
Money market funds	$	39,168	$	—	$	39,168
Corporate notes and bonds	—		1,034		1,034
U.S. treasury securities	—		41,505		41,505
Short-term investments:
Certificates of deposits	—		6,010		6,010
Asset-backed securities	—		78,395		78,395
Commercial paper	—		9,117		9,117
Corporate notes and bonds	—		185,130		185,130
Foreign government bonds	—		1,491		1,491
U.S. agency obligations	—		15,912		15,912
U.S. treasury securities	—		243,135		243,135
Total	$	39,168	$	581,729	$	620,897
Liabilities
Foreign currency derivative contracts	—		88		88
Total	$	—	$	88	$	88

Summary of Outstanding Balance Sheet Hedges

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



	October 31, 2019			January 31, 2019
Notional amount of foreign currency derivative contracts	$	(3,913	)	$	(5,112	)
Fair value of foreign currency derivative contracts	(3,937		)	(5,024		)

Summary Fair Value of Outstanding Derivative Instruments

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, 2019		January 31, 2019
Derivative Assets
Foreign currency derivative contracts	Prepaid expenses and other current assets	$	59	$	—
Derivative Liabilities
Foreign currency derivative contracts	Accrued expenses	$	35	$	88