| 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 April 30, 2020 (in thousands): | | | | | | | | | | | | | | Level 1 | | Level 2 | | Total | Assets | | | | | | Cash equivalents: | | | | | | Money market funds | $ | 307,042 |
| | $ | — |
| | $ | 307,042 |
| Certificates of deposits | — |
| | 150,000 |
| | 150,000 |
| Commercial paper | — |
| | 7,496 |
| | 7,496 |
| Corporate notes and bonds | — |
| | 2,229 |
| | 2,229 |
| Short-term investments: | | | | | | Certificates of deposits | — |
| | 11,583 |
| | 11,583 |
| Asset-backed securities | — |
| | 104,720 |
| | 104,720 |
| Commercial paper | — |
| | 37,051 |
| | 37,051 |
| Corporate notes and bonds | — |
| | 272,761 |
| | 272,761 |
| Foreign government bonds | — |
| | 4,800 |
| | 4,800 |
| U.S. agency obligations | — |
| | 5,002 |
| | 5,002 |
| U.S. treasury securities | — |
| | 224,281 |
| | 224,281 |
| Foreign currency derivative contracts | — |
| | 13 |
| | 13 |
| Total | $ | 307,042 |
| | $ | 819,936 |
| | $ | 1,126,978 |
| Liabilities | | | | | | Foreign currency derivative contracts | — |
| | 74 |
| | 74 |
| Total | $ | — |
| | $ | 74 |
| | $ | 74 |
| | | | | | |
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2020 (in thousands): | | | | | | | | | | | | | | Level 1 | | Level 2 | | Total | Assets | | | | | | Cash equivalents: | | | | | | Money market funds | $ | 24,107 |
| | $ | — |
| | $ | 24,107 |
| Commercial paper | — |
| | 1,616 |
| | 1,616 |
| Corporate notes and bonds | — |
| | 2,245 |
| | 2,245 |
| Short-term investments: | | | | | | Certificates of deposits | — |
| | 3,503 |
| | 3,503 |
| Asset-backed securities | — |
| | 100,815 |
| | 100,815 |
| Commercial paper | — |
| | 19,969 |
| | 19,969 |
| Corporate notes and bonds | — |
| | 236,214 |
| | 236,214 |
| Foreign government bonds | — |
| | 3,407 |
| | 3,407 |
| U.S. treasury securities | — |
| | 246,107 |
| | 246,107 |
| Foreign currency derivative contracts | — |
| | 75 |
| | 75 |
| Total | $ | 24,107 |
| | $ | 613,951 |
| | $ | 638,058 |
| Liabilities | | | | | | Foreign currency derivative contracts | — |
| | 42 |
| | 42 |
| Total | $ | — |
| | $ | 42 |
| | $ | 42 |
| | | | | | |
|
| Summary of Outstanding Balance Sheet Hedges |
The fair value of our outstanding derivative instruments is summarized below (in thousands): | | | | | | | | | | April 30,
2020 | | January 31,
2020 | Notional amount of foreign currency derivative contracts | $ | 10,005 |
| | $ | 7,304 |
| Fair value of foreign currency derivative contracts | 10,065 |
| | 7,271 |
| | | | |
|