
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	2,391,963	$	1	$	(10,333)	$	2,381,631
U.S. agency obligations	548,109		—		(6,020)		542,089
Corporate bonds	624,186		18		(11,877)		612,327
Commercial paper	1,054,938		—		—		1,054,938
Total debt securities	$	4,619,196	$	19	$	(28,230)	$	4,590,985
Included in Cash and cash equivalents	$	757,758	$	—	$	(113)	$	757,645
Included in Marketable securities	$	3,861,438	$	19	$	(28,117)	$	3,833,340


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	843,627	$	5	$	(1,720)	$	841,912
U.S. agency obligations	232,093		—		(1,168)		230,925
Corporate bonds	490,867		—		(1,815)		489,052
Commercial paper	969,204		—		—		969,204
Total debt securities	$	2,535,791	$	5	$	(4,703)	$	2,531,093
Included in Cash and cash equivalents	$	525,524	$	—	$	(1)	$	525,523
Included in Marketable securities	$	2,010,267	$	5	$	(4,702)	$	2,005,570

We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.

As of October 31, 2022, and January 31, 2022, the fair value of debt securities in an unrealized loss position was $3.5 billion and $1.5 billion, respectively, the majority of which had been in a continuous unrealized loss position for less than 12 months. We did not recognize any credit or non-credit related losses related to our debt securities during the periods presented.

We sold $20 million of debt securities during the three months ended October 31, 2022, and we did not have any sales of debt securities during the three months ended October 31, 2021. We sold $48 million and $10 million of debt securities during the nine months ended October 31, 2022, and 2021, respectively. The realized gains and losses from the sales were immaterial.


	Condensed Consolidated Balance Sheets Location	October 31, 2022		January 31, 2022
Money market funds	Cash and cash equivalents	$	528,633	$	607,640

Non-marketable equity investments measured using the measurement alternative	Other assets	265,573		256,643
Marketable equity investments	Marketable securities	82,790		104,318
Total equity investments		$	876,996	$	968,601


	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Net realized gains (losses) recognized on equity investments sold (1)	$	4,514	$	11,759	$	(365)	$	4,236
Net unrealized gains (losses) recognized on equity investments held as of the end of the period	(155)		13,448		(19,121)		121,167
Total net gains (losses) recognized in Other income (expense), net	$	4,359	$	25,207	$	(19,486)	$	125,403

(1)Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period.

Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in thousands):


	October 31, 2022		January 31, 2022
Total initial cost	$	209,867	$	192,694
Cumulative net unrealized gains (losses)	55,706		63,949
Carrying value	$	265,573	$	256,643

During the three months ended October 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $2 million, impairment losses of $2 million, and a gain of $4 million upon exiting a non-marketable equity investment. During the three months ended October 31, 2021, we recorded upward adjustments to the carrying value of non-marketable equity investments of $20 million and a non-cash gain of $12 million related to our acquisition of Zimit.

During the nine months ended October 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $8 million, impairment losses of $10 million, and a net loss of $2 million upon exiting a non-marketable equity investment. During the nine months ended October 31, 2021, we recorded upward adjustments to the carrying value of non-marketable equity investments of $34 million, impairment losses of $2 million, and a non-cash gain of $12 million related to our acquisition of Zimit.

We hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. The carrying values for our marketable equity investments are summarized below (in thousands):


	October 31, 2022		January 31, 2022
Total initial cost	$	38,936	$	40,739
Cumulative net unrealized gains (losses)	43,854		63,579
Carrying value	$	82,790	$	104,318

During the three months ended October 31, 2022, and 2021, we did not sell any marketable equity investments. During the nine months ended October 31, 2022, and 2021, we sold marketable equity investments for proceeds of $5 million and $17 million, respectively, with corresponding net realized gains of $1 million and losses of $6 million, respectively.

For the marketable equity investments held as of the end of each period, we recorded no material unrealized net gains or losses during the three months ended October 31, 2022, and we recorded net losses of $7 million during the three months ended October 31, 2021. During the nine months ended October 31, 2022, and 2021, we recorded unrealized net losses of $17 million and gains of $91 million, respectively, on marketable equity investments held as of the end of each period.