v3.22.2.2
Fair Value Measurements
 9 Months Ended
Oct. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We use a fair value hierarchy that requires we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:
Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 — Other inputs that are directly or indirectly observable in the marketplace.
Level 3 — Unobservable inputs that are supported by little or no market activity.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of October 31, 2022 (in thousands):
Level 1Level 2Level 3Total
U.S. treasury securities$2,381,631 $— $— $2,381,631 
U.S. agency obligations— 542,089 — 542,089 
Corporate bonds— 612,327 — 612,327 
Commercial paper— 1,054,938 — 1,054,938 
Money market funds528,633 — — 528,633 
Marketable equity investments82,790 — — 82,790 
Foreign currency derivative assets— 159,292 — 159,292 
Total assets$2,993,054 $2,368,646 $— $5,361,700 
Foreign currency derivative liabilities$— $36,486 $— $36,486 
Total liabilities$— $36,486 $— $36,486 
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of January 31, 2022 (in thousands):
Level 1Level 2Level 3Total
U.S. treasury securities$841,912 $— $— $841,912 
U.S. agency obligations— 230,925 — 230,925 
Corporate bonds— 489,052 — 489,052 
Commercial paper— 969,204 — 969,204 
Money market funds607,640 — — 607,640 
Marketable equity investments104,318 — — 104,318 
Foreign currency derivative assets— 39,031 — 39,031 
Total assets$1,553,870 $1,728,212 $— $3,282,082 
Foreign currency derivative liabilities$— $13,039 $— $13,039 
Total liabilities$— $13,039 $— $13,039 
Non-Marketable Equity Investments Measured at Fair Value on a Non-Recurring Basis
Non-marketable equity investments that have been remeasured due to an observable event or impairment are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the investments we hold. For further information, see Note 3, Investments.
Fair Value Measurements of Other Financial Instruments
We carry our debt at face value less unamortized debt discount and issuance costs on our Condensed Consolidated Balance Sheets and present the fair value for disclosure purposes only. All of our debt obligations are categorized as Level 2 financial instruments. For further information on the fair values of our debt and the inputs used in the calculations, see Note 10, Debt.