Derivative Instruments (Tables)

9 Months Ended

Oct. 31, 2022

The fair values of outstanding derivative instruments were as follows (in thousands):


	Condensed Consolidated Balance Sheets Location	October 31, 2022		January 31, 2022
Derivative assets:
Cash flow hedges	Prepaid expenses and other current assets	$	86,853	$	21,337
Cash flow hedges	Other assets	71,480		16,618
Non-designated hedges	Prepaid expenses and other current assets	957		1,076
Non-designated hedges	Other assets	2		—
Total derivative assets		$	159,292	$	39,031
Derivative liabilities:
Cash flow hedges	Accrued expenses and other current liabilities	$	31,331	$	7,512
Cash flow hedges	Other liabilities	1,500		5,175
Non-designated hedges	Accrued expenses and other current liabilities	3,655		336
Non-designated hedges	Other liabilities	—		16
Total derivative liabilities		$	36,486	$	13,039

The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in thousands):


	Three Months Ended October 31,
	2022						2021
	Revenues		Costs and Expenses		Income Tax		Revenues		Costs and Expenses		Income Tax
Total	$	1,599,103	$	1,625,424	$	52,563	$	1,327,263	$	1,303,318	$	2,090
Gains (losses) related to cash flow hedges	5,647		(11,852)		(3,220)		(3,847)		—		—


	Nine Months Ended October 31,
	2022						2021
	Revenues		Costs and Expenses		Income Tax		Revenues		Costs and Expenses		Income Tax
Total	$	4,569,558	$	4,702,800	$	59,021	$	3,762,657	$	3,778,145	$	(2,623)
Gains (losses) related to cash flow hedges	5,985		(18,636)		(3,220)		(4,996)		—		—

Gains (losses) associated with cash flow hedges were as follows (in thousands):


	Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations	Three Months Ended October 31,				Nine Months Ended October 31,
		2022		2021		2022		2021
Gains (losses) recognized in OCI	Net change in unrealized gains (losses) on cash flow hedges	$	48,058	$	21,542	$	110,052	$	33,320
Gains (losses) reclassified from AOCI into income (effective portion)	Revenues	5,647		(3,847)		5,985		(4,996)
Gains (losses) reclassified from AOCI into income (effective portion)	Costs and expenses	(11,852)		—		(18,636)		—
Gains (losses) reclassified from AOCI into income (effective portion)	Income Tax	(3,220)		—		(3,220)		—

Gains (losses) associated with non-designated hedges were as follows (in thousands):


	Condensed Consolidated Statements of Operations Location	Three Months Ended October 31,				Nine Months Ended October 31,
		2022		2021		2022		2021
Gains (losses) related to non-designated hedges	Other income (expense), net	$	7,187	$	605	$	13,288	$	2,424

As of October 31, 2022, information related to these offsetting arrangements was as follows (in thousands):


	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Condensed Consolidated Balance Sheets		Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets				Net Assets Exposed
							Financial Instruments		Cash Collateral Received
Derivative assets:
Counterparty A	$	30,677	$	—	$	30,677	$	(879)	$	—	$	29,798
Counterparty B	33,589		—		33,589		(19,020)		—		14,569
Counterparty C	14,153		—		14,153		(7,956)		—		6,197
Counterparty D	72,310		—		72,310		(8,143)		—		64,167
Counterparty E	8,563		—		8,563		(488)		—		8,075
Total	$	159,292	$	—	$	159,292	$	(36,486)	$	—	$	122,806


	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Condensed Consolidated Balance Sheets		Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets				Net Liabilities Exposed
							Financial Instruments		Cash Collateral Pledged
Derivative liabilities:
Counterparty A	$	879	$	—	$	879	$	(879)	$	—	$	—
Counterparty B	19,020		—		19,020		(19,020)		—		—
Counterparty C	7,956		—		7,956		(7,956)		—		—
Counterparty D	8,143		—		8,143		(8,143)		—		—
Counterparty E	488		—		488		(488)		—		—
Total	$	36,486	$	—	$	36,486	$	(36,486)	$	—	$	—