Investments and Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2023

Schedule of Company's Fair Value Hierarchy for its Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):


	April 30, 2023								January 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets(1)
Cash equivalents (2)
Money market funds	$	2,630,767	$	—	$	—	$	2,630,767	$	64,752	$	—	$	—	$	64,752
Other assets
Deferred compensation investments	359		—		—		359		64		—		—		64
Total assets	$	2,631,126	$	—	$	—	$	2,631,126	$	64,816	$	—	$	—	$	64,816

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(1)$100.0 million and $250.0 million of time deposits, which are included in short-term investments, are excluded since they are carried at cost and approximate fair value as of April 30, 2023 and January 31, 2023, respectively.

(2)Cash equivalents exclude an immaterial amount of time deposits, which are carried at cost and approximate fair value, as of April 30, 2023. Cash equivalents exclude $1.6 billion of time deposits, which are carried at cost and approximate fair value, as of January 31, 2023.

Schedule of Changes in Strategic Investments

The following summarizes the changes in the net carrying value of strategic investments, which are Level 3, within the fair value hierarchy for the three months ended April 30, 2023 and April 30, 2022 (in thousands):


	April 30, 2023		April 30, 2022

Carrying amount, beginning of period	$	47,270	$	23,632
Adjustments related to non-marketable securities:
Purchases	10,607		2,825
Unrealized net gains due to changes in fair value	—		2,207




Carrying amount, end of period	$	57,877	$	28,665