v3.25.4
Fair Value Measurements
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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 January 31, 2026 (in millions):
Level 1Level 2Level 3Total
U.S. treasury securities$1,831 $0 $0 $1,831 
U.S. agency obligations0 266 0 266 
Corporate bonds0 1,896 0 1,896 
Commercial paper0 164 0 164 
Asset-backed securities0 157 0 157 
Supranational securities0 26 0 26 
Money market funds694 0 0 694 
Foreign currency derivative assets0 21 0 21 
Total assets$2,525 $2,530 $0 $5,055 
Foreign currency derivative liabilities$0 $148 $0 $148 
Total liabilities$0 $148 $0 $148 
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, 2025 (in millions):
Level 1Level 2Level 3Total
U.S. treasury securities$2,072 $0 $0 $2,072 
U.S. agency obligations0 636 0 636 
Corporate bonds0 3,540 0 3,540 
Commercial paper0 294 0 294 
Asset-backed securities0 104 0 104 
Supranational securities0 5 0 5 
Money market funds988 0 0 988 
Foreign currency derivative assets0 112 0 112 
Total assets$3,060 $4,691 $0 $7,751 
Foreign currency derivative liabilities$0 $26 $0 $26 
Total liabilities$0 $26 $0 $26 
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 the Consolidated Balance Sheets and present the fair value for disclosure purposes only. The fair values of 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 11, Debt.