v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We use a fair value hierarchy that requires that 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 April 30, 2026 (in millions):
Level 1Level 2Level 3Total
U.S. treasury securities$1,496 $0 $0 $1,496 
U.S. agency obligations0 215 0 215 
Corporate bonds0 1,897 0 1,897 
Asset-backed securities0 158 0 158 
Supranational securities0 28 0 28 
Money market funds204 0 0 204 
Foreign currency derivative assets0 27 0 27 
Total assets$1,700 $2,325 $0 $4,025 
Foreign currency derivative liabilities$0 $128 $0 $128 
Total liabilities$0 $128 $0 $128 
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 
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 Condensed 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 10, Debt.