•Level 1 — Valuations based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

•Level 2 — Valuations based on other inputs that are directly or indirectly observable in the marketplace.

•Level 3 — Valuations based on unobservable inputs that are supported by little or no market activity.


	As of April 30, 2026		As of January 31, 2026
	(dollars in millions)

Cash equivalents:
Money market funds (Level 1)	$	505	$	654
Certificates of deposit (Level 2)	19		—

U.S. government securities (Level 2)	—		16
Corporate debt securities (Level 2)	10		—
Total cash equivalents	534		670
Short-term investments (Available-for-sale):


U.S. government securities (Level 2)	1,626		1,459
Corporate debt securities (Level 2)	155		180
Certificates of deposit (Level 2)	46		56
Total short-term investments	1,827		1,695
Total	$	2,361	$	2,365

The following table presents the contractual maturities of the Company’s short-term investments:


	As of April 30, 2026
	Estimated Fair Value
	(dollars in millions)
Due within one year	$	1,517
Due between one to five years	310
Total	$	1,827

Interest receivable of $22 million and $24 million is included in Prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2026 and January 31, 2026, respectively.

There were no material differences between the estimated fair value and amortized cost of cash equivalents and short-term investments as of April 30, 2026 and January 31, 2026.

For available-for-sale debt securities that have unrealized losses, there were no material credit or non-credit- related impairments for short-term investments as of April 30, 2026 and January 31, 2026.

Strategic investments primarily include equity investments in privately held companies, which do not have a readily determinable fair value. Strategic investments are classified as Level 3 in the fair value hierarchy as nonrecurring fair value measurements may include observable and unobservable inputs. As of April 30, 2026 and January 31, 2026, the balance of strategic investments was $39 million and $33 million, respectively.