v3.25.3
Fair Value Measurement
 9 Months Ended
Oct. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level 1.    Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2.    Significant other inputs that are directly or indirectly observable in the marketplace.
Level 3.    Significant unobservable inputs which are supported by little or no market activity.
All of the Company’s cash equivalents, marketable securities and foreign currency derivative contracts are classified within Level 1 or Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs.
The following table presents information about the Company’s assets that were measured at fair value as of October 31, 2025 and indicates the fair value hierarchy of the valuation (in millions):
DescriptionQuoted Prices in
Active Markets
for Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value
Cash equivalents (1):
Time deposits$0 $1,780 $0 $1,780 
Money market mutual funds5,592 0 0 5,592 
Cash equivalent securities 0 40 0 40 
Marketable securities:
Corporate notes and obligations0 1,441 0 1,441 
U.S. treasury securities0 170 0 170 
Mortgage-backed obligations0 32 0 32 
Asset-backed securities0 645 0 645 
Municipal securities0 26 0 26 
Commercial paper0 18 0 18 
Covered bonds0 1 0 1 
Other0 12 0 12 
Strategic investments:
Equity securities68 0 0 68 
Total assets$5,660 $4,165 $0 $9,825 
(1) Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $1.6 billion of cash, as of October 31, 2025.
The following table presents information about the Company’s assets that were measured at fair value as of January 31, 2025 and indicates the fair value hierarchy of the valuation (in millions):
DescriptionQuoted Prices in
Active Markets
for Identical Assets
(Level 1)		Significant Other
Observable Inputs (Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value
Cash equivalents (1):
Time deposits$0 $1,698 $0 $1,698 
Money market mutual funds4,373 0 0 4,373 
Cash equivalent securities0 686 0 686 
Marketable securities:
Corporate notes and obligations0 2,557 0 2,557 
U.S. treasury securities0 542 0 542 
Mortgage-backed obligations0 122 0 122 
Asset-backed securities0 1,217 0 1,217 
Municipal securities0 107 0 107 
Commercial paper0 506 0 506 
Covered bonds0 27 0 27 
Other0 106 0 106 
Strategic investments:
Equity securities69 0 0 69 
Total assets$4,442 $7,568 $0 $12,010 
(1) Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $2.1 billion of cash, as of January 31, 2025.
Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis
Substantially all of the Company's privately held equity securities and other investments are recorded at fair value on a non-recurring basis. The estimation of fair value for these investments requires the use of significant unobservable inputs, and as a result, the Company deems these assets as Level 3 within the fair value measurement framework. For privately held equity investments without a readily determinable fair value, the Company applies valuation methods based on information available, including the market approach and option pricing models (“OPM”). Observable transactions, such as the issuance of new equity by an investee, are indicators of investee enterprise value and are used to estimate the fair value of the privately held equity investments. An OPM may be utilized to allocate value to the various classes of securities of the investee, including classes owned by the Company. Such information, available to the Company from investee companies, is supplemented with estimates such as volatility, expected time to liquidity and the rights and obligations of the securities the Company holds. When indicators of impairment are observed for privately held equity securities, the Company generally uses the market approach to estimate the fair value of its investment, giving consideration to the latest observable transactions, as well as the investee's current and projected financial performance and other significant inputs and assumptions, including estimated time to exit, selection and analysis of guideline public companies and the rights and obligations of the securities the Company holds. The Company's privately held equity securities and other investments amounted to $6.3 billion and $4.8 billion as of October 31, 2025 and January 31, 2025, respectively.