Investments and Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 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):


	July 31, 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	$	2,800,155	$	—	$	—	$	2,800,155	$	64,752	$	—	$	—	$	64,752

U.S. Treasury securities	—		3		—		3		—		—		—		—
Other assets
Deferred compensation investments	996		—		—		996		64		—		—		64
Total assets	$	2,801,151	$	3	$	—	$	2,801,154	$	64,816	$	—	$	—	$	64,816

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(1) $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 January 31, 2023.

(2)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 and six months ended July 31, 2023 and July 31, 2022 (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022

Carrying amount, beginning of period	$	57,877	$	28,665	$	47,270	$	23,632
Adjustments related to non-marketable securities:
Purchases	1,664		5,000		12,271		7,825
Unrealized net gains due to changes in fair value	—		1,920		—		4,128




Carrying amount, end of period	$	59,541	$	35,585	59,541		35,585