v3.21.2
Investments
 6 Months Ended
Jul. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Marketable Securities
As of July 31, 2021 and January 31, 2021, our marketable securities consisted of the following: 
As of July 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
(in thousands)
Commercial paper$33,729 $— $— $33,729 
Agency bonds491,968 82 (53)491,997 
Corporate and other debt securities380,373 314 (89)380,598 
U.S. government agency securities2,213,814 157 (259)2,213,712 
Treasury bills53,996 1 (4)53,993 
Marketable securities$3,173,880 $554 $(405)$3,174,029 
As of January 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
(in thousands)
Commercial paper$26,222 $— $— $26,222 
Agency bonds461,335 79 (49)461,365 
Corporate and other debt securities465,207 1,113 (64)466,256 
U.S. government agency securities834,894 28 (257)834,665 
Treasury bills215,902 6 (6)215,902 
Marketable securities$2,003,560 $1,226 $(376)$2,004,410 
We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three and six months ended July 31, 2021 and 2020.
The following table presents the contractual maturities of our marketable securities as of July 31, 2021 and January 31, 2021:
As of
July 31, 2021January 31, 2021
(in thousands)
Less than one year$1,660,900 $1,017,048 
Due in one to five years1,513,129 987,362 
Total$3,174,029 $2,004,410 
Strategic Investments
Strategic investments by form and measurement category as of July 31, 2021 were as follows:
Measurement Category
Fair ValueMeasurement AlternativeTotal
(in thousands)
Equity securities$107,076 $15,288 $122,364 
Debt securities15,431 — 15,431 
Strategic investments$122,507 $15,288 $137,795 
Strategic investments by form and measurement category as of January 31, 2021 were as follows:
Measurement Category
Fair ValueMeasurement AlternativeTotal
(in thousands)
Equity securities$— $13,538 $13,538 
Debt securities5,130 — 5,130 
Strategic investments$5,130 $13,538 $18,668 
On June 10, 2021, we made a strategic investment of $75.0 million for common shares of a technology company in a private placement concurrent with the investee company’s initial public offering. The investee’s shares are subject to a 180-day lock-up agreement. We recorded a gain of $32.1 million related to this investment in the second quarter of fiscal year 2022. As of July 31, 2021, the fair value of the investment was $107.1 million and our ownership interest represents approximately one percent of the economic interest of the investee’s outstanding capital stock.