Marketable Securities

As of January 31, 2023 and 2022, our marketable securities consisted of the following:


	As of January 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	77,701	$	—	$	—	$	77,701
Agency bonds	823,027		63		(12,440)		810,650
Corporate and other debt securities	555,354		385		(4,845)		550,894
U.S. government agency securities	2,910,572		150		(49,507)		2,861,215
Treasury bills	25,404		1		(29)		25,376
Marketable securities	$	4,392,058	$	599	$	(66,821)	$	4,325,836


	As of January 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


Commercial paper	$	28,723	$	—	$	—	$	28,723
Agency bonds	632,935		2		(3,328)		629,609
Corporate and other debt securities	282,124		5		(1,202)		280,927
U.S. government agency securities	3,046,742		28		(19,261)		3,027,509
Treasury bills	389,826		—		(148)		389,678
Marketable securities	$	4,380,350	$	35	$	(23,939)	$	4,356,446

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $24.8 million and $23.3 million as of January 31, 2023 and 2022, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were $42.0 million as of January 31, 2023 and were immaterial as of January 31, 2022. 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 fiscal year. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive (loss) income for the fiscal years ended January 31, 2023, 2022, and 2021.

The following table presents the contractual maturities of our marketable securities as of January 31, 2023 and 2022:


	As of January 31,
	2023		2022

	(in thousands)
Less than one year	$	2,743,677	$	2,387,139
Due in one to five years	1,582,159		1,969,307
Total	$	4,325,836	$	4,356,446

Strategic Investments

Strategic investments by form and measurement category as of January 31, 2023 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	171,975	$	118,763	$	93,854	$	384,592
Debt securities	14,400		—		—		14,400
Strategic investments	$	186,375	$	118,763	$	93,854	$	398,992

Strategic investments by form and measurement category as of January 31, 2022 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	168,784	$	91,399	$	93,400	$	353,583
Debt securities	14,231		—		—		14,231
Strategic investments	$	183,015	$	91,399	$	93,400	$	367,814

In the second quarter of fiscal year 2023, we made a strategic investment of $40.0 million for common shares in a private placement by a company in the B2B software and services travel space. We recorded an unrealized loss of $11.7 million related to this investment for the year ended January 31, 2023. As of January 31, 2023, the fair value of the investment was $28.3 million and our ownership interest represents less than 1% percent of the economic interest of the investee's outstanding capital stock.