Investments | Investments Marketable Securities At January 31, 2016 , marketable securities consisted of the following (in thousands): Investments classified as Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate notes and obligations $ 949,266 $ 1,398 $ (2,983 ) $ 947,681 U.S. treasury securities 157,625 375 (56 ) 157,944 Mortgage backed obligations 104,242 106 (323 ) 104,025 Asset backed securities 271,292 186 (226 ) 271,252 Municipal securities 44,934 209 (6 ) 45,137 Foreign government obligations 18,014 42 (5 ) 18,051 U.S. agency obligations 16,076 16 (6 ) 16,086 Covered bonds 6,690 148 0 6,838 Total marketable securities $ 1,568,139 $ 2,480 $ (3,605 ) $ 1,567,014 At January 31, 2015 , marketable securities consisted of the following (in thousands): Investments classified as Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate notes and obligations $ 605,724 $ 3,031 $ (481 ) $ 608,274 U.S. treasury securities 73,226 257 (1 ) 73,482 Mortgage backed obligations 44,181 159 (415 ) 43,925 Asset backed securities 120,049 131 (43 ) 120,137 Municipal securities 36,447 115 (25 ) 36,537 Foreign government obligations 12,023 278 0 12,301 U.S. agency obligations 19,488 26 (4 ) 19,510 Covered bonds 66,816 1,185 0 68,001 Total marketable securities $ 977,954 $ 5,182 $ (969 ) $ 982,167 The duration of the investments classified as marketable securities is as follows (in thousands): As of January 31, January 31, Recorded as follows: Short-term (due in one year or less) $ 183,018 $ 87,312 Long-term (due after one year) 1,383,996 894,855 $ 1,567,014 $ 982,167 As of January 31, 2016 , the following marketable securities were in an unrealized loss position (in thousands): Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate notes and obligations $ 531,258 $ (2,472 ) $ 48,047 $ (511 ) $ 579,305 $ (2,983 ) U.S. treasury securities 50,434 (56 ) 0 0 50,434 (56 ) Mortgage backed obligations 61,055 (274 ) 4,780 (49 ) 65,835 (323 ) Asset backed securities 135,917 (199 ) 5,490 (27 ) 141,407 (226 ) Municipal securities 4,553 (4 ) 1,959 (2 ) 6,512 (6 ) U.S. agency obligations 5,989 (6 ) 0 0 5,989 (6 ) Foreign government obligations 5,523 (5 ) 0 0 5,523 (5 ) $ 794,729 $ (3,016 ) $ 60,276 $ (589 ) $ 855,005 $ (3,605 ) The unrealized loss for each individual fixed rate marketable securities was less than $115,000 . The Company does not believe any of the unrealized losses represent an other-than-temporary impairment based on its evaluation of available evidence as of January 31, 2016 . The Company expects to receive the full principal and interest on all of these marketable securities. Fair Value Measurement All of the Company’s cash equivalents, marketable securities and foreign currency derivative contracts are classified within Level 1 or Level 2 because the Company’s cash equivalents, marketable securities and foreign currency derivative contracts are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. 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. Other inputs that are directly or indirectly observable in the marketplace. Level 3. Unobservable inputs which are supported by little or no market activity. The following table presents information about the Company’s assets and liabilities that are measured at fair value as of January 31, 2016 and indicates the fair value hierarchy of the valuation (in thousands): Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of January 31, 2016 Cash equivalents (1): Time deposits $ 0 $ 236,798 $ 0 $ 236,798 Money market mutual funds 216,107 0 0 216,107 Commercial Paper 0 159,230 0 159,230 Agency and sovereign paper 0 13,599 0 13,599 Marketable securities: Corporate notes and obligations 0 947,681 0 947,681 U.S. treasury securities 0 157,944 0 157,944 Mortgage backed obligations 0 104,025 0 104,025 Asset backed securities 0 271,252 0 271,252 Municipal securities 0 45,137 0 45,137 Foreign government obligations 0 18,051 0 18,051 U.S. agency obligations 0 16,086 0 16,086 Covered bonds 0 6,838 0 6,838 Foreign currency derivative contracts (2) 0 4,731 0 4,731 Total Assets $ 216,107 $ 1,981,372 $ 0 $ 2,197,479 Liabilities Foreign currency derivative contracts (3) $ 0 $ 14,025 $ 0 $ 14,025 Total Liabilities $ 0 $ 14,025 $ 0 $ 14,025 _____________ (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2016 , in addition to $532.6 million of cash. (2) Included in “prepaid expenses and other current assets” in the accompanying consolidated balance sheet as of January 31, 2016 . (3) Included in “accounts payable, accrued expenses and other liabilities” in the consolidated balance sheet as of January 31, 2016 . The following table presents information about the Company’s assets and liabilities that are measured at fair value as of January 31, 2015 and indicates the fair value hierarchy of the valuation (in thousands): Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of January 31, 2015 Cash equivalents (1): Time deposits $ 0 $ 292,487 $ 0 $ 292,487 Money market mutual funds 13,983 0 0 13,983 Marketable securities: Corporate notes and obligations 0 608,274 0 608,274 U.S. treasury securities 0 73,482 0 73,482 Mortgage backed obligations 0 43,925 0 43,925 Asset backed securities 0 120,137 0 120,137 Municipal securities 0 36,537 0 36,537 Foreign government obligations 0 12,301 0 12,301 U.S. agency obligations 0 19,510 0 19,510 Covered bonds 0 68,001 0 68,001 Foreign currency derivative contracts (2) 0 10,611 0 10,611 Total Assets $ 13,983 $ 1,285,265 $ 0 $ 1,299,248 Liabilities Foreign currency derivative contracts (3) $ 0 $ 5,694 $ 0 $ 5,694 Total Liabilities $ 0 $ 5,694 $ 0 $ 5,694 ______________ (1) Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2015 , in addition to $601.6 million of cash. (2) Included in “prepaid expenses and other current assets” in the accompanying consolidated balance sheet as of January 31, 2015 . (3) Included in “accounts payable, accrued expenses and other liabilities” in the accompanying consolidated balance sheet as of January 31, 2015 . Derivative Financial Instruments The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company uses forward currency derivative contracts to minimize the Company’s exposure to balances primarily denominated in Euros, Japanese yen, Canadian dollars, Australian dollars and British pounds. The Company’s foreign currency derivative contracts, which are not designated as hedging instruments, are used to reduce the exchange rate risk associated primarily with intercompany receivables and payables. The Company’s derivative financial instruments program is not designated for trading or speculative purposes. As of January 31, 2016 and 2015 , the foreign currency derivative contracts that were not settled were recorded at fair value on the consolidated balance sheets. Foreign currency derivative contracts are marked-to-market at the end of each reporting period with gains and losses recognized as other expense to offset the gains or losses resulting from the settlement or remeasurement of the underlying foreign currency denominated receivables and payables. While the contract or notional amount is often used to express the volume of foreign currency derivative contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties’ obligations under the agreements exceed the obligations of the Company to the counterparties. Details on outstanding foreign currency derivative contracts related primarily to intercompany receivables and payables are presented below (in thousands): As of January 31, 2016 2015 Notional amount of foreign currency derivative contracts $ 1,274,515 $ 942,086 Fair value of foreign currency derivative contracts $ (9,294 ) $ 4,917 The fair value of the Company’s outstanding derivative instruments are summarized below (in thousands): Fair Value of Derivative Instruments As of January 31, Balance Sheet Location 2016 2015 Derivative Assets Derivatives not designated as hedging instruments: Foreign currency derivative contracts Prepaid expenses and other current assets $ 4,731 $ 10,611 Derivative Liabilities Derivatives not designated as hedging instruments: Foreign currency derivative contracts Accounts payable, accrued expenses and other liabilities $ 14,025 $ 5,694 The effect of the derivative instruments not designated as hedging instruments on the consolidated statements of operations during fiscal 2016 , 2015 and 2014 , respectively, are summarized below (in thousands): Derivatives Not Designated as Hedging Instruments Gains (losses) on Derivative Instruments Recognized in Income Fiscal Year Ended January 31, Location 2016 2015 2014 Foreign currency derivative contracts Other expense $ (25,786 ) $ (1,186 ) $ 108 Strategic Investments The Company's strategic investments are comprised of marketable equity securities and non-marketable debt and equity securities. Marketable equity securities are measured using quoted prices in their respective active markets and the non-marketable equity and debt securities are recorded at cost. These investments are presented on the consolidated balance sheets within strategic investments. As of January 31, 2016 , the Company had six investments in marketable equity securities with a fair value of $16.2 million , which includes an unrealized gain of $8.5 million . As of January 31, 2015 , the Company had four investments in marketable equity securities with a fair value of $17.8 million , which included an unrealized gain of $13.1 million . The change in the fair value of the investments in publicly held companies is recorded in the consolidated balance sheets within strategic investments and accumulated other comprehensive loss. The Company’s interest in non-marketable debt and equity securities consists of noncontrolling debt and equity investments in privately held companies. The Company’s investments in these privately held companies are reported at cost or marked down to fair value when an event or circumstance indicates an other-than-temporary decline in value has occurred. These investments are valued using significant unobservable inputs or data in an inactive market and the valuation requires the Company's judgment due to the absence of market prices and inherent lack of liquidity. As of January 31, 2016 and 2015 , the carrying value of the Company’s non-marketable debt and equity securities was $504.5 million and $158.0 million , respectively. The estimated fair value of the non-marketable debt and equity securities was approximately $714.1 million and $280.0 million as of January 31, 2016 and January 31, 2015 , respectively. These investments are measured using the cost method of accounting, therefore the unrealized gains of $209.6 million and $122.0 million as of January 31, 2016 and January 31, 2015 , respectively, are not recorded in the consolidated financial statements. Strategic investments consisted of the following (in thousands): Description Balance at beginning of year Additions Sales, dispositions and fair market value adjustments (1) Balance at end of year Fiscal year ended January 31, 2016 Strategic investments $ 175,774 386,219 (41,272 ) $ 520,721 Fiscal year ended January 31, 2015 Strategic investments $ 92,489 101,774 (18,489 ) $ 175,774 (1) Amounts include the release of the cost-basis and the current unrealized gain or loss balance recorded in accumulated other comprehensive loss when shares of a publicly-held investment are sold, disposition-related reductions of a cost-basis investment if a privately-held company within the portfolio is acquired by another company, fair market value adjustments such as cost basis reductions related to impairments that are other-than-temporary and unrealized gains or losses related to investments held in publicly traded companies. Investment Income Investment income consists of interest income, realized gains, and realized losses on the Company’s cash, cash equivalents and marketable securities. The components of investment income are presented below (in thousands): Fiscal Year Ended January 31, 2016 2015 2014 Interest income $ 14,146 $ 10,129 $ 9,512 Realized gains 3,287 517 5,952 Realized losses (2,092 ) (608 ) (5,246 ) Total investment income $ 15,341 $ 10,038 $ 10,218 Reclassification adjustments out of accumulated other comprehensive loss into net loss were immaterial for fiscal 2016 , 2015 and 2014 , respectively. |