Derivative Instruments (Tables)

6 Months Ended

Jul. 31, 2023

The fair values of outstanding derivative instruments were as follows (in thousands):


	Condensed Consolidated Balance Sheets Location	July 31, 2023		January 31, 2023
Derivative assets:
Cash flow hedges	Prepaid expenses and other current assets	$	32,135	$	42,968
Cash flow hedges	Other assets	14,676		21,757
Non-designated hedges	Prepaid expenses and other current assets	380		99

Total derivative assets		$	47,191	$	64,824
Derivative liabilities:
Cash flow hedges	Accrued expenses and other current liabilities	$	16,600	$	13,231
Cash flow hedges	Other liabilities	21,469		15,496
Non-designated hedges	Accrued expenses and other current liabilities	872		5,244
Non-designated hedges	Other liabilities	2		1
Total derivative liabilities		$	38,943	$	33,972

The effect of cash flow hedges on the Condensed Consolidated Statements of Operations was as follows (in thousands):


	Three Months Ended July 31,
Condensed Consolidated Statements of Operations Location	2023				2022
	Total		Gains (losses) related to cash flow hedges		Total		Gains (losses) related to cash flow hedges
Revenues	$	1,786,766	$	17,266	$	1,535,798	$	1,495
Costs and expenses	1,750,509		1,640		1,569,876		(5,955)


	Six Months Ended July 31,
Condensed Consolidated Statements of Operations Location	2023				2022
	Total		Gains (losses) related to cash flow hedges		Total		Gains (losses) related to cash flow hedges
Revenues	$	3,471,078	$	33,592	$	2,970,455	$	338
Costs and expenses	3,454,621		942		3,077,376		(6,784)

Pre-tax gains (losses) associated with cash flow hedges were as follows (in thousands):


	Condensed Consolidated Statements of Operations and Statements of Comprehensive Income (Loss) Locations	Three Months Ended July 31,				Six Months Ended July 31,
		2023		2022		2023		2022
Gains (losses) recognized in OCI	Net change in unrealized gains (losses) on cash flow hedges	$	(14,703)	$	17,734	$	(12,707)	$	61,994
Gains (losses) reclassified from AOCI into income (effective portion)	Revenues	17,266		1,495		33,592		338
Gains (losses) reclassified from AOCI into income (effective portion)	Costs and expenses	1,640		(5,955)		942		(6,784)

Gains (losses) associated with non-designated hedges were as follows (in thousands):


	Condensed Consolidated Statements of Operations Location	Three Months Ended July 31,				Six Months Ended July 31,
		2023		2022		2023		2022
Gains (losses) related to non-designated hedges	Other income (expense), net	$	(1,002)	$	2,135	$	1,432	$	6,101

As of July 31, 2023, information related to these offsetting arrangements was as follows (in thousands):


	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Condensed Consolidated Balance Sheets		Net Amounts of Assets Presented on the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets				Net Assets Exposed
							Financial Instruments		Cash Collateral Received
Derivative assets:
Counterparty A	$	14,550	$	—	$	14,550	$	(8,966)	$	—	$	5,584
Counterparty B	8,420		—		8,420		(7,219)		—		1,201
Counterparty C	2,099		—		2,099		(301)		—		1,798
Counterparty D	19,769		—		19,769		(19,876)		—		(107)
Counterparty E	2,353		—		2,353		(2,581)		—		(228)
Total	$	47,191	$	—	$	47,191	$	(38,943)	$	—	$	8,248


	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Condensed Consolidated Balance Sheets		Net Amounts of Liabilities Presented on the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset on the Condensed Consolidated Balance Sheets				Net Liabilities Exposed
							Financial Instruments		Cash Collateral Pledged
Derivative liabilities:
Counterparty A	$	8,966	$	—	$	8,966	$	(8,966)	$	—	$	—
Counterparty B	7,219		—		7,219		(7,219)		—		—
Counterparty C	301		—		301		(301)		—		—
Counterparty D	19,876		—		19,876		(19,876)		—		—
Counterparty E	2,581		—		2,581		(2,581)		—		—
Total	$	38,943	$	—	$	38,943	$	(38,943)	$	—	$	—